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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (525197)	11/2/2009 1:05:11 PM
From: Road Walker	Read Replies (3) \| Respond to of 1582685

Obama Says U.S. Must Reduce Debt, Spur Job Growth Nov. 2 (Bloomberg) -- President Barack Obama said the U.S. economy has pulled “back from the brink” and the government must now “get serious” about reducing debt and helping spur job growth. Addressing a panel of business and labor leaders and economists, the president said it will require “bold, innovative action” on the part of the government and private industry to bring the unemployment rate down and lay the foundation for future growth. “We just are not where we need to be yet,” Obama told his Economic Recovery Advisory Board, headed by former Federal Reserve Chairman Paul Volcker. Along with helping spur job growth, “The government is going to have to get serious about reducing our debt levels.” This was the second time the full board has met to brief the president on ways to create jobs and encourage economic growth. Obama formed the advisory panel in February to provide an “independent voice on economic issues.” Today’s meeting is focusing on creating jobs through innovation. Along with Volcker, board members include former Securities and Exchange Commission Chairman William Donaldson; Robert Wolf, chairman and chief executive officer of UBS Americas; Penny Pritzker, who led Obama’s campaign fundraising effort and is chairman of Pritzker Realty Group; Jeffrey Immelt the chief executive of General Electric Co.; Caterpillar Inc. Chief Executive Officer Jim Owens; and AFL-CIO President Richard Trumka. Disaster Prevention There is “vigorous discussion” among panel members about the “regulation of the financial system and other elements of ensuring that we never return to the fiscal disaster, the financial disaster that we had beginning in 2007,” board member John Doerr, a venture capitalist at Kleiner Perkins Caufield & Byers, told Bloomberg Television in an interview this morning. “There’s pretty clear evidence that the decline in the economy has reversed,” said Doerr, citing the Commerce Department report that showed that gross domestic product grew at a 3.5 percent rate in the third quarter. Economic activity, though, “leads job creation, and jobs is our job No. 1,” he said. The U.S. economy has lost more than 7 million jobs since the recession began in December 2007. Even with the $787 billion stimulus plan passed earlier this year, the employment rate rose to 9.8 percent last month. “We anticipate that we are going to see some job losses in the weeks and months to come,” Obama said today. Immelt said during the panel’s discussion that some jobs in the financial services and construction sectors “might not come back.” He said the U.S. must increase exports and that clean energy industries will be a major source of job growth. To contact the reporters on this story: Kate Andersen Brower in Washington at Kandersen7@bloomberg.net Find out more about Bloomberg for iPhone: bbiphone.bloomberg.com