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The President’s Record on Jobs and the Economy


October 14, 2012

The President’s Record on Jobs and the Economy
http://www.barackobama.com/record/economy

Protecting Consumers

The President is taking aggressive steps to put Americans back to work and create an economy where hard work pays and responsibility is rewarded.
For years before the economic crisis, middle-class security had been slipping away. Wages stagnated while health care costs soared.
We’ve added back more than 4.4 million private sector jobs and seen 28 straight months of job growth—but there’s more work to do.
When President Obama took office, he both addressed the immediate economic crisis and laid the foundation for a U.S. economy that’s built to last.
Through Wall Street Reform, President Obama created the Consumer Financial Protection Bureau. The agency defends consumers from unfair and abusive financial practices and makes sure that credit card companies and mortgage and payday lenders follow the rules. The President appointed Richard Cordray as director of the CFPB to serve as a watchdog with one job: to look out for the best interests of American consumers.


Investing in American Manufacturing and Innovation

President Obama wants to grow high-technology U.S. manufacturing capacity and supply clean energy projects with American-made parts and equipment. That’s why he’s provided tax incentives to and made investments in clean energy technologies such as wind turbines and advanced car batteries.

President Obama launched the Advanced Manufacturing Partnership, a national effort to invest in technologies that will create high-quality manufacturing jobs and enhance America’s global competitiveness.

President Obama signed the America Invents Act, historic patent reform legislation that will help American entrepreneurs bring inventions to market sooner, helping to create new businesses and new jobs.

Two years of job creation

March marked more than two straight years of private-sector job growth—including the first year-over-year gains in manufacturing jobs since 1997.


Putting America back to work

When President Obama took office, the economy was losing more than 700,000 jobs per month. President Obama acted quickly to pass the American Recovery and Reinvestment Act, which cut taxes for small businesses and 95% of working families. It also included emergency funding to support about 300,000 educator jobs, more than 4,600 law enforcement positions, and investments in the clean energy sector that supported 224,500 jobs through 2010. Through May 2012, the economy has added 4.4 million private sector jobs over 28 consecutive months of job growth.

President Obama knows we still have more work to do. That’s why, in his State of the Union address, the President laid out a blueprint for an economy that’s built to last—an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.


Reviving the manufacturing industry

504,000: Jobs added in the manufacturing sector since January 2010

233,000: Jobs added in the auto industry since June 2009—the most growth in a decade

100%: The percent of investment in plants and equipment that businesses could expense under a tax cut extension President Obama proposed, which would spur investment in the United States

18%: Tax deduction President Obama has proposed for domestic advanced manufacturing technologies—which would double the current 9 percent deduction

20%: Income tax credit the President has proposed providing to companies on expenses related to moving operations back to the United States

Rescuing the U.S. auto industry

President Obama made the tough and politically unpopular decision to extend emergency rescue loans to the American auto industry, saving more than 1 million jobs and preventing the loss of over $96 billion in personal income—and the collapse of manufacturing in the Midwest. GM and Chrysler were required to cut labor costs and overhaul their business models in exchange for emergency loans, guaranteeing their accountability to taxpayers—and both repaid their outstanding loans years ahead of schedule.

Today, the Big Three (Chrysler, GM, and Ford) are all profitable for the first time in years, adding shifts and facilities across the country. The industry has added 230,000 jobs since June 2009, and GM is once again the top-selling automaker in the world—posting its largest-ever annual profit in 2011.

Auto Industry

Auto industry jobs on the rebound

President Obama’s decision to rescue the American auto industry has paid off, saving more than 1 million jobs and adding 230,000 new jobs since June 2009—the most growth in a decade.

Check out the interactive version for an in-depth look at the numbers that have put our automakers back on firm financial footing.

Made in America

President Obama created the National Export Initiative, an effort to help businesses compete in the global marketplace and double our nation’s exports by 2015—a target we’re on track to meet.

To level the playing field for American businesses and workers, President Obama signed trade agreements with South Korea, Colombia, and Panama. Together, the agreements are estimated to increase exports by approximately $13 billion and support more than 70,000 American jobs.

Supporting small business

Small businesses are the engine of job creation—responsible for two out of every three new jobs in the United States. That’s why President Obama has passed tax cuts for small businesses 18 times and streamlined the patent process, providing a new fast track option to cut wait times by two-thirds and help small business innovators move ideas from the lab to market.

The Affordable Care Act provides small business owners with better affordable health care options for employees, simpler administrative operating rules, and billions of dollars in tax relief.

Reforming Wall Street

President Obama passed the Wall Street Reform and Consumer Protection Act to hold Wall Street accountable, prevent future financial crises, and end the era of “too big to fail.” Wall Street reform ensures that if a financial company fails, it will be Wall Street that pays the price—not the American people—and sets ground rules for the riskiest financial speculation. President Obama also enacted a Credit Card Bill of Rights to protect consumers from unfair and deceptive practices, like over-the-limit charges and hidden costs.