News / USA

Obama On Economy: 'Things Will Get Better'

President Barack Obama speaks about efforts to prepare veterans for the workforce, Aug. 5, 2011, at the Washington Navy Yard
President Barack Obama speaks about efforts to prepare veterans for the workforce, Aug. 5, 2011, at the Washington Navy Yard
Kent Klein

The U.S. unemployment rate was slightly better than expected in July. The relatively good news gave President Barack Obama a break from the week’s relentlessly bad news on Wall Street.  

As stock prices continued to slide in New York, the government reported Friday that the U.S. economy created 154,000 new private sector jobs in July.  Cuts in government jobs led to a net total of 117,000 new positions last month.  The nation’s unemployment rate eased from 9.2 percent in June to 9.1 percent in July.

President Obama acknowledged that those numbers are better than expected, but not nearly good enough.

“We have to create more jobs than that each month to make up for the more than eight million jobs that the recession claimed," said President Obama. "We need to create a self-sustaining cycle, where people are spending, and companies are hiring, and our economy is growing.  And we have known that will take some time.”

Opposition Republicans say the jobless numbers show that the Obama administration’s economic program is not working.

In a written statement, House of Representatives Speaker John Boehner called the report further proof that the economy is being devastated by a binge of spending, taxing and regulating.  He said Democrats are not creating more jobs, but “more fear, more uncertainty and more debt.”

Despite the criticism and the gloom in the world’s financial markets, the president said the economy continues to grow, although slowly, and he believes the situation will improve.

“But what I want the American people and our partners around the world to know is this: We are going to get through this," said Obama. "Things will get better, and we are going to get there together.”

Mr. Obama spoke at the Washington Navy Yard, where he announced a plan to give tax breaks to companies that hire military veterans returning to civilian life.

The program is intended to put 100,000 veterans and their spouses in private-sector jobs by 2013.

Meanwhile, Friday was the final day at the White House for the chairman of the president’s Council of Economic Advisers, Austan Goolsbee.  He is resuming his academic career at the University of Chicago.  A replacement has not been named.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Religion Aside, Christmas Gains Popularity in Communist Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid