Tag Archives: U.S. economy

Obama: “Good Deal for the American People”

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President Obama spoke to the press today about the new tax-cut plan he negotiated with members of Congress, including Republicans.  He defended a policy that is being criticized by some lawmakers and segments of the American public, most notably members of his own party who are accusing the president of giving in to the wishes of Congressional Republicans.

A little history:  With tax cuts enacted by former President George W. Bush set to expire on January 1, lawmakers were divided as to how the country should proceed.  In general, Republicans in Congress wanted all of the tax cuts to be extended, while a majority of Congressional Democrats wanted only tax cuts for Americans making less than $250,000 to continue with wealthier Americans seeing their tax rates return to where they were before Mr. Bush’s cuts.  Republicans in the Senate had threatened to block any legislation that would increase taxes on the wealthy, a move that would have resulted in higher taxes for all Americans.

Speaking to the press, President Obama called the tax plan a “good deal for the American people.”  He said the compromise will ensure the middle class – many of whom have been hit hard by the recession – does not see a tax increase next year.

The compromise plan also includes an extension of unemployment benefits for the long-term unemployed.  Those benefits were scheduled to end this month.  Republicans said they would not support extending the benefits, while Mr. Obama insisted that they should continue.

During the press conference Mr. Obama said:

“I’m not here to play games with the American people or the health of our economy.  My job is to do whatever I can to get this economy moving. My job is to do whatever I can to spur job creation. My job is to look out for middle-class families who are struggling right now to get by, and Americans who are out of work through no fault of their own.”

Congress will now have to vote on the proposal.  It is unclear whether or not there are enough votes to pass the measure as is.

Obama Visits, Praises High-Tech Community College

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Yesterday President Obama visited Forsyth Technical Community College in Winston-Salem, North Carolina.  He was there to meet with students, professors, college administrators, and to speak about the role of community colleges in helping move the U.S. economy forward.

The president praised Forsyth for educating Americans in 21st Century technologies.  He also reiterated his desire to see America export more goods as a way to boost the economy and create jobs.  Speaking to a crowd at the college he said:

“If the recession has taught us anything, it’s that we cannot go back to an economy that’s driven by too much spending, too much borrowing, running up credit cards, taking out a lot of home equity loans, paper profits that are built on financial speculation.  We’ve got to rebuild on a new and stronger foundation for economic growth.

We need to do what America has always been known for:  building, innovating, educating, making things.  We don’t want to be a nation that simply buys and consumes products from other countries.  We want to create and sell products all over the world that are stamped with three simple words:  “Made In America.”  That’s our goal.”

In general, community colleges are public institutions (often supported by local tax revenue) that provide certificates, diplomas, and two-year associates degrees.  The cost of attending community colleges tends to be low compared to other institutions.  Jill Biden, wife of Vice President Joe Biden, teaches at a community college, and the Obama administration has been promoting community colleges as valuable resources for Americans looking to gain new skills, retrain so they can work in different industries, or prepare for further studies at four-year universities.

Is the United States Still the “Land of Opportunity”?

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Friends of mine have lost their jobs in the economic downturn that has hit the United States. And that some of them are having a hard time finding new jobs makes me wonder what has happened to America as the “land of opportunity.”

Experts at the Brookings Institution are analyzing preliminary data from the 2010 U.S. national census and are finding that if current trends continue, Americans could find themselves living in a far less equitable society.

According to Bruce Katz, vice president and director of the Metropolitan Policy Program of the Brookings Institution and Judith Rodin, president of The Rockefeller Foundation, a comprehensive study found that currently whites and Asians are more than twice as likely to hold a bachelor’s degree as blacks and Latinos. In addition, the hourly earnings of low-wage American workers declined by 8 percent this decade while high-wage workers saw their pay rise by 3 percent.

With the United States fast becoming a majority-minority society, these educational and economic disparities could become polarizing, but Katz and Rodin say U.S. competitors “in Europe and Asia are either growing slowly, as in Japan and China; or actually declining, as in Germany and Russia. In a fiercely competitive world, demographic transformation may be America’s ace in the hole.”

Participants at a naturalization ceremony in Phoenix

Phoenix-area residents celebrate after being declared new U.S. citizens during a naturalization ceremony.

While this probably won’t cheer up my unemployed friends, the United States remains the “land of opportunity” for many. Millions of foreigners come here each year, and many chose to become U.S. citizens. In 2009 alone, more than 700,000 people became U.S. citizens, according to a recent report (PDF, 320KB) by the Office of Immigration Statistics for the U.S. Department of Homeland Security.

Even for the billions of people in the world who have no interest in leaving home to pursue opportunity in the United States, there is the worry that any malaise in the United States will eventually affect their countries as well. The Obama administration, too, has linked democracy and human rights to the freedom “to seize the opportunities of a full life.”

Do you think the United States is living up to its old image as the “land of opportunity”?