Obama On September Jobs Report
President Obama visited a small family business in Maryland which makes bricks and blocks for construction purposes. He took a tour of the premises and then spoke to the gathered employees to discuss the economy, specifically addressing the latest job numbers released today.
In the last jobs update before the midterm elections, the unemployment rate rose by a net 95,000 jobs due to the loss of 156,000 government jobs. However, the President pointed out that it was the ninth straight month that the private sector increased its hiring, adding 64,000 jobs last month. Although most analysts believe that the pace of growth in the private sector is too slow to make up for job losses stemming from the financial and sub-prime mortgage collapse any time soon. And while it is positive that the private sector is growing, the President acknowledged that no one, including himself was satisfied with the rate of progress, referring to the recently passed small jobs bill he signed into law which would help get much needed loans out to small businesses not able to get loans from banks who prefer to sit on their assets for the time being.
As the President is wont to do (he seems to love lists in threes, or his head speech writer does), he listed the benefits the small business bill has to offer. The first, was that nearly 2000 businesses have already successfully applied for loans to the tune of $1 billion in the eleven days since he signed the bill into law. The second is that it will expand the tax cut businesses receive this year when investing into new equipment and other job creating investments. And third, it gives financial aid to states that run programs that spur private sector investment by strengthening loan programs.
As you will see from the video, President Obama appears somber and frustrated about the slow jobs growth as he gives his remarks. It's unfortunate that after two years of impressive legislative achievements that there's really not a lot he can do to convince large financial institutions to stop hoarding money and to start lending or investing.
Watch the President's remarks below:
In the last jobs update before the midterm elections, the unemployment rate rose by a net 95,000 jobs due to the loss of 156,000 government jobs. However, the President pointed out that it was the ninth straight month that the private sector increased its hiring, adding 64,000 jobs last month. Although most analysts believe that the pace of growth in the private sector is too slow to make up for job losses stemming from the financial and sub-prime mortgage collapse any time soon. And while it is positive that the private sector is growing, the President acknowledged that no one, including himself was satisfied with the rate of progress, referring to the recently passed small jobs bill he signed into law which would help get much needed loans out to small businesses not able to get loans from banks who prefer to sit on their assets for the time being.
As the President is wont to do (he seems to love lists in threes, or his head speech writer does), he listed the benefits the small business bill has to offer. The first, was that nearly 2000 businesses have already successfully applied for loans to the tune of $1 billion in the eleven days since he signed the bill into law. The second is that it will expand the tax cut businesses receive this year when investing into new equipment and other job creating investments. And third, it gives financial aid to states that run programs that spur private sector investment by strengthening loan programs.
As you will see from the video, President Obama appears somber and frustrated about the slow jobs growth as he gives his remarks. It's unfortunate that after two years of impressive legislative achievements that there's really not a lot he can do to convince large financial institutions to stop hoarding money and to start lending or investing.
Watch the President's remarks below:
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