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And with respect to the deficit and debt talks and where we need to go, I do think it’s important, since we’re looking at how do we reduce the debt and deficit both in a 10-year window as well as beyond a 10-year window, to understand that one of the most important things we can do for debt and deficit reduction is to grow the economy.
And so if there are steps that in the short term may reduce the amount of cash in the treasury but in the long term mean that we’re growing at 3.5 percent instead of 2.5 percent, then those ideas are worth exploring.
Obviously that was what we did in December during the lame duck session, when Democrats and Republicans came together and we said, you know what, a payroll tax cut makes sense in order to boost the economy; unemployment insurance makes sense in order to boost the economy. All that stuff puts money in people’s pockets at a time when they’re still struggling to dig themselves out of this recession. And so the American people have an extra thousand dollars, on average, in their pockets because of the tax cuts that we initiated. And that has helped cushion some of the tough stuff that happened in the first six months of this year, including the effects on oil prices as a consequence of what happened in the Middle East as well as what happened in Japan.
I think that it makes perfect sense for us to take a look at can we extend the payroll tax, for example, an additional year, and other tax breaks for business investment that could make a big difference in terms of creating more jobs right now.
What we need to do is to restore business confidence and the confidence of the American people that we’re on track — that we’re not going to get there right away, that this is a tough slog, but that we still are moving forward. And I think that it makes sense, as we’re looking at an overall package, to see, are there some things that we can do to sustain the recovery, so long as the overall package achieves our goals — the goals that I set out, which is $4 trillion within a 10-to 12-year window, and making sure that we’re bending the costs of things like health care over the long term.
View all of the video segments from the President's June Press conference.
To learn more about how our economy is recovering visit this list of articles
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Tuesday, June 28, 2011
Posted by Linda H on 5:55:00 PM