Obama pushes for new economic growth

In his State of the Union address, the president calls for tax breaks for jobs created at home, a boost in the minimum wage and infrastructure spending. Markets are little changed.

By Charley Blaine Feb 12, 2013 11:57PM
Coins © Ingram Publishing/SuperStockPresident Barack Obama called on Congress Tuesday night to boost tax breaks for domestic job creation, increase the minimum wage to $9 an hour and approve new initiatives to help schools train students for jobs.

He also called on Congress to pass legislation that would head off across-the-board budget cuts starting on March 1. What's been called sequestration was negotiated in a 2011 budget bill. No one wanted sequestration to happen, but it looks increasingly like it will.

"These sudden, harsh, arbitrary cuts would jeopardize our military readiness," he warned in the annual State of the Union address. "They'd devastate priorities like education, energy and medical research. They would certainly slow our recovery, and cost us hundreds of thousands of jobs."

The president offered even less support for the idea of making defense spending exempt from the cuts. "That idea is even worse," he said. "We can't ask senior citizens and working families to shoulder the entire burden of deficit reduction while asking nothing more from the wealthiest and most powerful."

Coming after the sequestration fight will be a battle over a spending plan and then another over raising the nation's debt ceiling. If it can't be raised, the administration would have to shut down non-essential activities and spending. That could send the economy into recession.
The president called on both parties to work to pass a budget that emphasizes smart savings and investments, not reckless cuts.  "And let's do it without the brinksmanship that stresses consumers and scares off investors,"  he added.

"The greatest nation on Earth cannot keep conducting its business by drifting from one manufactured crisis to the next," Obama said. "Let's agree, right here, right now, to keep the people's government open, pay our bills on time, and always uphold the full faith and credit of the United States of America."

While the president's speech focused on domestic economic issues, the question when he was finished -- and it's a big one -- is whether any of the proposals in his State of the Union address will be enacted, including an alternative to sequestration.

Most of the big proposals he has offered since the 2010 elections have been blocked by the Republican-controlled House of Representatives.

The speech appeared to have little effect on financial markets. Futures trading suggests small gains at the open for the major U.S. stock indexes on Wednesday. On Tuesday, the Dow Jones Industrial Average ($INDU) closed at 14,019, its highest level since Oct. 12, 2007.

The president's address lasted about an hour. Predictably, Democrats mostly cheered the president's proposals while Republicans clapped in a desultory way -- if at all.

The president argued for aggressive federal efforts to lift perhaps 15 million people out of poverty by raising the minimum wage to $9 an hour, from $7.25 an hour, by the end of 2015.

That will almost certainly generate opposition from many small businesses who responded to the Supreme Court's ruling upholding the Affordable Care Act -- Obamacare -- by laying workers off or limiting hours to avoid paying for health insurance.

He also pushed for new investments in preschool programs as well as math and science education and community colleges to equip workers with new skills. He proposed to use revenues from oil and gas deposits on public lands to fund an Energy Security Trust that will drive new research and technology. Among its goals: "To shift our cars and trucks off oil for good."

He also called for comprehensive immigration reform.

At the same time, he announced that the United States would enter into negotiations for a free trade agreement with the European Union.

He promised "a new challenge to redesign America's high schools so they better equip graduates for the demands of a high-tech economy."

Under the proposal, the government would "reward schools that develop new partnerships with colleges and employers, and create classes that focus on science, technology, engineering and math -- the skills today's employers are looking for to fill jobs right now and in the future."
Tags: $INDU$INX
54Comments
Feb 13, 2013 9:38AM
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Same book. Same page, again, again, and again. Tax, borrow, and spend. No need to watch. You heard it all before. This guy excels at one thing---spending your money. Get what he can now and send your kids the bill later. There's no distinct correlation between what he says and what he does. He rambled on for years about the fair share and 2% kick----got what he could out of that. Now. it's guns, guns, guns. He'll just work the sh!t out of that until we give him something to shut him up.  16 trillion and counting with no end in sight. Talk about a bubble bursting----wait until this one goes.

 

Feb 13, 2013 9:28AM
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Sounds like another "Shovel Ready" jobs fiasco to me.  Obama keeps talking about how everyone should pay taxes etc. but why is it that large corporations continue to not only avoid paying taxes but get a refund back all due to accounting methods so it's time to close the loopholes!

 

I agree that we need to rebuild the middle class but in order to do so we need to create good paying jobs with benefits which in the past came from manufacturing.  Now..many of these jobs have been outsourced to countries where the average worker makes around $150 per month so we will never see those jobs coming back to America.  The President keeps talking about closing the tax loopholes which give corporations incentives to outsource jobs but that hasn't happened so the jobs continue to move offshore.  Why doesn't the gov just subsidize the companies payroll to keep jobs in America to help offset the labor differential?  Personally, with a few exceptions it seems like the SOTUA was just another rehash of past speeches and unfullfilled promises.

Feb 13, 2013 10:50AM
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I thought this was one of Obama's least inspiring speeches but Rubio's response was very good.
Feb 13, 2013 11:27AM
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Did anyone catch the speech to the politbureau last evening.  The leader did a masterful job of presentling the party line.  The applause and appreciation seemed genuine.  I think all in attendance felt their postions would now be secure for at least another few years.  Our leader artfully presented a case why citizens should not even think of the need of second guessing him or his staff.  All the wonderful people were in attendance and I for one felt so secure and proud of these honest, talented, and dedicated employees we are so fortunate to have.  And one more thing before I finish.  If you buy this used car I am very confident it will run quite well for at least 100,000 miles.  Why I bet you will not even need to put gas or oil in it.  I am sure my staff will be so willing to help you if any unforseen issues should come up.... have a wonderful day.

 

Feb 13, 2013 11:00AM
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I don't know about everyone else, but last night, I heard the same thing we did 4 years ago and we still have the same problems now as we did then. More government and government paid for interference will not fix our problems. Obama is going to continue to tax, borrow and spend and dig our hole deeper. It is an insult to the intelligence of the people in this country to keep going down the same road. I also find it troubling that Obama brought people to parade before Congress and the country who have had their lives shattered by gun violence to push his agenda on guns. As a number of victims families testified before Congress, guns are not the problem but the fact that they get into the hands of the mentally disturbed is. WE do need universal background checks but we cannot allow the second amendment rights to be trampled on in this country. If Obama gets by with it then the only people with guns will be the government and the crooks in this country and we will be left defenseless. I can tell you that in Texas, they will not get our guns. This president has trampled on our constitution more than any other president in history and his second term will be  no different. 
Feb 13, 2013 11:42AM
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The democrats have the same strategy since the 60's. Spend , spend , and spend some more, give freebies to slackers and dumb azzes, and tax the responsible and successful.

 

 It used be " a chicken in every pot". Not its a safety net for every tragedy, accident, and dumb decision they make. Democrats have traded personal responsibilty for government dependency, but we pay for it.

 

Feb 13, 2013 12:05PM
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LIES YOU CAN BELIEVE IN
HOPE N CHANGE !

LIE 1
"Nothing I’m proposing tonight should increase our deficit by a single dime,” the president said. “It’s not a bigger government we need, but a smarter government that sets priorities and invests in broad-based growth.”

SOUNDS LIKE - "YOU WILL NOT PAY ONE PENNY MORE IN MEDICAL COSTS UNDER MY PLAN"
Ring any bells, lefty cretins ?

LIE 2

“It is our unfinished task to restore the basic bargain that built this country — the idea that if you work hard and meet your responsibilities, you can get ahead, no matter where you come from, what you look like, or who you love,”

UNLESS, YOU ARE WHITE, A GOOD EARNER, TAXPAYING CITIZEN.
THEN, YOU HAVE NO RIGHTS , WE TAKE AS MUCH OF YOUR MONEY AS WE CAN, WE DEMONIZE YOU, WE CREATE CLASS AND RACE WARFARE.

All fixed now Mr. "President"



Feb 13, 2013 11:46AM
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Even fact checker on this rag, called out Obuma's lies.
What a surprise Obuma lied !
Well, at least people didn't die this time.
By the way, didn't we already spend billions on green energy , green jobs ???
QE 1 and QE 2 And QE 3
Ring any bells ?
How much more fleecing does he need to do to get his skim off the top, for him and his cronies?
Wasn't Solyndra and the 2 other failed battery companies enough skim?

THIS is our big problem?
Global warming ? Excuse me--- "Climate change" LOL
(See- This way it's a "disaster" if it gets gold or warm !- The lefty's got it ALL covered)



Feb 13, 2013 11:30AM
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The simple minds of the 51% who voted for him like the wonderful speeches from this man. They send him off to Hawaii for 17 days with hopes he enjoys every bit of it on our dime. They marvel at Michelle Obamas jacket when she met with the Queen of England.

But these people also do not look at the results of his speeches, inaction.

For the Democrats fight for the middle class! Then stop talking and prove it.

We are losing the the term of "Beacon of opportunity" to the rest of the world. Our dear leader is not wanting to restore greatness to the Country, only to perpetuate equality. If there is only equality to strive for, then how do people become better? Why would they become better?

Rubio has the ability to inspire EVERY AMERICAN to greatness just as Reagan did. He is no Reagan at this time, but we need Conservative approaches to reel in Government at this moment. Not Republican, not Tea Party, but Conservative. Rubio has to, and will grow. If you read some of his quotes, they are Reaganesgue.

God, give us the strength right now.

Feb 13, 2013 12:39PM
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Bush, Bush, Bush
Inherit, inherit , inherit
Fairness, fairness, fairness
Racism, racism , racism.
LOL
That's all these cretins have. Class and race warfare.

However it's class, race warfare spear headed by the biggest racist of them all, our very own, Dear Leader !
When white America learns to stop listening to the PC crap that PUT us behind the eight ball and call these people out on their lies , scams , racism and abuse of our tax dollar, THEN and ONLY then, will we grow and heal as a nation.
Rewarding a child for bad behavior gets no where. They get worse, EXACTLY like it is now. It went from a benefit to an "entitlement"
These beggars on the dole need to see some teeth in the rules and the way they scam the taxpayers.
You know , multiple ID,  welfare beggars ? Maybe someone should look into that ?
Kind of of like Dear Leader and his 5 alias's , 16 SS #'s !
A REAL REACH to think a black person would EVER, EVER , EVER create multiple ID's to scam the system !
LOL

Feb 13, 2013 12:32PM
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It's a good thing Obuma is looking out for ALL Americans regardless of race , wealth or creed!
Whew, I feel better already !

Feb 13, 2013 12:30PM
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Yes, it is a shame they have to pander to illegal's EXACTLY like Obuma and the D's pander to darkies, illegal's and beggars on the dole,  like you and family !!
Fixed it cretin !
Feb 13, 2013 12:07PM
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C'mon, Charley!  Did you really write this headline - "Obama pushes for new economic growth"???

Seriously, Obama has spent the last 4 years championing growth of government, while at the same time doing everything he can to sabotage the efforts of the only people who can actually create real, sustainable economic growth - the producers in the private sector.


Feb 13, 2013 1:08PM
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If democrats think taxes are the answer to every problem we have, why dont they  tax the  bottom 50% that pay nothing?
Feb 13, 2013 2:10PM
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Hey - nothings hidden about Dear Leader, according to RE TODD !
Really?
Can you ask him,  as a fellow darkie - WHY HE FOREVER SEALED HIS COLLEGE RECORDS ON DAY ONE OF HIS REIGN ?
16 SS #'s ?
4-5 Alias's ?
Sealed off Deed and mortgage to his mansion in Chicago ?
There is ONLY a mountain of evidence supporting my , many others claims
WHAT HAVE YOU GOT TO DISPROVE IT ?
Do tell, darkie !
Uhh , ahhh , umm , ahh , umm
LOL  --that's what I thought



Feb 13, 2013 1:44PM
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No, no , no it's a deficit problem according to Nancy ("We have to pass the bill to see what's inside it") and our Dear Leader.
If those evil , rich , white devils would just pony up and pay 100% of their income !


Feb 13, 2013 1:37PM
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The meds must have kicked in- Is THAT supposed to make any sense ?
Even dumber than your usual drivel
Solyndra, the 2 battery companies that failed (Forgot their names - they weren't in business too long)
The Chevy Volt and many , many, many  more examples of PORK , Corruption and stealing.
Cow towing to Unions for votes , amnesty to illegal's , sucking up to gays- YES - that solves ALL our woes !
Let's not forget 4 alias's , 16 SS #'s and forever sealed college records !
Nothing to hide there either , idiot !
Can't blame one person ?
REALLY ? You are STILL blaming Bush,aren't you and other losers,  cretin ?

Feb 13, 2013 11:50AM
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Well at least they got that white , old, fat , rich,  republican , gun and bible  toting tea party shooter last night in Big Bear. !!


Feb 13, 2013 1:50PM
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Uhh NO moron.
Tea baggers is a racist and derogatory remark
"Cubans" is a racist remark.
Like I said a hundred times before with hypocritical cretins like you ---

You're RACISM/HATRED = GOOD , CLEAN , FUN
The rest of the world's = BAD
My answer is
FAAAACK YOU DARKIE !
BTW, you can call me the R word , I really don't give a sheet- means NOTHING

finally , YOU don't donate anything to anyone .
YOU , your whole worthless family are parasites on the dole and have been for generations.
Did you SOMEHOW forget I could still buy n sell you 5 times over ?

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