Obama: Economy ‘Needs A Jolt’
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President Obama's comments came during the third week of Occupy Wall Street demonstrations against economic injustice, which started in New York City and have since spread across the country.
President Barack Obama took another opportunity to encourage the passage of his jobs bill on Thursday, arguing that the bill could prevent another economic downturn in an already delicate market.
“Our economy really needs a jolt right now,” Obama said during the press conference. “This is not a game; this is not the time for the usual political gridlock. The problems Europe is having today could have a very real effect on our economy at a time when it’s already fragile.”
The American Jobs Act is comprised of tax cuts and credits, infrastructure incentives, and unemployment insurance reform designed to preserve and create jobs during the ongoing recession.
Obama also urged Congress to consider their constituents when voting on the bill.
“So as we look towards next week, any senator out there who’s thinking about voting against this jobs bill, when it comes up for a vote, needs to explain exactly why they would oppose something that we know would improve our economic situation at such an urgent time for our families and for our businesses,” Obama said.
In response to questions following the speech, Obama called out Senate Minority Leader Mitch McConnell by name.
“If Mr. McConnell chooses to vote against it, or if members of his caucus choose to vote against it, I promise you we’re going to keep on going, and we will put forward maybe piece by piece each component of the bill,” Obama said. “And each time they’re going to have to explain why it is that they’d be opposed to putting teachers back in the classroom, or rebuilding our schools, or giving tax cuts to middle-class folks, and giving tax cuts to small businesses.”
The president also targeted critics of the administration’s proposed Buffett Rule, which would set a minimum tax rate on the highest earners.
“Some see this as class warfare,” Obama said. “I see it as a simple choice: We can either keep taxes exactly as they are for millionaires and billionaires, with loopholes that lead them to have lower tax rates in some cases than plumbers and teachers, or we can put teachers and construction workers and veterans back on the job.”
The president’s comments came during the third week of Occupy Wall Street demonstrations against economic injustice, which started in New York City and have since spread across the country. Asked about the demonstrations, Obama avoided an endorsement but argued that the protesters’ complains are understandable.
“I think people are frustrated, and the protesters are giving voice to a more broad-based frustration about how our financial system works,” Obama said. “Now, keep in mind I have said before and I will continue to repeat, we have to have a strong, effective financial sector in order for us to grow.”
Jon Christian is a staff writer with Campus Progress. Follow him on Twitter @Jon_Christian.
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