According to a recent announcement by President Barack Obama, the private sector is doing just fine, creating over 800,000 jobs in the last year alone. The President goes on to say that the weakness in our economy comes from state and local governments, not the federal government.
Posted on June 8, 2012
Real Clear Politics
Question: What about the Republicans saying that you're blaming the Europeans for the failures of your own policies?
President Obama: The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone.
The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don't have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.
And so, you know, if Republicans want to be helpful, if they really want to move forward and put people back to work, what they should be thinking about is how do we help state and local governments and how do we help the construction industry? Because the recipes that they're promoting are basically the kinds of policies that would add weakness to the -- to the economy, would result in further layoffs, would not provide relief in the housing market, and would result, I think most economists estimate, in lower growth and fewer jobs, not more.
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