President touts recent tax compromise, discusses benefits and incentives for businesses, employees and families
In his Weekly Address, the President listed some of the benefits he argues are now being realised as a result of the agreement that was struck on taxes in December. President Obama has been forthright in claiming early success from the compromise, pointing to welcomed improvements on the economic front. Though he acknowledges that there is a long way to go, President Obama argues that the nation has shown signs of a positive economic trend.
The President opened his weekly remarks by discussing recent jobs numbers showing a dip in the unemployment rate from 9.8% to 9.4%:
“Last month, our economy added more than 100,000 private sector jobs and the unemployment rate fell sharply. This follows encouraging economic news from increased auto sales to continued expansion of our manufacturing sector.
Now, we know that these numbers can bounce around from month to month. But the trend is clear. We saw 12 straight months of private sector job growth – the first time that’s been true since 2006. The economy added 1.3 million jobs last year. And each quarter was stronger than the last, which means the pace of hiring is picking up.”
Improving jobs numbers took center stage at an appearance by President Obama on Friday during a stop by the Thompson Creek Manufacturing company in Landover, MD. It was there where President Obama announced two new selections to join his economic team. Gene Sperling was appointed to be the new director of the National Economic Council and Heather Higginbottom was nominated as deputy director of the Office of Management and Budget:
President Obama credits last month’s tax compromise with strengthening the nation’s economic prospects, highlighting recent success due to the energy tax credit for companies as well as listing several additional incentives and benefits for businesses, workers and American families:
“In fact, 155 million workers will see larger paychecks this month as a result of this tax cut. 12 million families will also benefit from a $1,000 child tax credit and an expanded Earned Income Tax Credit. Eight million students and families will continue to benefit from a $2,500 tuition tax credit to make college more affordable. And millions of entrepreneurs in big cities and small towns across the country will benefit not only from the business expensing plan I mentioned, but from additional tax cuts that will spur research and development.
Independent experts have concluded that, taken together, this package of tax cuts will significantly accelerate the pace of our economic recovery, spurring additional jobs and growth.”
President Obama’s Weekly Address:
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