Obama to lay out economic growth plan in State of Union speech

WASHINGTON Sun Feb 10, 2013 5:36pm EST

U.S. President Barack Obama speaks from the briefing room of the White House in Washington February 5, 2013. REUTERS/Kevin Lamarque

U.S. President Barack Obama speaks from the briefing room of the White House in Washington February 5, 2013.

Credit: Reuters/Kevin Lamarque

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WASHINGTON (Reuters) - President Barack Obama will describe his plan for spurring the economy in his State of the Union address on Tuesday, offering proposals for investments in infrastructure, manufacturing, clean energy and education, a senior administration official said on Saturday.

In the annual presidential address to Congress, Obama plans to show he has not lost sight of the economic woes of middle-class Americans - issues that dominated the 2012 election campaign but have been overshadowed recently by efforts to cut the deficit, overhaul immigration laws and curb gun violence.

"The potential success of his second term is hugely dependent on the rate at which the economy grows," said Ruy Teixeira, a political scientist with the liberal-leaning Center for American Progress.

"There's no problem the Democrats have that can't be solved with faster growth. Conversely, there's not much they'll be able to do if growth stays slow."

Obama previewed his economic growth plan in a speech to House of Representatives Democrats this week, telling them he would stress the importance of education, development of clean energy, and infrastructure.

There were no details on the new initiatives for infrastructure, manufacturing, clean energy and education, elements first reported by the New York Times.

But any new spending will face tough opposition from Republicans in Congress who are focused on cutting spending and reducing the deficit.

Obama has urged Congress to take steps to postpone harsh government spending cuts slated to take effect on March 1, and the White House took pains on Friday to describe how the cuts would affect ordinary Americans' lives.

Obama has said he is willing to cut a "big deal" with Republicans to trim spending on the Medicare and Social Security programs for the elderly, but has insisted in ending long-standing tax breaks for oil companies, private equity firms and corporate jet owners to create more revenue for government.

(Editing by Peter Cooney)

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Comments (29)
Kneel wrote:
@Adam Smith. That is plain wrong. Do you seriously think that a bunch of poor uneducated illegal immigrants were able to take jobs away from American citizens? Tell me which American citizen wants to work as a garbage man, or as a janitor? Such uneducated immigrants get exactly those jobs which are necessary, but not desirable. So if no one wants to do those jobs, then clearly illegal immigrants don’t pose the threat you are talking about. So what you are talking about is not based on evidence. In fact, as of now there are so many job vacancies in America – businesses cannot find sufficiently qualified people! Education and training is a big problem! So pointing to one thing as the root of all problems is naive and does not get us closer to any solution.

Now, that said, I’m not a fan of the dream act. I believe in helping the natural citizens first and then attending to others. I do believe borders need to be secured. But I do not believe in pointing the finger at someone and saying, “You are the problem.”

Feb 09, 2013 9:48pm EST  --  Report as abuse
Bunker555 wrote:
Adam Smith knows jack.

Definition of ‘Creative Destruction’
A term coined by Joseph Schumpeter in his work entitled “Capitalism, Socialism and Democracy” (1942) to denote a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”

Read more: http://www.investopedia.com/terms/c/creativedestruction.asp#ixzz2KTGfSYVQ

Feb 10, 2013 12:27am EST  --  Report as abuse
bates148 wrote:
What’s his plan for the economy? To have hope? To believe in a better future? Mr Obama is nothing more than an empty suit. It’s a tragedy America does not have a real leader.

Feb 10, 2013 3:13am EST  --  Report as abuse
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