Today we learned that the economy grew for the 12th straight quarter, exports and business investment continue to grow, and the auto industry is growing stronger. But President Obama knows that we need more decisive action to create jobs and help the economy grow faster.
Last September, President Obama put forward a detailed legislative plan—the American Jobs Act—to do just that. The jobs plan would keep teachers, firefighters, and police officers on the job, put construction workers back to work, and cut taxes for small businesses that hire and invest and businesses that bring jobs home. But Republicans in Congress have blocked this plan. As a result there are now 1 million Americans who are unnecessarily out of work.
Governor Romney also opposes this jobs plan, saying it was like "throwing a cup of gasoline on embers." But independent economists disagree—and they say that Mitt Romney’s plan would slow our recovery and cost us jobs. Romney himself acknowledges that spending cuts will damage the recovery. As economist Jeff Liebman has written, based on Romney’s own statements, his plan would cost over 1 million jobs next year.
Romney’s plan for the economy—including tax cuts weighted towards the wealthy and rolling back Wall Street reform—would do nothing to create jobs today, and instead would return us to the failed policies that dug this ditch in the first place.
When my partner Jeff Brotman and I opened our first warehouse in Seattle in 1983, we started with nothing but our own initiative and our personal credit cards that we used to pay for our startup expenses.
Almost 30 years later, we have 605 stores and 160,000 employees—Costco is America's second largest retailer, and as you probably know, the foundation of our business is serving small entrepreneurs with everyday products folks need to run a business.
You might be seeing some ads or hearing some folks say that President Obama doesn't support small business owners. But he understands that small businesses grow and prosper because of individual initiative—because entrepreneurs like you and me do the hard work it takes, and that we can't do it alone.
My own story is proof—I come from a very humble background, and I truly believe that I couldn't have succeeded in any other place but America. I got a good, affordable education from a state university. I had the chance to pitch my business plan to investors, and they heard and supported me. Thanks to a strong nationwide transportation system and infrastructure, we've opened warehouses across the country and around the world.
President Obama is focused on creating an environment where small businesses can succeed, with the support of our government, our communities, and each other. That's why he's cut taxes for small business owners 18 times, and signed into law $200 billion in tax relief and incentives paid out over the past three years to encourage businesses to create jobs, invest, and grow. I'm proud to support him in this election.
Don't let Mitt Romney's misleading ads or false attacks tell you otherwise—President Obama's support for small business owners is unwavering.
Watch this video to get the facts, then fight back by passing them along.
I truly believe there's no other country in the world where we could have been as successful.
President Obama visited Reno, Nevada, today, where he spoke to the National Convention of the Veterans of Foreign Wars. After paying tribute to those who have served our country, the President announced a new initiative to support veterans and military families:
Four years ago, I said that I’d do everything I could to help our veterans realize the American Dream, to enlist you in building a stronger America. After all, our veterans have the skills that America needs. So today, our economy is growing and creating jobs, but it’s still too hard for too many folks to find work, especially our younger veterans, our veterans from Iraq and Afghanistan. And with a million more troops rejoining civilian life in the years ahead—and looking for work—we’ve got to step up our game, at every stage of their careers.
So today, I’m announcing a major overhaul of our transition assistance program. We’re going to set up a kind of "reverse boot camp" for our departing servicemembers. Starting this year, they’ll get more personalized assistance as they plan their careers. We’ll provide the training they need to find that job, or pursue that education, or start that business. And just as they’ve maintained their military readiness, we’ll have new standards of "career readiness."
In addition, by making the Post-9/11 G.I. Bill a priority, we’ve helped more than 800,000 veterans and their families pursue their education. And I’ve issued an executive order to help put a stop to schools that are ripping off our veterans.
I’ve directed the federal government to step up on jobs. Since I took office, we’ve hired more than 200,000 veterans into the federal government. We made it a priority. And we’re keeping track—every agency, every department: What are you doing for our veterans?
Click here to read the President's full remarks.
“Senate Republicans on Thursday blocked the No.1 item on the president's congressional ‘to-do list,’ refusing to allow a vote on a bill that would give tax breaks for companies that ‘insource’ jobs to the U.S. from overseas while eliminating tax deductions for companies that move jobs abroad.
“The Bring Jobs Home Act would provide a 20% tax break for the costs of moving jobs back to the United States and would rescind business expense deductions available to companies that are associated with the cost of moving operations overseas.”
Read more here.
A new economic analysis of Mitt Romney's jobs plan found that his proposal to eliminate all U.S. taxes on foreign profits made by U.S. companies could lead to the creation of 800,000 jobs—overseas. Take a look at how many jobs U.S. companies could create for foreign economies with Romney's help, and then share the facts with your friends.
Click here for more information on how Romney's plan would encourage companies to send jobs overseas, and how President Obama is working to bring jobs back home.
Middle class tax cuts are helping the McLaughlins raise a family. Watch the video, then share it with your friends.
Supporters stuck it out through a rainstorm to hear President Obama speak in Glen Allen, Virginia. As the President continued on to Clifton, a few audience members reacted to what they heard:
"When I compare Mitt Romney to President Obama, there is a stark contrast. It's so clear that President Obama has the backs of middle-class Americans. My family and so many other families in Glen Allen are seeing the benefits from things like the Affordable Care Act and middle class tax cuts."
"This is a once in a lifetime experience—to hear the President speak in your own community. This is a huge battleground county in the state, so it goes to show that he’s fighting hard to win this election. He's fighting hard for us."
"The economy is picking up slowly but surely. We're heading in the right direction with President Obama. We've got to re-elect President Obama to finish the job. Middle-class America can't wait, and we can't afford go with the alternative."
"President Obama is the only candidate who understands middle-class America. I'm going to fight to make sure he stays in office. I will volunteer, knock on doors, and make those calls. I have one thing to say to Virginia: 'Don't go on the hype—go on the facts.' President Obama gets it. Four more years."
"I think the proposed middle class tax cuts and ending the Bush-era tax cuts for the wealthy is only fair. I think we’ve all come to agree that people of means should pay their fair share—we should all pay our fair share. That’s what’s needed to rebuild the infrastructure in this country and rebuild the economy."
"As a retired Spanish teacher and someone on Medicare, I think that the President has done his best to implement policies that help me—from the Affordable Care Act to middle class tax cuts and education reform. It is all so important, and I know he has my best interests at heart."
Stay tuned for more from the President's trip through Virginia.
During a stop at Kirkwood College in Cedar Rapids, President Obama laid out what's at stake for working families in Iowa and all over the country if Congress doesn't act to extend tax cuts for the middle class:
President Obama: So I was over at Jason and Ali’s … wonderful, wonderful story, really nice family. Jason is the new principal over at Central City High. Ali is an account manager at a document scanning company. They’ve got a very cute 4-year-old, Cooper, and then the yet-to-be-named other cute one. They met at a convenience store where they worked while they were in school. Apparently, Ali was Jason’s boss …
So we were talking about something that nobody looks forward to, and that's paying taxes. Everybody understands it’s something you have to do; you don't love doing it. But we were talking about how over the last four years, because of policies my administration put in place, we’ve been able to offer the McLaughlins about $4,900 in tax relief.
And they’ve said that’s made a real difference in their lives. It’s helped them pay their bills; helped them get day care for Cooper. We were sitting and I was telling them the house they're in now is roughly the same size as the house that Michelle and I lived in for the first 13 years that we were married. We had a little co-op. And when they were talking about the bills, I remembered going through them. You got the mortgage. You got the student loans. You got the electricity bill, car note, gas bill, day care. Everything they were talking about was familiar because Michelle and I went through it. And that $4,900 helped. It made a difference.
Now we’ve got a choice to make, because on January 1st, taxes are scheduled to go up on everybody in America. That's what the law says right now—if we don't do anything, if Congress doesn't do anything, taxes will go up on everybody at the end of this year.
Yesterday I called on Congress to stop any tax hikes for the 98% of Americans who are just like the McLaughlins—just like you. Because if Congress doesn't act, then that tax hike could cost up to $2,200 for a family of four. That wouldn’t just be a big financial hit for Jason and Ali, because as they pointed out—and this is what I love about America and what I love about them—they said, "As tight as things may be for us, we’re a lot better off than a lot of folks we know." So imagine, if it’s tough for them, what it’s going to be for somebody else?
Audience member: Like my mom.
President Obama: Like your mom.
Stand with families like the McLaughlins—join President Obama in urging Congress to extend middle class tax cuts.