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The President’s plan for a second term

But know this, America: Our problems can be solved. Our challenges can be met. The path we offer may be harder, but it leads to a better place. And I’m asking you to choose that future.—President Obama

This election offers Americans a clear choice: We can choose to work toward a stronger economy, or we can return to the failed policies that drove America into the economic recession in the first place. President Obama is the only candidate with a detailed roadmap to create jobs here at home, expand opportunities for all Americans, and set our economy on a stronger foundation. Details matter in this election, and while Mitt Romney has consistently failed to provide any details to back up his policy claims, the President is laying out a clear plan.

Here’s a look at the specifics on how the President will move our country forward:

  1. Creating jobs: President Obama will help create a million new manufacturing jobs and double our exports so manufacturers can stamp “Made in America” on more products and sell them around the world.

    Create 1 million new manufacturing jobs by 2016. For the first time in years, manufacturing companies are seeking to “insource” production back to United States. To create 1 million new jobs, the President will:

    • Reform the corporate tax code to bring down tax rates—cutting tax rates on domestic manufacturers by nearly a quarter—while closing tax preferences and loopholes to pay for it.

    • End tax deductions for companies shipping jobs overseas, and use the savings to create a new tax credit for companies bringing jobs home.

    • Create a new network of 15 to 20 manufacturing innovation institutes to bring together businesses and research universities to ensure that the next generation of products are invented and manufactured here.

    • Train millions of skilled workers through new investments in community colleges and student aid.

    • Pursue an all-of-the-above strategy to produce reliable and affordable sources of energy here at home.

    Double exports over five years. Under President Obama, exports have risen by 36 percent and supported an additional 1.2 million jobs. To finish his plan, the President will:

    • Make sure that no foreign company has an unfair advantage over American companies by offering more generous financing through the Export-Import Bank to match other countries that aggressively use better financing than allowed under international rules.

    • Negotiate a new, expanded Trans-Pacific Partnership to open up new markets in a region that totals 40 percent of global trade to more U.S. goods.

    • Continue his efforts to stand up for American workers and businesses in the global marketplace, which have already doubled the rate of WTO cases against China’s unfair trade practices and included a new trade enforcement unit to ensure that American workers and businesses are competing on a level playing field.

  2. Developing homegrown energy: We’ll cut our oil imports in half, produce more American-made energy—like oil, clean coal, natural gas, and new resources like wind, solar and biofuels—and create hundreds of thousands of jobs in the natural gas industry while doubling the fuel efficiency of our cars and trucks.

    Cut net oil imports in half by 2020. President Obama is raising the bar on his previous goal of cutting imports by a third, or 3.7 million barrels a day, by 2025. To reach this goal, he will pursue an all-of-the-above energy strategy that is:

    • Opening up millions of acres for exploration and development, including more than 75 percent of recoverable oil and gas resources in the Gulf of Mexico and the Arctic.

    • Expanding domestic oil production by reducing the review period for drilling permits by as much as two-thirds while implementing important safety measures to help prevent another environmental disaster.

    • Doubling fuel economy standards, an essential step toward energy independence that will save 2.2 million barrels of oil a day by 2025 while effectively halving many families’ gasoline bills.

    • Expanding the use of ethanol and other biofuels, including implementing a renewable fuel standard that will save over 300 million barrels of oil by 2022.

    • Promoting advanced vehicles, including natural gas, electric, and hybrid electric vehicles, while investing in clean domestic energy sources including wind, solar, clean coal, nuclear, and biofuels.

    Support 600,000 natural gas jobs by the end of the decade. To safely develop natural gas—an abundant source of American energy—and support more than 600,000 jobs, the President is:

    • Streamlining the oversight of natural gas drilling while taking steps to protect the quality of our air and water and requiring the disclosure of chemicals used in hydraulic fracturing on public lands.

    • Improving access to natural gas fuels along heavily-trafficked trucking routes, helping convert municipal bus and truck fleets to run on natural gas, and creating a new tax incentive for medium-and heavy-duty trucks that run on natural gas or other alternative fuels.

    • Supporting research and development into new ways to convert and store natural gas.

  3. Training the best workforce in the world: We’ll recruit and prepare 100,000 math and science teachers so Americans graduate better prepared to compete for the jobs of the future, train millions of Americans at our community colleges with the job skills they need, and cut the growth of tuition in half over the next decade while expanding student aid so more students can afford college.

    Cut the growth of tuition in half over the next ten years. College tuition and fees have grown by 40 % over the last decade. To cut the growth of college tuition costs in half over the next ten years, President Obama will work with colleges and universities to:

    • Create a Race to the Top-like initiative that rewards states that put in place reforms to hold down tuition, provide public colleges with stable funding over time, and ensure that high school graduates are ready for college-level work.

    • Evaluate and expand innovative practices like redesigning courses with technology, helping more students graduate on time, and recognizing more transfer credit and prior learning.

    • Pull funding from colleges that cannot or will not offer students a good value and an affordable price.

    Recruit and prepare 100,000 math and science teachers. In order to remain globally competitive, we need to out-educate other countries. To recruit and prepare a hundred thousand math and science teachers, President Obama will:

    • Fund states with the best plans, similar to his Race to the Top program that encouraged nearly every state to raise academic standards and promoted reforms across the nation.

    • Recognize and reward the best teachers by creating a new STEM master teacher corps, which will help improve math and science education nationwide.

    • Invest in research and innovation into the best ways to teach math and science.

    Train 2 million workers for real jobs at community colleges. To make sure workers are trained to fill the jobs that require technical skill or other specialized skills in fields like health care, advanced manufacturing, clean energy, and information technology, President Obama will:

    • Bring together community colleges and employers, training two million Americans for good jobs that actually exist. The program is modeled on successful local efforts in Charlotte, Chicago, Orlando, and Louisville.

  4. Reducing our deficit in a balanced way: The President put a plan on the table to cut the deficit by more than $4 trillion in the next decade. On top of the $1 trillion in spending we’ve already cut, we’ll ask the wealthy to pay a little more and cut spending we don’t need throughout the budget.

    Reducing the deficit by more than $4 trillion over the next decade. Having already signed $1 trillion in spending cuts into law, the President will put forward a responsible deficit reduction plan that reflects the Simpson-Bowles plan. He will:

    • Cut annual domestic spending to its lowest level as a share of our economy since President Eisenhower.

    • Rein in defense spending in consultation with our military leaders.

    • Reform Medicare by reducing the cost of health care through improving quality, getting a better deal on prescription drug prices, and coordinating care and other measures.

    • Ask the wealthiest Americans to pay higher taxes on income over $250,000.

    • Close corporate loopholes and wasteful tax subsidies to big oil companies.

  5. Do some nation-building here at home: We’ll use half the savings from ending the war in Afghanistan to help pay down our debt and invest the rest in fixing our roads, runways, bridges, and schools.

    End overseas wars and rebuild our economy. After responsibly ending overseas operations, the President will reinvest in our country by:

    • Committing half of the money saved from responsibly ending overseas operations in Iraq and Afghanistan to reducing the deficit and the other half to investing in public infrastructure.

    • Investing an additional $210 billion over six years to support a million jobs improving America’s roads, bridges, transit systems, railways, aviation systems and runways, and putting construction workers back to work.

Learn more about the difference between the President’s plan to move our country forward and Mitt Romney’s plan to take us back here.