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Reporting from Washington -
President Obama today called for "bold innovative action" by government and business to reverse continued job losses as he convened a meeting of his economic advisory board to discuss possible strategies.
"We all know that in every economic recovery there is going to be a lag between the economy growing again, businesses investing again, and businesses hiring again," Obama told the President's Economic Recovery Advisory Board. But given the severity of the job losses, he said, the country needs "some bold, innovative action on our part and on Congress' part and on the private sector's part."
At the board's second full meeting, Obama said in his opening remarks that, after getting the economy "back from the brink," the nation now must figure out how "to make sure the people are getting back to work and able to support their families."
"It's not going to happen overnight, but we are not going to rest until we are succeeding in generating the jobs this economy needs," he said at the White House meeting, which was streamed live online on the White House website.
Obama didn't specify what those bold and innovative actions would be, but said they should focus on three areas -- raising U.S. exports, expanding environmentally friendly technology and increasing spending on infrastructure such as roads and bridges. He stressed the need to take such actions, particularly when it comes to infrastructure, "within an environment of fiscal constraint."
Obama's advisory board is headed by former Federal Reserve Chairman Paul Volcker, and includes administration officials such as Treasury Secretary Timothy F. Geithner, economists and business and labor leaders.
They gathered around a large wooden table in the Roosevelt Room, with Obama sitting in the center on one side, flanked by Volcker and John Doerr, a partner in the Silicon Valley venture capital firm Kleiner, Perkins, Caufield & Byers.
As the meeting began, one of the business leaders, Jeff Immelt, chief executive of General Electric, led a discussion on increasing U.S. exports. He noted that exports are 7% of U.S. economic output while they represent 40% of Germany's economy
"We may never get to Germany, but there's no reason why we should be so low," Immelt said.
He suggested setting a goal of doubling exports as a percentage of U.S. economic output over a set period of time, a move that would create an estimated 3 million to 5 million jobs. Clarifying international trade policy would help reach that goal, Immelt said.
jim.puzzanghera@latimes.com
"We all know that in every economic recovery there is going to be a lag between the economy growing again, businesses investing again, and businesses hiring again," Obama told the President's Economic Recovery Advisory Board. But given the severity of the job losses, he said, the country needs "some bold, innovative action on our part and on Congress' part and on the private sector's part."
At the board's second full meeting, Obama said in his opening remarks that, after getting the economy "back from the brink," the nation now must figure out how "to make sure the people are getting back to work and able to support their families."
"It's not going to happen overnight, but we are not going to rest until we are succeeding in generating the jobs this economy needs," he said at the White House meeting, which was streamed live online on the White House website.
Obama didn't specify what those bold and innovative actions would be, but said they should focus on three areas -- raising U.S. exports, expanding environmentally friendly technology and increasing spending on infrastructure such as roads and bridges. He stressed the need to take such actions, particularly when it comes to infrastructure, "within an environment of fiscal constraint."
Obama's advisory board is headed by former Federal Reserve Chairman Paul Volcker, and includes administration officials such as Treasury Secretary Timothy F. Geithner, economists and business and labor leaders.
They gathered around a large wooden table in the Roosevelt Room, with Obama sitting in the center on one side, flanked by Volcker and John Doerr, a partner in the Silicon Valley venture capital firm Kleiner, Perkins, Caufield & Byers.
As the meeting began, one of the business leaders, Jeff Immelt, chief executive of General Electric, led a discussion on increasing U.S. exports. He noted that exports are 7% of U.S. economic output while they represent 40% of Germany's economy
"We may never get to Germany, but there's no reason why we should be so low," Immelt said.
He suggested setting a goal of doubling exports as a percentage of U.S. economic output over a set period of time, a move that would create an estimated 3 million to 5 million jobs. Clarifying international trade policy would help reach that goal, Immelt said.
jim.puzzanghera@latimes.com
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