As CEA Chair Austan Goolsbee explained this morning, the Gross National Product (GDP) – a key measurement of our economic growth – grew at a 2.0% annual rate over the last three months. It marked the fifth straight quarter of positive growth. But as he also said, “Given the depth and severity of the recession, considerable work remains before our economy is fully recovered” – in other words, we’re climbing out of the hole, but it’s deep, and we need to be able to climb faster.
That’s why the President has already put forth a series of proposals that have a proven record of creating jobs and have traditionally had bipartisan support, from rebuilding our infrastructure, to promoting investment, to boosting the clean energy economy.
This morning the President was focused on his proposal to allow businesses and investors to deduct immediately the full cost of most investments will help them expand and hire. A report from the Treasury Department this morning showed that the proposal would accelerate $150 billion in tax cuts to 2 million businesses, lower the average cost of capital for business investment by more than 75%, and produce about $50 billion in new investment.
President Barack Obama tours Stromberg Metal Works in Beltsville, Md.,
The President met with employees at Stromberg Sheet Metal in Beltsville Maryland, and speaking afterwards described his conversation with CEO Robert Gawne:
Source: http://www.whitehouse.gov/blog/2010/10/29/president-maryland-we-have-do-more-accelerate-recovery
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