U.S. Economy: The Ways to Recovering the Economy, Top Priority of Government

By Michelle McErlain, Crossmap On November 5, 2013

During the Conference, SelectUSA Investment Summit, the U.S. President Barack Obama reported that the U.S. Economy has 'created 7.5 million jobs and cut deficits more than half'. He strived to promote U.S. Economic recovery to attract foreign investments. President Barack Obama addressed a conference, on Thursday, Oct. 31 for business leaders from around the world.

"[M]y pitch was simple: Choose America. Invest in America. Create jobs in America," said Obama. He commended the U.S. economy for creating over seven and a half million new jobs in 3.5 years, and since he took the office, the deficit was cut by more than half.

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"I was glad to hear the Republican leader in the Senate say this week that they won't pursue another government shutdown... because we shouldn't be injuring ourselves every few months - we should be investing in ourselves. And one way to do that is through the budget that Congress started working on this week," according to the press release of weekly remarks of President Obama.

Despite the increase of overall new jobs, the unemployment rate in year 2013 is 7.74%, which decreased 1.89% from year 2010, according to the statistics from the International Monetary Fund, U.S., President Obama stressed the importance to build new roads, schools and airports to create jobs. Also, promoting education for kids and workers is the key to raising the economy.

However, the Federal Reserve Bank of Dallas President Richard Fisher criticized the government for "spending without restraint" in his speech given in Sydney on Nov 4. He suggested that the Government should commit itself to creating revenue flows by long-term programs rather than printing money to cover current costs and fund future liabilities. For creating more jobs in the market, Fisher suggested to transition back to an interest-rate driven monetary policy in order to accelerate the economy and create more jobs in the market.

President Obama stressed the importance of building new roads, schools and airports to create jobs. Also, promoting education of kids and workers is the key to raising the economy. He strived to bring jobs to the United States by attracting the investments from foreign businesses. For creating more jobs in the market, Fisher suggested to transition back to an interest-rate driven monetary policy in order to accelerate the economy and create more jobs in the market.

Still, searching for right ways to recover the U.S. economy is of the top priority of the Government.