The last two years have been particularly hard on the job market. The recession led to the loss of 7 million jobs and has left 1 in every 10 Americans unemployed. Growing concern has surfaced over the government’s handling of the issue. In President Barack Obama’s State of the Union address on January 27, 2010, job growth featured prominently in his plans for reigniting economic growth, designating it as his number one focus for 2010. He presented several areas in which jobs would be created and serve the road to long term recovery.
The creation of infrastructure projects to move goods, services and information, investment in clean energy jobs, increase in exporting activities and incentives for small business development were highlighted as initiatives to put Americans back to work.
Through the government’s funding of improving the nation’s infrastructure, America would be better able to compete in the global market, laying the foundation for future stability and growth. He cited Tampa Bay as an example where jobs were being filled in the construction of a new high speed railway, and that across America the development of the country’s infrastructure would ensure job creation and long term security.
Investment in clean energy products and clean energy power plants were shown to offer an exciting opportunity for America to take the lead in research and innovation. Solar panels, solar battery packs, bio-fuels and clean coal technologies were given as examples wherein their development and others of their kind, would serve to provide jobs for millions of people.
The export of more goods would support more job creation. The President revealed that he was going to enact a national export initiative in order to double export figures within 5 years. The move will generate the creation of 2 million more jobs and help farmers and small business owners to be increasingly more competitive in the global market.
The movement of jobs overseas has negatively impacted the potential for job growth in America. Therefore the President indicated that he would cut the tax breaks for companies that send jobs overseas and shift the break to those businesses that keep the jobs in America. With the removal of the capital gains tax on small business and the disincentive to outsource jobs, the job market will be better positioned to take on employees.
Everything considered, prospects for the job market look positive as the President’s plan laid out an aggressive and comprehensive approach to building long term growth and stability. With his focus squarely fixed on this issue, he challenged both houses of congress and both parties to quickly get a job bill passed so that the American people can get back to work.
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