Obama Speech -Feb 7, 2011

We need to out-innovate, out-educate, and out-build our competitors.

The costs to business from the outdated and inadequate infrastructure we currently have are enormous.

As a country, we have a responsibility to encourage American innovation.

We will invest in education so that you can hire the most skilled, talented workers in the world.

For my administration, it meant a series of emergency measures I wouldn't have taken under normal circumstances, but that were necessary to stop our economy from falling off the cliff.

For many of you, that meant restructuring and branch closings and layoffs that were painful to make.

It's win-win for everyone, and something we're trying to replicate across the country.

And we'll knock down barriers that make it harder for you to compete, from the tax code to the regulatory system.

But we also know that with the march of technology over the last few decades, the competition for jobs and businesses has grown fierce.

But combined with a brutal and devastating recession, they have also shaken the faith of the American people – in the institutions of business and government.

We're improving the way FDA evaluates things like medical devices, to get innovative and life-saving treatments to market faster.

And that's why we're making investments today in the next generation of big ideas – in biotechnology, information technology, and clean energy technology.

Over the last two years, I've sought advice from many of you as we were grappling with the worst recession most of us have ever known.

The globalization of our economy means that businesses can now open up shop, employ workers and produce their goods wherever there is internet connection.

The men and women in this room are living testimony that American industry is still the source of the most dynamic companies, and the most ingenious entrepreneurs.

We're improving the way FDA evaluates things like medical devices, to get innovative and life-saving treatments to market faster.

But we also know that with the march of technology over the last few decades, the competition for jobs and businesses has grown fierce.

The last barriers we're trying to remove are outdated and unnecessary regulations.

And we'll knock down barriers that make it harder for you to compete, from the tax code to the regulatory system.

As a result, too many businesses end up making decisions based on what their tax director says instead of what their engineer designs or what their factory produces.

And we'll knock down barriers that make it harder for you to compete, from the tax code to the regulatory system.

That's why I want to lower the corporate rate and eliminate these loopholes to pay for it, so that it doesn't add a dime to our deficit.

Obama’s Remarks at the Chamber of Commerce

Following is a text of President Obama's prepared speech given to members of the Chamber of Commerce on Monday, as released by the White House:

Thank you, Tom, for your introduction.

And we'll knock down barriers that make it harder for you to compete, from the tax code to the regulatory system.

And we want to start with the twelve different agencies that deal with America's exports.

If we're fighting to reform the tax code and increase exports to help you compete, the benefits can't just translate into greater profits and bonuses for those at the top.

And that's why I've proposed connecting 80 percent of the country to high-speed rail, and making it possible for companies to put high-speed internet coverage in reach of virtually all Americans.

We still have, by far, the world's largest and most vibrant economy.

That's why government has traditionally helped invest in this kind of science, planting the seeds that ultimately grew into technologies from computer chips to the internet.

Steve Case is heading up a new partnership called Startup America to help entrepreneurs turn new ideas into new businesses and new jobs.

In the coming months, my administration will develop a proposal to merge, consolidate, and reorganize the federal government in a way that best serves the goal of a more competitive America.

But we also know that with the march of technology over the last few decades, the competition for jobs and businesses has grown fierce.

The end result of tax breaks and investments cannot simply be that new breakthroughs and technologies are discovered in America, but manufactured overseas.

Over the last two years, I've sought advice from many of you as we were grappling with the worst recession most of us have ever known.

I've ordered a government-wide review, and if there are rules on the books that are needlessly stifling job creation and economic growth, we will fix them.

And it happened because at every juncture in history, we came together as one nation and did what was necessary to win the future.

It happened because of the freedom that has allowed good ideas to flourish, and capitalism to thrive.

For example, even as we work to eliminate burdensome regulations, America's businesses have a responsibility to recognize that there are some safeguards and standards that are necessary to protect the American people from harm or exploitation.

As you could imagine, the relationship between the president and business leaders had grown somewhat fractured over the New Deal.

Whatever differences we may have, I know that all of us share a deep belief in this country, our people, and the principles that have made America's economy the envy of the world.

Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world.

Early drug companies argued that the bill creating the FDA would "practically destroy the sale of … remedies in the United States."

If we can harness your potential and the potential of the people all across our country, there will be no stopping us.

And this is how we'll create the base of knowledge and skills that propel the next invention, the next idea.

The President of the American Bar Association denounced child labor laws as "a communistic effort to nationalize children."

And it happened because at every juncture in history, we came together as one nation and did what was necessary to win the future.

I've also ordered agencies to find ways to make regulations more flexible for small businesses.

And we've turned a tangle of fuel economy regulations and pending lawsuits into a single standard that will reduce our dependence on foreign oil, save consumers money at the pump, and give car companies the certainty they need.

In fact, companies adapt and standards often spark competition and innovation.

And we could not accept a broken system where insurance companies could drop people because they got sick, or families went bankrupt because of medical bills.

They see a widening chasm of wealth and opportunity in this country, and they wonder if the American Dream is slipping away.

And the truth is, as countries like China and India grow and develop larger middle classes, it's profitable for global companies to aggressively pursue these markets and, at times, to set up facilities in these countries.

The men and women in this room are living testimony that American industry is still the source of the most dynamic companies, and the most ingenious entrepreneurs.

We're improving the way FDA evaluates things like medical devices, to get innovative and life-saving treatments to market faster.

And that's why I've proposed that we freeze annual domestic spending for the next five years, which would reduce the deficit by more than $400 billion over the next decade, and bring this spending down to the lowest share of our economy since Eisenhower was president.

Companies are taxed heavily for making investments with equity; yet the tax code actually pays companies to invest using leverage.

Toward the end of the 1930s, amidst depression and the looming prospect of war, President Roosevelt realized he would need to form a new partnership with business if we were going to become what he would call the "arsenal of democracy."

And we've turned a tangle of fuel economy regulations and pending lawsuits into a single standard that will reduce our dependence on foreign oil, save consumers money at the pump, and give car companies the certainty they need.

They should be shared by American workers, who need to know that expanding trade and opening markets will lift their standard of living as well as your bottom line.

We need an economy that's based not on what we consume and borrow from other nations, but what we make and sell around the world.

But many of your own economists and salespeople are now forecasting a healthy increase in demand.

It happened because of the conviction that in this country, hard work should be rewarded; that opportunity should be there for anyone willing to reach for it.

I'm also willing to look at other ideas to improve the law, including incentives to improve patient safety and medical malpractice reforms.

That is our challenge today.

And part of the bipartisan tax deal we negotiated, businesses can immediately expense 100 percent of their capital investments.

We also have a responsibility as a nation to provide our people and our businesses with the fastest, most reliable way to move goods and information.

And we finalized a trade agreement with South Korea that will support at least 70,000 American jobs – a deal that has unprecedented support from business and labor; Democrats and Republicans.

For example, even as we work to eliminate burdensome regulations, America's businesses have a responsibility to recognize that there are some safeguards and standards that are necessary to protect the American people from harm or exploitation.

And the entire region has become more attractive to businesses.

Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world.

The costs to business from the outdated and inadequate infrastructure we currently have are enormous.

After years of fighting each other, the result was one of the most productive collaborations between the public and private sectors in American history.

And we finalized a trade agreement with South Korea that will support at least 70,000 American jobs – a deal that has unprecedented support from business and labor; Democrats and Republicans.

The government set modest targets to increase efficiency over time.

And it happened because at every juncture in history, we came together as one nation and did what was necessary to win the future.

If we hope to help our businesses sell more goods around the world, we should ensure we are all pulling in the same direction.

And the truth is, as countries like China and India grow and develop larger middle classes, it's profitable for global companies to aggressively pursue these markets and, at times, to set up facilities in these countries.

Few of us would want to live in a society without the rules that keep our air and water clean; that give consumers the confidence to do everything from investing in financial markets to buying groceries.

We cannot ignore these concerns.

But, as you know, it's not always profitable in the short-term for you to invest in basic research.

And experts – not just from the government, but also those commissioned by the Business Roundtable – suggest that health insurance reform could ultimately save large employers anywhere from $2,000 to $3,000 per family.

Ask yourselves what you can do to hire American workers, to support the American economy, and to invest in this nation.

We can create a virtuous cycle.

We will upgrade our transportation and communications networks so you can move goods and information more quickly and cheaply.

Already we're dramatically cutting down on the paperwork that saddles businesses with huge administrative costs.

That's why we're making college more affordable, and revitalizing community colleges.

But the non-partisan congressional watchdogs at the CBO estimate that health care tax credits will be worth nearly $40 billion for small businesses over the next decade.

We have faced moments of tumult and change before.

The third responsibility we have as a nation is to invest in the skills and education of our people.

But combined with a brutal and devastating recession, they have also shaken the faith of the American people – in the institutions of business and government.

The men and women in this room are living testimony that American industry is still the source of the most dynamic companies, and the most ingenious entrepreneurs.

And the truth is, as countries like China and India grow and develop larger middle classes, it's profitable for global companies to aggressively pursue these markets and, at times, to set up facilities in these countries.

Auto executives predicted that having to install seatbelts would bring the downfall of their industry.

If anything, he had been an adversary.

Toward the end of the 1930s, amidst depression and the looming prospect of war, President Roosevelt realized he would need to form a new partnership with business if we were going to become what he would call the "arsenal of democracy."

A pinball machine maker turned out shells. 1941 would see the greatest expansion of manufacturing in the nation's history.

Toward the end of the 1930s, amidst depression and the looming prospect of war, President Roosevelt realized he would need to form a new partnership with business if we were going to become what he would call the "arsenal of democracy."

But many of your own economists and salespeople are now forecasting a healthy increase in demand.

Over the last two years, I've sought advice from many of you as we were grappling with the worst recession most of us have ever known.

And that's why we're making investments today in the next generation of big ideas – in biotechnology, information technology, and clean energy technology.

But I'm here today because I'm convinced we can and must work together.

I understand that you're under incredible pressure to cut costs and keep your margins up.

Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world.

I understand that you're under incredible pressure to cut costs and keep your margins up.

A toy company made compasses.

We simply could not continue to accept a status quo that's made our entire economy less competitive, as we've paid more per person for health care than any other nation on earth.

And I've also proposed a bigger, permanent tax credit for all the research and development your companies do in this country.

And the EPA, based on the need for further scientific analysis, delayed the greenhouse gas permitting rules for biomass.

And as I said in the State of the Union, I want to correct a flaw that has placed an unnecessary bookkeeping burden on small businesses, and I appreciate the Chamber's help in doing that.

We will upgrade our transportation and communications networks so you can move goods and information more quickly and cheaply.

We're reforming our patent system so innovations can move more quickly to market.

And that's why I've proposed connecting 80 percent of the country to high-speed rail, and making it possible for companies to put high-speed internet coverage in reach of virtually all Americans.

We cannot ignore these concerns.

Now, on some issues, like the Recovery Act, we've found common cause.

That's why we're making college more affordable, and revitalizing community colleges.

Intel pioneers the microchip, and puts thousands to work building them in Silicon Valley.

And that's why we're making investments today in the next generation of big ideas – in biotechnology, information technology, and clean energy technology.

And as a result, a typical fridge now costs half as much and uses a quarter of the energy it once did, saving families and businesses billions of dollars.

If we expect companies to do business and hire in America, America needs a pool of trained, talented workers that can out-compete anyone in the world.

I understand the significance of your obligations to your shareholders.

Auto executives predicted that having to install seatbelts would bring the downfall of their industry.

Together, I am confident that we can win the competition for new jobs and industries.

And the truth is, as countries like China and India grow and develop larger middle classes, it's profitable for global companies to aggressively pursue these markets and, at times, to set up facilities in these countries.

Dow is building a new plant in Michigan to manufacture batteries for electric vehicles.

We need to make America the best place on earth to do business.

For my administration, it meant a series of emergency measures I wouldn't have taken under normal circumstances, but that were necessary to stop our economy from falling off the cliff.

And I want to thank the Chamber for pushing Congress to make more infrastructure investments, and to do so in the most cost-effective way possible: with tax dollars that leverage private capital, and with projects determined not by politics, but by what's best for our economy.

And we finalized a trade agreement with South Korea that will support at least 70,000 American jobs – a deal that has unprecedented support from business and labor; Democrats and Republicans.

The globalization of our economy means that businesses can now open up shop, employ workers and produce their goods wherever there is internet connection.

It happened because of the freedom that has allowed good ideas to flourish, and capitalism to thrive.

The government set modest targets to increase efficiency over time.

In the years that followed, automobile factories converted to making planes and tanks.

Now, on some issues, like the Recovery Act, we've found common cause.

The government set modest targets to increase efficiency over time.

Moreover, the perils of too much regulation are matched by the dangers of too little.

But many of your own economists and salespeople are now forecasting a healthy increase in demand.

That's why government has traditionally helped invest in this kind of science, planting the seeds that ultimately grew into technologies from computer chips to the internet.

Obama’s Remarks at the Chamber of Commerce

Following is a text of President Obama's prepared speech given to members of the Chamber of Commerce on Monday, as released by the White House:

Thank you, Tom, for your introduction.

And that spirit of patriotism, that sense of mutual regard and common obligation has carried us through times far harder than these.

We're improving the way FDA evaluates things like medical devices, to get innovative and life-saving treatments to market faster.

And we've turned a tangle of fuel economy regulations and pending lawsuits into a single standard that will reduce our dependence on foreign oil, save consumers money at the pump, and give car companies the certainty they need.

We will upgrade our transportation and communications networks so you can move goods and information more quickly and cheaply.

In the coming months, my administration will develop a proposal to merge, consolidate, and reorganize the federal government in a way that best serves the goal of a more competitive America.

And I am eager to work with both parties to take additional steps across the budget to put our nation on sounder fiscal footing.

Dow is building a new plant in Michigan to manufacture batteries for electric vehicles.

For my administration, it meant a series of emergency measures I wouldn't have taken under normal circumstances, but that were necessary to stop our economy from falling off the cliff.

I've ordered a government-wide review, and if there are rules on the books that are needlessly stifling job creation and economic growth, we will fix them.

But the non-partisan congressional watchdogs at the CBO estimate that health care tax credits will be worth nearly $40 billion for small businesses over the next decade.

Obama’s Remarks at the Chamber of Commerce

Following is a text of President Obama's prepared speech given to members of the Chamber of Commerce on Monday, as released by the White House:

Thank you, Tom, for your introduction.

For my administration, it meant a series of emergency measures I wouldn't have taken under normal circumstances, but that were necessary to stop our economy from falling off the cliff.

And that's why I've proposed connecting 80 percent of the country to high-speed rail, and making it possible for companies to put high-speed internet coverage in reach of virtually all Americans.

And I've also proposed a bigger, permanent tax credit for all the research and development your companies do in this country.

While students train for jobs available at the nearby GE plant, they earn a paycheck and have their tuition covered.

Today, American companies have nearly $2 trillion sitting on their balance sheets.

And I am eager to work with both parties to take additional steps across the budget to put our nation on sounder fiscal footing.

In the coming months, my administration will develop a proposal to merge, consolidate, and reorganize the federal government in a way that best serves the goal of a more competitive America.

In the years that followed, automobile factories converted to making planes and tanks.

The costs to business from the outdated and inadequate infrastructure we currently have are enormous.

We cannot go back to the kind of economy – and culture – we saw in the years leading up to the recession, where growth and gains in productivity just didn't translate into rising incomes and opportunity for the middle class.

Early drug companies argued that the bill creating the FDA would "practically destroy the sale of … remedies in the United States."

And that's why I've proposed that we freeze annual domestic spending for the next five years, which would reduce the deficit by more than $400 billion over the next decade, and bring this spending down to the lowest share of our economy since Eisenhower was president.

It happened because of the conviction that in this country, hard work should be rewarded; that opportunity should be there for anyone willing to reach for it.

Obama’s Remarks at the Chamber of Commerce

Following is a text of President Obama's prepared speech given to members of the Chamber of Commerce on Monday, as released by the White House:

Thank you, Tom, for your introduction.

But we also know that with the march of technology over the last few decades, the competition for jobs and businesses has grown fierce.

And as I said in the State of the Union, I want to correct a flaw that has placed an unnecessary bookkeeping burden on small businesses, and I appreciate the Chamber's help in doing that.

But I'm here today because I'm convinced we can and must work together.

Over the last two years, I've sought advice from many of you as we were grappling with the worst recession most of us have ever known.

We cannot go back to the kind of economy – and culture – we saw in the years leading up to the recession, where growth and gains in productivity just didn't translate into rising incomes and opportunity for the middle class.

And I am eager to work with both parties to take additional steps across the budget to put our nation on sounder fiscal footing.

I'm also willing to look at other ideas to improve the law, including incentives to improve patient safety and medical malpractice reforms.

We will upgrade our transportation and communications networks so you can move goods and information more quickly and cheaply.

And that's why I've proposed that we freeze annual domestic spending for the next five years, which would reduce the deficit by more than $400 billion over the next decade, and bring this spending down to the lowest share of our economy since Eisenhower was president.

As a government, we will help lay the foundation for you to grow and innovate.

Toward the end of the 1930s, amidst depression and the looming prospect of war, President Roosevelt realized he would need to form a new partnership with business if we were going to become what he would call the "arsenal of democracy."

America's success didn't happen by accident.

We also have a responsibility as a nation to provide our people and our businesses with the fastest, most reliable way to move goods and information.

You know how it goes: because of various loopholes and carve-outs that have built up over the years, some industries pay an average rate that is four or five times higher than others.

Henry Ford perfects the assembly line, and puts a generation to work in the factories of Detroit.

But combined with a brutal and devastating recession, they have also shaken the faith of the American people – in the institutions of business and government.

And that's why I've proposed connecting 80 percent of the country to high-speed rail, and making it possible for companies to put high-speed internet coverage in reach of virtually all Americans.

And experts – not just from the government, but also those commissioned by the Business Roundtable – suggest that health insurance reform could ultimately save large employers anywhere from $2,000 to $3,000 per family.

If we're fighting to reform the tax code and increase exports to help you compete, the benefits can't just translate into greater profits and bonuses for those at the top.

And I want to thank the Chamber for pushing Congress to make more infrastructure investments, and to do so in the most cost-effective way possible: with tax dollars that leverage private capital, and with projects determined not by politics, but by what's best for our economy.

This brings me to the final responsibility of government: breaking down barriers that stand in the way of your success.

I've ordered a government-wide review, and if there are rules on the books that are needlessly stifling job creation and economic growth, we will fix them.

The men and women in this room are living testimony that American industry is still the source of the most dynamic companies, and the most ingenious entrepreneurs.

And the entire region has become more attractive to businesses.

A company called Geomagic, a software maker, decided to close down its overseas centers in China and Europe and move their R&D to the United States.

To make room for these investments in education, innovation, and infrastructure, government also has a responsibility to cut the spending that we just can't afford.

Tasks that were once done by 1,000 workers can now be done by 100, or even 10.

For example, even as we work to eliminate burdensome regulations, America's businesses have a responsibility to recognize that there are some safeguards and standards that are necessary to protect the American people from harm or exploitation.

A pinball machine maker turned out shells. 1941 would see the greatest expansion of manufacturing in the nation's history.

I'm also willing to look at other ideas to improve the law, including incentives to improve patient safety and medical malpractice reforms.

For my administration, it meant a series of emergency measures I wouldn't have taken under normal circumstances, but that were necessary to stop our economy from falling off the cliff.

For many of you, that meant restructuring and branch closings and layoffs that were painful to make.

Recently, I visited GE in Schenectady, New York, which has partnered with a local community college.

Yet when standards like these have been proposed, opponents have often warned that they would be an assault on business and free enterprise.