As the US tries to emerge from a deep economic recession, President Barack Obama today told Americans to save more and spend less so as to bring the federal deficit under control.
Obama said the countrymen need to cut down on debt taking and cultivate the habit of saving besides placing a greater emphasis on exports.
“This recession has taught us that we can’t return to a situation where America’s economic growth is fueled by consumers who take on more and more debt. In order to keep growing, we need to spend less, save more, and get our federal deficit under control,” Obama said in his weekly radio address to the nation, which was recorded in Seoul during his just-concluded maiden Asia trip.
Asserting that increasing US exports is one way to create new jobs and new prosperity, Obama said the country needs to place greater emphasis on exports “that we can build, produce, and sell to other nations” and that can help create new jobs at home and raise living standards throughout the world.
Obama said increasing exports to Asia Pacific nations by just five per cent could take up the number of American jobs supported by these exports by hundreds of thousands.
“This is already happening with businesses like American Superconductor Corporation, an energy technology startup based in Massachusetts that’s been providing wind power and smart grid systems to countries like China, Korea, and India. “By doing so, it’s added more than 100 jobs over the last few years,” Obama noted. He said Americans should consider every additional, responsible step that can be taken to encourage and accelerate job creation in the country. This is the reason why, Obama said, he would be holding a forum at the White House on jobs and economic growth in the next few weeks.