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Public Statements

Weekly Address: Continuing to Grow the Economy in the New Year

Statement

By:
Date:
Location: Washington, DC

In this week's address, President Obama shared his New Year's resolution with the American people: to do whatever it takes to move the economy forward and make sure that middle class families regain the security they've lost in the last decade. This is why the President appointed Richard Cordray this week to lead the Consumer Financial Protection Bureau to protect American consumers. And while we learned that the United States economy continues to add private sector jobs -- with over 1.9 million created in 2011 -- more needs to be done to move the economy forward. The President will also announce in this week's address that he will host an "Insourcing American Jobs" forum at the White House on Wednesday to hear from business leaders who are bringing jobs back home and see how we can get others to follow their lead.

Remarks of President Barack Obama
Weekly Address
The White House
Saturday, January 7, 2012

Hello, everybody.

This week, I traveled to Cleveland, Ohio, to talk with folks about the biggest challenge we face as a country -- rebuilding our economy so that, once again, hard work pays off, responsibility is rewarded, and anyone, regardless of who they are or where they come from, can make it if they try. That's the economy America deserves. That's the economy I'm fighting every day to build.

Now, to get there, the most important thing we need to do is get more Americans back to work. And over the past three years, we've made steady progress. We just learned that our economy added 212,000 private sector jobs in December. After losing more than 8 million jobs in the recession, we've added more than 3 million private sector jobs over the past 22 months. And we're starting 2012 with manufacturing on the rise and the American auto industry on the mend.

We're heading in the rightdirection. And we're not going to let up. On Wednesday the White House will host a forum called "Insourcing American Jobs." We'll hear from business leaders who are bringing jobs back home and see how we can help other businesses follow their lead.

Because this is a make or break moment for the middle class and all those working to get there. We've got to keep at it. We've got to keep creating jobs. And we've got to keep rebuilding our economy so that everyone gets a fair shot, everyone does their fair share -- and everyone plays by the same rules. We can't go back to the days when the financial system was stacking the deck against ordinary Americans. To me, that's not an option. Not after all we've been through.

That's why I appointed Richard Cordray as our nation's new consumer watchdog this week. Richard's job is simple: to look out for you. Every day, his sole mission is to protect consumers from potential abuses by the financial industry and to make sure that you've got all the transparent information you need to make the important financial decisions in your lives.

I nominated Richard for this job last summer. And yet, Republicans in the Senate kept blocking his confirmation -- not because they objected to him, but because they wanted to weaken his agency. That made no sense. Every day we waited was a day you and consumers all across the country were at greater financial risk.

So this year, I'm going to keep doing whatever it takes to move this economy forward and to make sure that middle class families regain the security they've lost over the past decade. That's my New Year's resolution to all of you. Thank you, and have a great weekend.


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