Tonight, President Obama addresses the nation at a joint session of Congress about his plans to expand job growth. Here's what he should say:
My Fellow Americans:
Our country is facing a jobs crisis of major proportions, the greatest since the 1930s. This nation's strength is based on its strong economy and the global corporations that dominated their industries and fueled growth throughout the world. But now that strength is waning, as other nations, from China, India, Singapore, and Brazil to Germany and Switzerland, threaten to outstrip us in competitiveness.
In the 1990s our economy produced 23 million jobs and three consecutive years of budget surpluses. The combination of the Bush tax cuts and spending to finance two wars and entitlement plans created an enormous debt burden that future generations will be forced to carry. The historic downgrade of the U.S. debt rating from AAA to AA+ by Standard and Poor's is a warning we cannot ignore.
The excesses of the past decade have imperiled our fiscal stability and left 25 million Americans -- 16.2% of the workforce -- unable to find full-time jobs. As a result, the United States has its smallest full-time workforce -- less than 55 percent -- and hundreds of thousands are dropping out each month.
When I came into office, I inherited a broken economy. Our banks, insurance companies and automobile makers were on the brink of bankruptcy. We took aggressive steps to stop the bleeding, and prevented the world from depression. I launched a $893 billion stimulus package but it had limited impact on the structural jobs crisis.
A robust recovery must start with jobs growth. Recent figures confirm that jobs are not growing, and there is no indication they will return without aggressive actions on our part. Yet we continue to get pulled off course by partisan showdowns over the budget and debt ceiling.
We need to stop making it difficult to grow businesses and hire workers in America. In response to excesses of the past, we overregulated our industries. With domestic growth approaching zero and the challenging regulatory, tax and political climate, companies are investing instead in rapidly growing emerging markets in Asia, Latin America and Middle East.
As a result, the jobs crisis is more severe than ever. The U.S. has sunk further into debt, and the country has reached the limits of its borrowing capacity. Our political stalemate has paralyzed our ability to take decisive action.
Therefore, I will use the powers entrusted in me as your president to take the actions required to put Americans back to work and restore domestic growth. All these steps must be taken without increasing the budget deficit.
Here is my plan:
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