Obama bemoans plight of people in US out of work
President Barack Obama warned on Thursday the US government must act quickly in the fight against crushing unemployment, but cautioned that he had only limited funds to create jobs.
By Agencies |
WASHINGTON: President Barack Obama warned on Thursday the US government must act quickly in the fight against crushing unemployment, but cautioned that he had only limited funds to create jobs.
"We cannot hang back and hope for the best," Obama said as he launched a White House jobs summit with business executives, economists and labor leaders to drum up new ideas to tackle 10 percent unemployment.
"I am not interested in taking a wait and see approach," Obama said.
However, the president, who is under pressure to rein in the massive fiscal deficit swelled by the economic crisis, signaled that he did not envisage a costly job creating effort funded by billions of government dollars.
"Our resources are limited, when we walked, in there was an enormous fiscal gap between the money that is going out and the money coming in.
"The recession has made that worse. We can't make any ill considered decisions right now, even with the best of intentions.
"We are going to have to be surgical and be creative."
Obama pledged to lay out some job creating ideas in a speech next week, part of a sharp White House focus on unemployment, which includes a "White House to Main Street" tour of economically struggling areas which begins on Friday.
"We cannot hang back and hope for the best," Obama said as he launched a White House jobs summit with business executives, economists and labor leaders to drum up new ideas to tackle 10 percent unemployment.
"I am not interested in taking a wait and see approach," Obama said.
However, the president, who is under pressure to rein in the massive fiscal deficit swelled by the economic crisis, signaled that he did not envisage a costly job creating effort funded by billions of government dollars.
"Our resources are limited, when we walked, in there was an enormous fiscal gap between the money that is going out and the money coming in.
"The recession has made that worse. We can't make any ill considered decisions right now, even with the best of intentions.
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"We are going to have to be surgical and be creative."
Obama pledged to lay out some job creating ideas in a speech next week, part of a sharp White House focus on unemployment, which includes a "White House to Main Street" tour of economically struggling areas which begins on Friday.
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