Explaining his vision of job creation, Obama said that if the country hired new teachers those new teachers could go to restaurants and spend money.
“Look, nobody is satisfied with our pace of growth,” Obama said Thursday in Leesburg, Va. “Nobody is satisfied.”
While mentioning “all the jobs” created by his administration, Obama said it was nonetheless necessary to create more jobs by, for example, getting more money to construction workers and hiring more teachers.
If construction workers had more money, they might buy new cars, the president said. If we had new teachers, they could go out to restaurants and eat.
“Even with all the jobs we’ve created, we’ve got to create more,” said Obama. “But if you look at our history, if you look at the facts, every time we’ve grown, it hasn’t been by the top down. It’s been from the middle out. It’s been from the bottom up.
“When middle-class families are doing well, lo and behold, everybody does well,” said Obama. “If that construction worker has got a little extra money in his pocket, he goes and spends it maybe on a new car. When we’ve got new teachers doing great work with our kids, then you know what, they go to a restaurant and spend that money. And so suddenly businesses are doing well, the economy is doing well, and we get into a virtuous cycle. And we go up.”
In January 2009, the month Obama was inaugurated, the national unemployment rate was 7.8 percent. That month, Obamas top economic adviser, Christina Romer, published a reporter predicting that unemployment would not exceed 8 percent if Congress enacted Obamas stimulus plan. Congress did enact that plan and Obama signed it on Feb. 17, 2009.Since then, the unemployment rate has been above 8 percent for 42 straight months February 2009 through July 2012.
The Congressional Budget Office has since estimated that the Obama stimulus cost $831 billion.