US economy growing again, but not fast enough: Obama

NEW YORK: President Barack Obama has said the US economy is growing again after several years of recession, but cautioned that it still has a long way to go to make up for the damage done by the financial meltdown.

“The economy is now growing again,” Obama said in his speech after visiting the General Electric (GE) plant in Schenectady in New York; which is considered the birth place of this fortune 500 company.

“Over the last year, businesses have added more than a million jobs. The pace of hiring and growth is picking up, and that’s encouraging news,” he said.

At the same time, while businesses are adding jobs, millions of people are still looking for work, Obama noted. “And even here in Schenectady, as well as GE is doing, I know everybody here knows a neighbour or friend or relative who’s still out of work.”

“It is a great thing that the economy is growing, but it’s not growing fast enough yet to make up for the damage that was done by the recession,” he said, adding that the past two years were about pulling the economy back from the brink and the next two years would see Americans put their economy into overdrive.

“Our job is to do everything we can to ensure that businesses can take root and folks can find good jobs and America is leading the global competition that will determine our success in the 21st century,” Obama said.

To help fulfil this new mission, he said he is assembling a new group of business leaders and outside advisers.

As part of this, Obama said, he has named Jeffrey Immelt, CEO and Chairman of General Electric, as Chair of President’s Council on Jobs and Competitiveness, according to the White House.

“I am so proud and pleased that Jeff has agreed to chair this panel -- my Council on Jobs and Competitiveness -- because we think GE has something to teach businesses all across America,” he said.

In the coming days, Obama would be announcing the business leaders, labour leaders, economists and others who will join with Immelt to help guide his administration into that overdrive mode.

“I know this council will be an important asset as we seek to do everything we can to spur hiring and ensure our nation can compete with anybody on the planet.

“That means spurring innovation in growing industries like clean energy manufacturing, the kind of stuff that’s being done right here at this plant; ensuring our economy isn’t held back by crumbling roads and broken-down infrastructure,” he said.

Obama to seek re-election; to have election office in Chicago

WASHINGTON: US President Barack Obama would seek re- Election in 2012, one of his close aide has said, as media reports said that his re-election campaign would be based out of Chicago.

“I think it is likely that that’s going to happen, obviously,” White House Press Secretary Robert Gibbs told reporters at his daily news conference when asked about a New York Times reports that Obama would be seeking re-election.

“I will say this. I think as the article says, the President is likely to file papers in the future that would officially make him a candidate. But I think it’s safe to say, that the President – we’ve started and we’ve made some progress on getting our economy back in order, and I think the President wants to continue to do that,” Gibbs said.

The New York Times also reported that Obama has approved the decision to have his campaign headquarter in Chicago.

This is a rare move for a sitting President who normally has his campaign office in the beltway.

Obama has already made certain changes in his administration.

Many members of his administration are moving to Chicago to prepare for the re-election bid.

His Deputy Chief of Staff Jim Messina will serve as campaign manager, the daily said.

Two 2008 campaign deputies – Julianna Smoot, the White House social secretary, and Jennifer O’Malley Dillon, executive director of the DNC – will round out the campaign leadership team.

“White House officials said Obama will formally announce his candidacy around April when he files the official paperwork with the Federal Election Commission,” The Washington Post reported on Friday.