This morning the President was at Thompson Creek Manufacturing in Landover, Maryland to see an example of a company that is beginning to thrive, and to hear what role his Administration's actions have had.
For Thompson Creek, it wasn't just the 16 tax cuts for small business, as it turned out they manufacture energy-saving windows that help other businesses cut costs -- and so the President's incentives for that have given them a huge boost. As the President explained (watch the video), it's stories like these that are helping our country get back on track:
So incentives like these are helping companies across America. And the jobs numbers released this morning reflect that growth. The economy added more than 100,000 jobs last month, and the unemployment rate fell sharply.
Now, we know these numbers can bounce around from month to month. But the trend is clear. We saw 12 straight months of private sector job growth. That's the first time that’s been true since 2006. The economy added 1.3 million jobs last year. And each quarter was stronger than the previous quarter, which means that the pace of hiring is beginning to pick up. We’re also seeing more optimistic economic forecasts for the year ahead, in part due to the package of tax cuts I signed last month, including a payroll tax cut for workers and a series of tax cuts to encourage investment and innovation and hiring.
And I fought for that package because, even though our economy is recovering, we’ve still got a lot to do. This was a brutal recession that we went through, the worst in our lifetimes. It left a lot of destruction in its wake. More than 8 million jobs were lost. So even though we’ve created 1.3 million jobs and we saved a whole lot of jobs, you’ve still got a whole bunch of folks who are out there looking, still struggling. We've got a big hole that we’re digging ourselves out of.
The President also went on to introduce the new members of his economic team who will looking for every possible avenue to give America's recovery further support:
And so our mission has to be to accelerate hiring and to accelerate growth. And that depends on making our economy more competitive so that we’re fostering new jobs in new industries, and training workers to fill them. It depends on keeping up the fight for every job and every business and every opportunity to spur growth. And so standing with me here today are men and women who will help America fulfill in this mission. Let me just introduce each of them.
We’re joined, first of all, by Gene Sperling, who I have appointed Director of the National Economic Council. Give Gene a big round of applause. (Applause.) Now, Gene has been an extraordinary asset to me and this administration over the past two years. He’s been working with me. He led our efforts to pass the small business jobs bill to help companies all across America. He also helped negotiate the tax compromise that we passed at the end of this year. He’s a public servant who has devoted his life to making this economy work -– and making it work specifically for middle-class families.
Now, one of the reasons I’ve selected Gene is he’s done this before. This is his second tour of duty heading up the NEC, and in his tenure in the Clinton administration during the late ‘90s, he helped formulate the policies that contributed to turning deficits to surpluses and a time of prosperity and progress for American families in a sustained way. Few people bring the level of intelligence and sheer work ethic that Gene brings to every assignment he’s ever taken. And few do so with such decency and integrity. So, Gene, we are lucky to have you back at the NEC. And I know you’re going to do a terrific job.