As he opened a meeting with his Economic Recovery Advisory Board at the White House a short time ago, President Barack Obama said his administration's "overriding focus" now is creating jobs. And, Obama added:
"Having brought the economy back from the brink, the question is how are we going to make sure that people are getting back to work and able to support their families. It's not going to happen overnight, but we will not rest until we are succeeding in generating the jobs that this economy needs."
Obama cautioned, however, that the employment news is likely to get worse before it gets better:
"We anticipate that we're going to continue to see some job losses in the weeks and months to come. As I said before, there is a — always a lag of several months between businesses starting to make profits again and investing again, and then actually rehiring again.
"But I want to emphasize I am confident that having moved the economy on the right track, that if we apply some good common sense and some — and reinvigorate that sector of our economy that's based on innovation and dynamism and entrepreneurship, that there's no reason why we're not going to be able to not only create jobs, but the kind of sustainable economic growth that everybody is looking for."
Here's the audio of the president's opening statement:
Pablo Martinez Monsivais/AP
Volcker and Obama. Pablo Martinez Monsivais/AP
The board is chaired by former Federal Reserve chairman Paul Volcker. The members include:
— Richard Trumka, secretary-treasurer, AFL-CIO.
— Laura D'Andrea Tyson, dean, Haas School of Business at the University of California at Berkeley; chair of the Council of Economic Advisers in the Clinton administration.
— Jeffrey R. Immelt, CEO of General Electric.