Washington: The US is facing tough
competition for "good jobs" from emerging economies like India and China, President Barack Obama has said, as he assured
Americans that he will not mortgage their future by cutting
down spendings on education and other social security.
"We live in a world where America is facing stiff
competition for good jobs from rapidly growing nations, like
China and India and Brazil," Obama said in his remarks at a
party event in Philadelphia.
"For a long time we were told the best way to win that
competition is just to undermine consumer protections and
undermine clean air laws and clean water laws and hand out tax
breaks to millionaires and billionaires.
"That was the idea that held sway for close to a
decade. And let`s face it, it didn`t work out very well," he
President said there is an important debate in
Washington on how to cut the deficit, referring to the debate
going on in the capital between the White House and the
He said it is absolutely critical to get a handle on
Stating that he is prepared to bring the deficit down
by trillions of dollars, Obama added, "But I will not reduce
our deficit by sacrificing our kids` education. I`m not going
to reduce our deficit by eliminating medical research being
done by our scientists.
"It would be irresponsible, we would be mortgaging our
future, if we don`t do anything about the deficit. But we will
also be mortgaging our future and it will be irresponsible if,
in the process of reducing our deficit, we sacrifice those
very things that allow us to grow and create jobs and succeed
and compete in the future," he said.