Sunday, November 14, 2010
Obama back from Asia pumping economic competition
On his trip to Asia, President Obama saw first-hand the economies in Asia and came back with the message that the United States is "going to have to step up our game" to compete. He believes that Americans forget that Asia is growing economically because of the hardship here. President Obama believes that continuing the Bush tax cuts for middle-class households is necessary to keep the competition alive with Asia but he also believes that it is necessary to end the tax cuts on income above $250,000. This is creating a large debate and has many people questioning.
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Obama is really trying to put confidence back into the market for consumers. He is right that the U.S. is still very competitive and that the Chinese success is very much because of our hardships. Obama does not want to increase taxes because consumption would decrease under this circumstance. In order to stimulate the U.S. economy, an increase in consumption is vital. In addition to this immediately desired consumer confidence, Obama is also looking at the long term economic development within the U.S. This article primarily discusses bettering education when looking at long term economic development.
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