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News Release
FOR IMMEDIATE RELEASE
October 6, 2011

President Obama Delivers Speech on Jobs: “The economy is just too fragile for us to let politics get in the way of action”
Independent Institute Experts Separate Fact From Fiction


Washington, D.C, Oct. 6, 2011— From the East Room of the White House in Washington, D.C on Thursday morning, President Obama delivered his highly touted speech on the employment crisis to members of the press. In a talk that lasted just over an hour, Obama acknowledged that economy is weaker than it was at the beginning of 2011 and warned lawmakers that voters will “run them out of town” if they do not act. “They know we need to do something big and something bold,” Obama said.

Does government action and intervention into the marketplace equate to greater opportunities for recovery? The Independent Institute experts maintain that entrepreneurs create economic growth and that barriers to entrepreneurship have impeded economic progress.

In his latest nationally syndicated column, Craig Eyermann, Independent Institute Research Fellow and creator of MyGovCost.org’s Government Cost Calculator, explained:

“Some in the White House…think government should do everything. But government’s track record is less than exemplary. The president’ s attempt to go after the wealthy by going after the tax deduction for charitable contributions will have real human costs.”

The President claimed that inaction from Congress on pushing forward his budget and debt initiatives is further stifling the recovery effort. Senior Research Fellow and economist Benjamin Powell responds:

“Hitting a debt ceiling would force the government to only spend as much as it receives and forces a balanced budget under those parameters. Yet, the President is reluctant to do either.”

Another excuse Obama offered for poor growth in the financial markets is the ongoing economic turmoil in Europe. Senior Research Fellow, economist and nationally syndicated columnist Alvaro Vargas Llosa highlights the hypocracy of the President’s claims:

“Europeans are asking, ‘What lessons can we obtain from a country… whose government has a budget deficit and debt levels comparable to many European countries?’ Obama is recommending for Europe the wrong thing (more rescue plans) for the right reasons (so that American taxpayers donīt foot the bill). Unfortunately, we already have.”

For media inquiries, please contact Lindsay Boyd, Director of Communications, at 202.225.7722 or lboyd@independent.org.

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