Obama seeks more action to rebuild US economy

Published: 08th July 2012 10:31 AM  |   Last Updated: 08th July 2012 10:31 AM   |  A+A-


Stating that the country needs to do more than just reclaim the jobs lost during the recession, President Barack Obama has called for more action to rebuild the US economy.

"Our mission isn't just to put people back to work - it's to rebuild an economy where that work pays; an economy in which everyone who works hard has the chance to get ahead," Xinhua quoted Obama as saying during his weekly address Saturday.

The US president express such views after the latest weak job data Friday revived fears of the recovery's fragility. The unemployment rate for June stayed at 8.2 percent with a meagre job creation of 8,000.

The figure offered no relief in sight for an unemployment rate that has held above 8 percent for over three years, but echoed recent data suggesting the economy was losing steam.

The disappointing job report clouded Obama's re-election prospects, with the economy dominating the campaign from the start.

Republican presidential nominee Mitt Romney seized the chance to attack Obama's economic stewardship Friday, saying the 8.2 percent unemployment rate was "unacceptably high".

The government needed to reduce regulations and lower tax rates to stimulate the economy, he added.

Obama said a bill he signed into law Friday would keep thousands of construction workers on the job and help students by preventing interest rates on federal student loans from doubling this year.

"Those steps will make a real difference in the lives of millions of Americans. But make no mistake: we've got more to do," he said.

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