Obama isn't letting jobs go to India, China

US President Barack Obama has said that the new economic plan of his government focused on making the middle class more secure and the country more competitive so that the jobs and industries of the future were not outsourced to China and India.

"When I took office . . .we put forward a new economic plan that rewards hard work instead of greed; responsibility instead of recklessness; focused on making our middle class more secure and our country more competitive in the long run.

"So that the jobs and industries of the future are not all going to China and India, but are being created right here in the US," Obama said.

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The US President raised the pitch of outsourcing of jobs to India and China and gave it a political colour at a fund party raiser in Atlanta in the run up to the crucial-mid term election a few months away in which his Democratic party is anticipated to lose majority in the House of Representatives.

"Eighteen months ago, I took office after nearly a decade of economic policies that gave us sluggish growth, falling incomes, a record deficit and policies that culminated in the worst financial crisis that we have seen since the Great Depression," he said.

A total of 8 million jobs were lost because of great depression, of which 3 million were lost in last six months of 2008, in January 2009, the month I was sworn 750,000 Americans lost their jobs; 600,000 were lost a month later, he added.

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Obama said that instead of spending money on tax breaks, his government was making smart investments in innovation, clean energy and education that were going to benefit the people and the US economy over the long run.

"Instead of giving special interests free reign to do whatever they want, we are demanding new accountability from Wall Street to Washington -- so that big corporations have to play by the same rules that small businesses and entrepreneurs do," he said.

The US President assured the gathering that it would take some time to dig themselves out from the 'such a deep hole' that was created due to the policies of the last decade.

He said that instead of losing millions of jobs, his administration has created jobs for six straight months in the private sector.

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Asking the people to vote for Democratic Party in the coming elections, he said that as a result of his policies the US economy was expanding instead of contracting, so the last thing we would want to do is go back to what we were doing before.

"The choice in this election is whether people want to go forward or to go backwards to the same policies that got the US into this mess in the first place.

The choice in this election is between policies that encourage job creation here in America or encourage jobs to go elsewhere.

"That's why I have said instead of giving tax breaks to corporations that want to ship jobs overseas, we want to give tax breaks to companies that are investing right here in the US," Obama said.

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"They are more interested in the next election than the next generation. And that's why they can't have the keys back -- because we need somebody who is driving with a vision to the future.

"That's what we have been doing over these last 20 months," he said.

"We are also jumpstarting a homegrown, clean energy industry because I don't want to see the solar panels and the wind turbines and the biodiesel created in other countries," he said.

"I don't want China and Germany and Brazil to get the jump on us in the industries of the future. I want to see all that stuff right here in the US, with American workers.

"The investments we have made so far are expected to create 800,000 jobs by 2012," Obama said.