White House: Taking a step for the best in economy

A 300-page review of the president’s economic initiatives will be released Thursday by the White House Council of Economic Advisers

The annual report, which is delivered to Congress, will look at the actions President Obama took to deal with the recession over the past year. It will also discuss the economic challenges that lie ahead for the nation.

President Obama has made job creation a top priority in the nation’s continuing economic recovery, hosting a jobs forum at the White House and calling for similar meetings across the country to make sure every good idea is explored. The Recovery Act continues to be instrumental in providing funds to states and municipalities to keep Americans working and, at the same time, make needed improvements to the nation’s infrastructure and prepare workers for the economy of tomorrow.

The report will examine the current economic crisis, including the steps the government took to shore up the financial and housing markets. It also looks at the need to reduce the federal government’s deficit and to tackle long-standing problems such as health care costs, climate change and living standards.

The President explains that while he continues to focus on jobs, it is also profoundly important to address the problems that created this economic mess in the first place. He commends the House of Representatives for passing reforms to our financial system, including a new Consumer Financial Protection Agency, and blasts Republican Leaders and financial industry lobbyists for their joint “pep rally” to defeat it.

Council Chairwoman Christina Romer, who called the report “a page-turner,” said she expects an average of 95,000 jobs a month to be created in 2010 and the nation’s GDP to expand at a 2.5% rate.