Longer term, more rapid growth requires importing less and exporting more. Dealing with the $480 billion trade deficit requires drilling for more oil offshore and in Alaska, and substantively addressing China and Japan's undervalued currencies and other protectionist policies. Obama has flat out refused to even discuss proposals from liberal and conservative economists alike on these issues.
Essential is right sizing business regulations to make investing in new jobs less expensive. Regulatory protections are needed to protect the environment, consumers and financial stability but those must be delivered cost effectively to add genuine value.
Overall the president must cultivate a climate more receptive to domestic investment, instead of treating private-sector leaders as likely recidivists to a white collar prison for those guilty of environmental and other crimes against the people. The administration's anti-business regulatory policies and rhetoric are creating a crisis of confidence in the business community as surely as George Bush's neglect cultivated arrogant and tragic risk taking on Wall Street.
More jobs require trimming back on tax increases and spending cuts, and more realistic and less-ideological trade, energy and regulatory policies. These are words the White House and many on Capitol Hill simply do not want to hear.At the time of publication the author had no position in any of the stocks mentioned. Follow @PMorici1 This article was written by an independent contributor, separate from TheStreet's regular news coverage.
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