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.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.

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