US facing stiff competition in jobs from India, China

From Lalit K Jha
Washington, Jul 1 (PTI) The US is facing tough
competition for "good jobs" from emerging economies like India
and China, President Barack Obama said.
"We live in a world where America is facing stiff
competition for good jobs from rapidly growing nations, like
China and India and Brazil," Obama said in his remarks at an
event in Philadelphia.
"For a long time we were told the best way to win that
competition is just to undermine consumer protections and
undermine clean air laws and clean water laws and hand out tax
breaks to millionaires and billionaires. That was the idea
that held sway for close to a decade. And let's face it, it
didn’t work out very well," he said.
Obama said he believes in business and free markets. "But
we also believe in making sure that every kid in this country
has a chance. And we believe that our seniors deserve to
retire with dignity and respect and have some semblance of
security. We believe in making investments in science and
technology. We believe in having the best infrastructure in
the world. So the same things that worked for us in the past,
that's what we need to be doing today."
Referring to talks in the Senate over possible debt
default, he said there is an important debate in Washington on
how to cut the deficit, "and let me say it is absolutely
critical that we get a handle on our finances. We've spent a
lot of money that we don't have. And we've made a lot of
commitments that are going to be hard to keep if we do
nothing. And like families all across America, government has
to live within its means."