President Barack Obama held the 2014 SelectUSA Business Summit in Maryland, March 23-24. The event hosted thousands of business investors and U.S. companies interested in making a deal.
Six cabinet secretaries and dozens of U.S. Ambassadors were in attendance for the summit, which had doubled in size since last year’s event.
SelectUSA is a government-wide program to promote business investment in the U.S. in order to create jobs, encourage economic growth, and increase competitiveness according to SelectUSA.com.
After a brief introduction by Commerce Secretary Penny Pritzker, Obama took the stage to give his speech. He started with the economic gains the country has has since he took office in 2009.
“We are in the longest streak of private sector job growth on record, 60 straight months,” Obama said.
The private job sector has created about 12 million new jobs in the U.S. That’s about 200,000 new jobs each month for 12 straight months.
“Our unemployment rate has fallen from a peak of 10 percent in 2009 to 5.5 percent today,” said the president.
The nation’s unemployment rate has slowly been decreasing with the recovery of the recession. It is still not as low as before the recession but it almost half of what it was during it.
In our growing economy comes more students finishing school. The high school graduation rate in the country is currently at a record high, 81 percent.
College graduation rates for those who finish in five years or less is at 52.6 percent, which is high but not the highest the country has ever experienced.
It is not only education and employment that have improved since 2009.
“On the fiscal front, our deficits have shrunk by two-thirds,” said Obama.
A deficit is the difference between what money the government makes in revenue and how much they spend. The country’s deficit was $1.4 trillion in 2009 and it has dropped to $384 billion.
Obama listed off dozens of facts and figures to convince his audience of America’s potential and why it’s the right choice to invest in. He promised to build lifelong partnerships with investors and the outstanding quality of workers and businesses America has to offer.
“There are a lot of deals to be done right here under this roof. And I hope that everybody is going to take full advantage of it,” Obama said.