The US President Barack Obama has said that there is a need to work in rebuilding the US economy and only reclaiming the jobs lost during the recession is not enough. The US president expresses such views after the latest weak job data revived fears of the recovery's fragility.
Obama said that our mission isn't just to put people back to work - it's to rebuild an economy where that work pays; an economy in which everyone who works hard has the chance to get ahead.
Obama said a bill he signed into law Friday would keep thousands of construction workers on the job and help students by preventing interest rates on federal student loans from doubling this year.
The unemployment rate for June stayed at 8.2 percent with a meagre job creation of 8,000. The figure offered no relief in sight for an unemployment rate that has held above 8 percent for over three years, but echoed recent data suggesting the economy was losing steam.
It is noted that the recent disappointing job report in US has created a cloud of negativity on his re election prospects as the current economy of the country is also playing a crucial role in presidential elections.
His opponent and Republican presidential nominee Mitt Romney has targeted severely his policies and attack Obama's economic stewardship Friday, saying the 8.2 percent unemployment rate was "unacceptably high".
The government needed to reduce regulations and lower tax rates to stimulate the economy, he added.
(With inputs from IANS)
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