Obama: World Economic Recovery on 'Firmer Footing'

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CANNES, France (AP) - Conceding a fragile global recovery and plodding job growth back home, President Barack Obama said Friday he is confident European leaders are fixing their ominous debt crisis that threatens to undermine the United States and his own shot at a second term.

A year shy of the election, Obama said the American economy is growing, but "way too slow."

The president capped his role at a brisk G-20 summit essentially where he started it, offering solidarity to his European peers with none-too-subtle signals it was their responsibility to clean up the economic mess in their own backyards.

At issue is an evolving rescue package across the 17 nations sharing the euro as their common currency. The plan could prevent a default in Greece, put up a financial firewall against future trouble and reassure markets about the credibility of the euro.

"I am confident that Europe has the capacity to meet this challenge," Obama said in a news conference at the meeting of leading industrialized and developing countries.

"I know it isn't easy, but what is absolutely critical - and what the world looks for in moments such as this - is action," he said. "That's how we confronted our financial crisis in the United States."

The drama of Greek's messy internal struggles and their potential to derail the entire European effort hung over the summit in this French Riviera resort, as did a gloomy rain.

While Obama met with world leaders, a news jobs report showed the American economy added 80,000 jobs in October, and that the job expansion in the previous two months was better than first thought.

The unemployment rate dropped slightly to 9 percent. Should it remain anywhere close to that level a year from now, Obama will face re-election with the highest jobless rate in recent times.

"The least of my concerns at the moment is the politics of a year from now," Obama said. "I'm worried about putting people back to work right now because those folks are hurting and the U.S. economy is underperforming."

He cast the jobs report as positive but said the pace of the recovery shows "once again that the economy's growing way too slow."

Obama repeatedly tried to keep the focus on his confidence that Europe is on its way to solving its financial woes. "I can say that we've come together and made important progress to get our economic recoveries on a firmer footing," Obama said.

Still, important questions had not been answered. Leaders of the economic powers did not agree on how to increase the firepower of the International Monetary Fund to help stem the European debt crisis.

Obama acknowledged that there is hard work left to do. But he said Europe had a foundation with the right elements: a way ahead for indebted Greece, a credible firewall to contain the crisis and a plan to strengthen European banks.

"All of us have an enormous interest in Europe's success and all of us will be affected if Europe is not growing, and that certainly includes the United States," Obama said. "If Europe isn't growing, it's harder for us to do what we need to do for the American people: creating jobs, lifting up the middle class and putting our fiscal house in order."

Obama even extended some political sympathy, reminiscing about the economic difficulties he faced upon taking office in 2009.

Instead of working with a single legislative body as he did, Obama noted that there are multiple parliaments, commissions and institutions involved in solving Europe's crisis. He said some of his counterparts joked that he had gotten a crash course in European politics in the past couple of days.

What Obama was not, clearly, was the center of attention here. The United States came into this gathering in a supporting role.

He talked economic cooperation with Argentinian President Cristina Fernandez and congratulated her for recently winning re-election. He joined the summit host, French President Nicolas Sarkozy, in saluting service members from both their countries who fought in a NATO-led campaign that drove Libyan leader Moammar Gadhafi from power.

Obama was on his way home Friday, but not for long. He is to leave on Nov. 11 for another economic summit, in Hawaii, before traveling to Australia and Indonesia.

Stalled joblessness poses significant problems for Obama, who has been unable to get Republican support for elements of his $447 billion jobs plan.

"As soon as I get some signal from Congress that they're willing to take their responsibilities seriously, I think we can do more," the president said. "But that's going to require them to break out of the rigid ideological positions that they've been taking. And the same is true, by the way, when it comes to deficit reduction."

Directing his remarks at Europe and the United States, Obama said: "There's no excuse for inaction. That's true globally. It's certainly true back home, as well, and I'm going to keep on pushing it regardless of what the politics are."

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knkdnsr

Obama is right the Us growth is way to slow. He should do the smart thing ad step down and then watch it grow.

November 07 2011 at 11:59 AM Report abuse +4 rate up rate down Reply
Gumby

Liberals appear to have a problem with aluminium.... Aluminium is going to be big in solar energy but liberals hate aluminium refining and smelting businesses... Liberals prefer photovoltaics using silicon which is not as powerful as aluminium that can be used to make powerful mirrors. Republicans is not eager to help aluminium industry, either.

November 07 2011 at 2:13 AM Report abuse +1 rate up rate down Reply
scottee

A year shy of the election, Obama said the American economy is growing, but "way too slow."

it's the debt, stupid!

November 06 2011 at 9:05 AM Report abuse +5 rate up rate down Reply
baldbiker2

Cripes, off to Hawaii and Austraila.....he sure hangs in high dollar places. He needs towalk his rear through the hood and figure out what hges going to do with this mes we are all living with.

November 06 2011 at 12:07 AM Report abuse +4 rate up rate down Reply
SUE

then stop sending our jobs overseas ask you job czar which is sending jobs to china fster then Bushes jobs czar

November 05 2011 at 10:46 PM Report abuse +8 rate up rate down Reply
dabrownman

Way too slow? The Jive Turkey is also a Master of the Obvious.

November 05 2011 at 1:10 PM Report abuse +8 rate up rate down Reply
marine1942

Did Obama return Jon Corzine's check ?

November 05 2011 at 11:29 AM Report abuse +7 rate up rate down Reply
marine1942

Did Obama return Jon Corzine's check ?

November 05 2011 at 11:29 AM Report abuse +5 rate up rate down Reply
David

Way too slow? Where has Nobama been the last 3 years?

November 05 2011 at 9:37 AM Report abuse +10 rate up rate down Reply
cpo1514

Barry, want the US economy to grow quickly? RESIGN and cancel your failed policies!!!!!!

November 05 2011 at 9:14 AM Report abuse +6 rate up rate down Reply