President Obama at Linked In Town Hall

Mr. Weiner: Good morning, everyone. Audience Member: Yes! Mr. Weiner: Oh, very good. (Laughter) Thank you very much for joining us here today for a very special public debate on an issue that we all know is truly important: putting America back to work. In a moment, I'll introduce a very special guest, but first, just a few quick introductory remarks. I think today's venue, the Computer History Museum, here in Silicon Valley, is very appropriate for our discussion. There are several people who have come to Silicon Valley not just for a job, or even a career, but because they are interested in changing the world.

And that is possible here thanks to the incredible technologies and companies that have been born in this area. If we think about the semiconductor revolution, the computing age and, of course, the Internet, and more recently, with respect to the Internet, the rise of social networks that connect hundreds of millions of people around the world in milliseconds . Perhaps most important are the behavioral changes that occur as a result. The way we connect to the Internet represents our identities; stay connected with friends, family and colleagues; and, of course, sharing information, knowledge, ideas and opinions is fundamentally transforming the world: the way we live, the way we play and the way we work.

And it's that last dynamic, changing the way we work, that LinkedIn is focused on. Ultimately, we connect hundreds of millions of people around the world by connecting talent with opportunities – today, 120 million members globally, and that's growing at more than two members per second, the fastest growth rate in our history. When we talk about connecting talent with opportunities we are not just referring to allowing people to find a job or the job of their dreams. We're also talking about enabling people to be great at the jobs they already do. This is what we do, day in and day out.

But our dream is even bigger than that. There are 153 million people in the American workforce; There are 3.3 billion people in the global workforce. Ultimately, our vision is to create economic opportunities for each of them. What is somewhat unusual about this vision is that it will not simply be expressed by our company's employees but also by our members, because each individual who joins the LinkedIn network is in a position to, in turn, create economic opportunities. for others. We are very fortunate to have several of our members and will hear from you shortly. Finally, on the topic of economic opportunity, there seems to be one number on everyone's mind these days: 9.1 percent, the unemployment rate in this country.

More than 14 million Americans are unemployed, and that number grows to more than 25 million when those who are underemployed and marginally attached to the labor force are taken into account. There is a number that you may not be as familiar with and that is 3.2 million, the number of jobs available in this country: 3.2 million. We have everything we need to start making this country work again: the raw materials, the building blocks, and, perhaps most importantly, the will of a nation. What we need is the path. With the American Jobs Act, our President is leading the way. Ladies and gentlemen, it is a great honor and privilege to introduce you to the President of the United States. (applause) The President: Thank you.

Everyone, please take a seat. Thank you. (applause) Thank you very much. It's a nice crowd. (laughs) And I have to say, Jeff, you warmed them up very well. Mr. Weiner: Thank you, Mr. President. The President: Thank you very much for your hospitality. And let me start by saying how excited I am to be here. Every time I come to Silicon Valley, every time I come to this region, I'm excited about the future of America. And I think that no part of the country represents the essence of America better than here, because what you see is an entrepreneurial spirit and dynamism, an orientation towards the future, an optimism, the belief that if you have a good idea and you are willing to put sweat, blood and tears to make this happen, so that you can not only succeed for yourself but also grow the economy for everyone.

And it is that driving spirit that has turned the United States into an economic superpower. But obviously we're in a period of time where the economy is struggling and a lot of people across the country are struggling. So part of what I hope to do is talk to all of you about how we can continue to generate the innovation that will ensure our economic success in the 21st century. How can we prepare our workforce to be able to connect to this new economy? How do we recognize that, in this competitive environment, LinkedIn presents all kinds of opportunities for networking and for people to be able to work together and spread ideas around the world and create value, but at the same time, understand that there are some dangers too? ?

If our children do not receive a proper education, if we do not have world-class infrastructure, if we do not invest in basic scientific research, if we do not do all the things that made us great in the past, then we are going to be left behind. And we have a short-term c

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enge: how to get people back to work right now. And that's why, as you mentioned, I introduced a proposal, the American Jobs Act, that would return thousands of teachers who have been laid off due to declines in state and local budgets to the classrooms; That would ensure that we are rebuilding our infrastructure, taking extraordinary numbers of construction workers who were laid off when the housing bubbles burst and putting them to work rebuilding our roads, our airports and our schools, and laying broadband lines. all the things that help us succeed; and also ensure that we provide small businesses with the types of tax incentives that will allow them to hire and succeed.

And I told Congress, I understand that the election is 14 months away and it's tempting to say we're not going to do anything until November 2012, but the American people can't afford to wait. The American people need help right now. And all of the proposals we have put forward in the American Jobs Act will not only help us now, they will also help us in the future - they will lay the foundation for our long-term success. The last point I'll make, and then I want to move on to the questions, is that everything is paid for. And it's paid for in part by taking advantage of some very tough cuts in our budget to eliminate waste and things we don't need;

We have already made a billion dollars in the next 10 years. We have proposed an additional half-trillion dollars over the next 10 years of spending cuts and adjustments to programs that we want to keep intact but that have not been reformed in a long time. But what I've also said is that to pay for it and reduce the deficit at the same time, we're going to have to reform our tax code in a way that is fair and ensures that everyone does their fair share. . I've said this before, I'll say it again: Warren Buffett's secretary should not pay a lower tax rate than Warren Buffett.

Someone who makes $50,000 a year as a teacher should not pay a higher effective tax rate than someone like me or Jeff, who have been incredibly blessed. I don't know how much Jeff makes, but I'm just guessing. (laughter) -- who have been blessed by the incredible opportunities of this country. And I say this because whenever the United States has moved forward, it is because we have moved forward together. And we're going to have to make sure that we're laying the foundation for the success of future generations, and that means that each of us is doing our part to make sure that we're investing in our future.

That being said, thank you very much for the fantastic place. I look forward to getting lots of interesting questions, both live and through any other links we have here. (Laughter) Mr. Weiner: You got it. So we're going to go back and forth between people in the audience and some pre-generated questions in the LinkedIn group. So let's get started. Our first question is from LinkedIn member Chuck Painter. And Chuck, let's get him a microphone. Chuck Painter: Good morning, Mr. President. The President: Good morning. Chuck Painter: I'm from Austin, Texas. I have worked in sales in the plastics industry for 20 years.

I lost my job in 2009 and luckily found another position and went back to work. My question is what can we do as American citizens to come together and help the economy? The President: Well, first of all, are you a native of Austin? Because that is one of my favorite cities in the country. Chuck Painter: I'm actually a native of Charlotte, North Carolina, but I just moved to Austin and I love it there. The President: Austin is great. Charlotte is not bad. (laughter) Chuck Painter: Thank you, thank you, thank you. The President: That's why I'm having my convention in Charlotte, because I love North Carolina, too.

But how long did it take you to find a new job after being laid off? Chuck Painter: It took nine months. The President: Was nine months necessary? Chuck Painter: Yes, sir. The President: And that is one of the c

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enges that many people are seeing. You have trained people with experience in an industry. That industry changes and you were lucky enough to be able to move. Some people, due to the decline of the real estate industry, are having mobility problems finding new jobs and relocating in search of opportunities. Chuck Painter: Yes, sir. The President: The most important thing we can do now is to help revive the economy, which has stagnated, by getting people back to work.

So, unsurprisingly, I think the most important thing we can do now is pass this jobs bill. Think about it. Independent economists have estimated that if we pass the entire package, the American Jobs Act, we would increase GDP by about 2 percent; we would increase employment by 1.9 million people. And that's the kind of big, significant move in the economy that can have a ripple effect and help the recovery take off. There has been a lot of controversy about the kind of impact we had right after the financial crisis hit. But the fact is that the vast majority of economists who examined it said that the Recovery Act, by launching infrastructure projects across the country, by ensuring that states got help in their budgets so they wouldn't have to lay off teachers and firefighters and others, providing tax cuts for small businesses (and, by the way, we've cut taxes about 16 times since I took office for small businesses to give them more capital to work with and more incentives to hire). - all those things made a big difference.

The American Jobs Act is specifically designed to get more of those people back to work. It's not going to solve all our problems. We still have a real estate situation where too many houses are underwater. And one of the things we've proposed as part of the American Jobs Act is that we're going to help lower the barriers to refinancing so people can get record rates. That will put more money in people's pockets. It will provide tax cuts not only to small businesses, but to almost all middle-class families. That means they have more money in their pockets and will be able to spend it on products and services, which provide additional incentives for companies to hire people like you.

So it is the right step to take right now. In the long term, we are going to have to come together to make sure that our education system is the best in the world, that our infrastructure is the best in the world and that we continue to invest in science and technology. We have to stabilize our finances and we have to continue to reduce health care costs, which are a drag on our entire economy. And we need to continue to promote trade, but make sure that trade is fair and that intellectual property protection, for example, is available when we do business in other countries, like China.

So there are many long-term agendas that we must follow. Right now, however, the most important thing I can do for you, even if you already have a job, is to make sure your neighbors and friends have jobs too, because those are ultimately the customers for your products. Chuck Painter: Yes, sir. Yes, thank you Mr. President. Mr. Weiner: Very good. Thanks, Chuck. Now we would like to answer a question from the audience. Someone interested? The President: This young woman here. Mr. Weiner: Okay. Could we put a microphone in there, please? Thank you. Speaker: Hello. In fact, I have a question from my mother, who will turn 65 next March.

And she lives in Ohio, which has a very high unemployment rate. She has a GED and has always worked in food service. She is currently unemployed, she just got approved for Section 8 housing, she receives Social Security and food stamps. And she wants to know when she can get a job and what will happen to Social Security and Medicare. President:Well, first of all, where does your mom live in Ohio? Speaker: Mentor. The President: Mentor, what part of Ohio is that? Speaker: It's the east side of Cleveland. The President: Okay. Well, say hello to mom. (Laughs) You get points for being such a good daughter and using your question to tell me what she thinks.

Speaker: Oh, you have no idea. (Laughter) The President: My mother-in-law lives at home and I, in the White House, have an idea. (laughter) First of all, let me talk about Social Security and Medicare, because obviously this has been a topic that's been discussed a lot in the press lately as we think about our long-term finances. You can tell your mom that Medicare and Social Security will be there for her, guaranteed. There are no proposals that affect people who are about to receive Social Security and Medicare, and she will qualify; She is already starting to qualify for Medicare, and she will qualify for Social Security fairly soon.

Social Security and Medicare, together, have lifted entire generations of seniors out of poverty. Our most important social safety net, and it must be preserved. Now, both have some long-term challenges that we need to address, but they are different challenges. In reality, Social Security is the easiest; It is simply a simple and pure mathematical problem, and right now the population is aging, so more people are entering Social Security; you have fewer workers supporting more retirees. So, if we do nothing, Social Security will not go bankrupt, but in a few years what will happen is that more money will go out than will come in.

And over time, people receiving Social Security would only receive about 75 cents for every dollar they planned to receive. So the Social Security system is not the big driver of our deficits, but if we don't want to... if we want to make sure that Social Security is there for future generations, then we have to make some modest adjustments. And when I say modest, I mean, for example, that right now Social Security contributions are capped at just over $100,000 of income, and that means the vast majority of people pay Social Security taxes on everything. winning. But if you earn a million dollars, only one-tenth of your income is taxed for Social Security.

We could make that modification; That would solve a big part of the problem. Medicare is a bigger problem because not only is the population aging and more people are using it, but health care costs have been rising too quickly. And that's why part of my health care reform bill two years ago was: let's start changing the way our health care system works to make it more efficient. For example, if your mom is going to get a test, she shouldn't have to do it; Then, if she goes to another specialist, she gets the same test again and Medicare pays for two tests.

That first test must be sent by email to the specialist doctor. But right now that's not happening. So what we've said is incentivize suppliers to do more efficient work and over time we can start to reduce those costs. I've made some suggestions about how we can reform Medicare, but what I'm not going to do is what, frankly, House Republicans proposed, which was to validate the Medicare system, which would mean your mom could pay an extra $6,000. . every year for her Medicare. Speaker: Which she doesn't have. The President: I guess she doesn't have it. Speaker: No. The President: So we are going to reject that type of proposal.

And that raises the point I made earlier. If people like me don't pay a little more in taxes, then the only way to balance the budget is at the expense of people like your mother, who ends up paying a lot more in Medicare and can't afford it, while I can afford to pay a little more. in taxes. That's about Medicare and Social Security. In terms of her finding a job, the most important thing we can do now is pass the American Jobs Act and get people back to work. Because, think about it, if she's been in the food service industry, that industry depends on people spending money on food, whether it's at a restaurant or a coffee shop, or buying more groceries.

And if a construction worker and a teacher or a veteran have a job thanks to the programs that we proposed in the American Jobs Act, they will spend more money on food services, and that means those companies will have to hire more, and it will be more They'll probably hire your mom. Alright? Speaker: Yes. And one of the other problems with her, however, is that there is a big age difference between her and the other people who are willing to come and work for less money. They have less experience. The President: That is a challenge. It is difficult to be unemployed if you are between 50 and 60 years old, before you retire.

That is the hardest period of time to lose your job. Obviously, it's never fun to lose your job, and it's always difficult in this kind of deep recession, but it's scarier for people who are nearing retirement and who may also be worried about whether they have enough saved to retire one day. . That's part of the reason why one of the things we're also proposing, aside from the employment bill, is that we have to do a better job of retraining workers so that they, in their second, third or fourth careers , they can go back to a community college, maybe take a short six-month course or a year-long course that trains them in the types of skills that will be needed for jobs that are actually hiring, or companies that are actually hiring in this moment.

We've done a lot of work working with community colleges to try to make sure that companies help design the training programs so that someone who signs up, like your mom, if she goes back to school, knows that after six months she'll be trained to the particular job that this company is looking for. Alright? Thank you so much. Speaker: Great. The President: Tell him I greet you. Speaker: Thank you. Well. Mr. Weiner: Let's go to the group, the LinkedIn group. We receive thousands of questions and here is one of them from LinkedIn member Marla Hughes. Marla is from Gainesville, Florida.

She is the owner of Meticulously Clean, a home and apartment cleaning service, and her question is: As a small business owner, regulation and high taxes are my worst enemies when it comes to growing my business. What will you do to reduce burdensome regulations and taxes on small businesses? The President: Well, it's hard to say exactly what regulations or taxes you're referring to, because they obviously differ in different businesses. But like I said, we've actually cut taxes for small businesses 16 times since I took office. So taxes for small businesses are lower now than when I took office.

Small businesses can get hiring tax breaks; they can obtain tax exemptions for capital investments; They can get tax breaks for hiring veterans. They can get tax breaks for a lot of areas, including, by the way, a proposal we put forward that says there should be no capital gains tax on a new business, to encourage more small businesses to come to market. and create a business. In terms of regulations, most of the regulations we have focused on are those that affect large companies, such as utilities, for example. In terms of how they address safety and environmental issues, we have been proposing some strict regulations regarding the financial sector, because we cannot repeat what happened in 2007.

And the fact is, is that if what happened on Wall Street ends having a contagion effect throughout Main Street, it is our responsibility to make sure that we have a vibrant economy, we have a vibrant financial sector, but we don't have a mortgage brokerage. operation that ends up giving people loans that can never be repaid and ends up having ramifications throughout the system. I think over the next year and a half we're going to hear Republicans say that somehow, if we just eliminated pollution controls, or if we just eliminated basic consumer protections, that, somehow, in itself, would be a stimulus to growth.

I do not agree with that. What I do agree on is that there are some regulations that are no longer useful. So what I did was I said to all federal government agencies, number one, you should always take costs and benefits into account when new regulations are proposed. Number two, don't just apply that analysis to new regulations; review the old regulations to see if there are any we can start to eliminate. And we initiated the most aggressive, what we call retrospective provisions, when it comes to regulations, where we tell each agency to review all the regulations that they have on their books and that flow through their agencies and see if any of them they are still necessary.

And it turns out that many of them are no longer needed. Well, let's get rid of them if they are no longer useful. I think there were some regulations that had to do with the transportation sector, for example, that did not take into account that now everyone operates with GPS. Well, you have to adjust and adapt to how the economy is changing and how technology has changed. And we've already identified about $10 billion in savings in the initial review alone, and we anticipate that that will be just a fraction of the red tape, bureaucracy, and red tape that we'll be able to eliminate.

But I will never apologize for making sure that we have regulations to ensure that the water is clean, that the food is safe to eat, that the peanut butter you feed your children is not contaminated; making sure that if you take out a credit card there is some clarity about exactly what you're going to do and you don't see a bunch of hidden fees and charges that you didn't anticipate. That's always been part of what makes the market work: if you put smart regulations in place, that means that people who offer good value, good products and good services, those businesses will be successful.

We don't want to reward people who game the system or mislead consumers. And I think that's also how most Americans feel about regulations. They don't want more than necessary, but they know that there are some things we must do to protect ourselves, our environment, and our children. Mr. Weiner: Thank you for your question, Marla. Now we are going to answer a question from Esther Abeyja, member of LinkedIn. Esther is an IT analyst from Chicago, Illinois. The President: There she has it. Chicago is good too. (laughter) Mr. Weiner: Esther, what is your question for the

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? Esther Abeyja: Good morning, Mr.

President. The President: Good morning. Esther Abeyja: Like Jeff said, I'm from Chicago, I'm recently unemployed, and my fear is that the longer I'm unemployed, the harder it will be for me to get a job. It seems that nowadays employers hire people who are currently employed because they are in touch with their skills. What programs do you think should be implemented so that people like me stay in touch with our skills, are in demand, marketable, and ultimately hired? The President: Well, first of all, obviously you're thinking about how to maintain your skills. And the most important thing you can do is make sure you keep your skills up to date, whether it's through classes or online training, or whatever.

We, as part of the American Jobs Act, are actually supporting legislation in Congress that says employers can't discriminate against someone simply because they are currently unemployed, because that doesn't seem fair. That doesn't make any sense. But the most important thing we can probably do for you is just make sure that the unemployment rate goes down overall, that the labor market tightens up a little bit more so that employers start looking beyond the people who are currently employed, toward people who have excellent skills and have simply been out of the market for a while. That's why it will be important to pass the American Jobs Act.

There is legislation that says you cannot be discriminated against just because you don't have a job. The other thing we can do, during this interim, while you look for work, is to make it easier for you to return to school if you think there are some skills you need, making it economical for you to do so. One of the things we did over the last two and a half years: the student loan program was administered through the banks. And although the federal government guaranteed all of these loans, so the banks weren't taking on any risk, they were taking about $60 billion from the entire program, which meant there was less money to go directly to the students.

We're done with that. We cut out the middleman and said, let's use that money to expand the availability of Pell Grants, to increase the number of Pell Grants, every Pell Grant that a student could get. And through that process, we have millions of people around thecountry that they can actually go back to school without incurring the huge debt loads they had in the past, although obviously the cost of a college education is still very high. But if we can do more to make it easier for you to maintain your skills even when you're not yet hired, that will hopefully improve your marketability to employers in the future.

Alright? Just by looking at you I can tell that you are going to do great. Esther Abeyja: Thank you. The President: Thank you. Mr. Weiner: Thank you, Esther. Our next question is from LinkedIn member Wayne Kulich. Wayne is from Phoenix, Arizona. He spent 25 years flying airplanes for the US Navy and is now a program director for American Express. Wayne. Wayne Kulich: Good morning, Mr. President. The President: Good morning, sir. Wayne Kulich: I'm from Phoenix, Arizona, where I'm a program director, as Jeff had said. I retired in 2007. When I retired, networking was essentially how I got all my jobs after I retired.

How do you envision the government's role in integrating networking tools that help veterans leaving the service find employment? The President: It's a great question. And first of all, let me thank you for your service to this country. Wayne Kulich: Your Honor. The President: We are very grateful to you for that. (applause) Thank you. but you were extraordinarily skilled, and even then it seems that you had to rely on informal networks rather than a formal set of veteran processes in order to find a job that used all your skills. In the past we have not done as good a job as we should have helping veterans exit the military.

I will give you an example. In fact, I had lunch with a group of veterans of the Iraq and Afghanistan wars in Minnesota. And a young man I was talking to had just returned to school. He was getting his nursing degree. He had worked in emergency medicine in Iraq, on multiple deployments; He had probably faced the most incredible types of medical challenges in the most extreme circumstances; he had received years of training to do this. But when he went back to nursing school, he had to start as if he had never been involved in medicine. And then he had to take all the same classes and take on the same burden of debt for taking those classes as if I just got in and could barely put a Band-Aid on.

But he had to go through the same processes. Well, that's an example of a failure on the part of the DOD and the VA (the Department of Defense and the Veterans Administration) to think proactively: How can we help you make the transition? So what we've started to say is let's do a kind of reverse boot camp. While people are thinking about retiring, while people are thinking about being discharged, let's work with them while they're still in the military to say is there a way to credential them so they can go right into work and work with the state and local governments and employers, so if they have a skill set that we know is applicable to the private sector, we give them a certification, we give them a credential that helps them do it right away.

Then we also started to form a network of companies and, in fact, I asked for a commitment from the private sector and we have a commitment that 100,000 veterans will be hired in the next few years. And that creates a network... and maybe they end up using Linkedin, I don't know. But what we want to do is make sure that, whether in the certification process, in the job search process, in resume preparation, in the use of electronic networks, we are using the enormous capacity of the Veterans Administration and the Department of Defense and all federal agencies to link together more effectively.

Because not only is the federal government obviously a large employer in itself (and we have significantly increased the hiring of veterans within the federal government, including, by the way, disabled veterans and wounded warriors), but the federal government is also a large employer . client of many companies. And there's nothing wrong with a big customer saying to a company, you know what? We won't tell you who to hire, but here's a list of extremely skilled veterans who are prepared to do great work and have demonstrated incredible leadership. skills. Now, if you think about this, you have 23, 24, 25 year olds leading men into battle, leading multi-million dollar teams and doing it perfectly.

Those leadership skills, those technical skills should be able to translate directly into jobs. The last thing I'll say is, obviously, the American Jobs Act would also be helpful because it provides additional tax incentives for companies to hire our veterans. Wayne Kulich: Thank you. The President: Thank you. (applause) Mr. Weiner: Thank you, Wayne. And thanks again for your service. Now let's move on to the hearing. Many hands raised. Mr. President, do you want to elect someone? The President: Well, (laughter), you put me on the spot. That guy... the guy with the glasses right back in... right back there.

Why not? Speaker: Thank you, Mr. President. I don't have a job, but that's because I've been lucky enough to live in Silicon Valley for a while and work for a small startup that's close to here that did pretty well. So I am unemployed by choice. My question is could you please increase my taxes? (laughter and applause) I would very much like to see the country continue to invest in things like Pell Grants and infrastructure and job training programs that allowed me to get to where I am. And it kills me to see Congress not supporting the expiration of the tax cuts that have been benefiting so many of us for so long.

I think that needs to change and I hope they stay strong to achieve it. The President: Well, I appreciate it. What was the startup, by the way? Do you want to give me a little clue? Speaker: It's a search engine. (laughter) The President: It worked pretty well, huh? Speaker: Yes. (Laughter) The President: Well, look, let me talk about taxes for a second. I've made this point before, but I want to reiterate it. Very often the tax debate is presented as a "class struggle." And look, like I said at the beginning, America's success relies on individuals and entrepreneurs having a great idea, going out and pursuing their dreams and making a lot of money in the process.

And that's great. That's part of what makes America so successful. But as you just pointed out, we are successful because someone invested in our education, someone built schools, someone created incredible universities. I went to school on a scholarship. Michelle: Her father was what's called a stationary engineer at the water reclamation district; He never owned his own house, but he always paid his bills; he had multiple sclerosis, he struggled to get to work every day, but he never missed a day of work; He never went to college, but he was able to send her daughter to Princeton and then to Harvard Law School.

We benefited from someone, somewhere making an investment in us. And I don't care who you are, that's true for all of us. Look at this room. I mean, look at the diversity of the people here. Many of us are: parents came from somewhere else or grandparents came from somewhere else. They benefited from a public school system, or an incredible university network, or the infrastructure that allows us to move products and services around the world, or the scientific research that... Silicon Valley is based on research that no company individual would have done on their own because they could not necessarily capture the value of the nascent Internet.

So the question is: if we are going to make those investments, how are we going to pay for them? Now, the incomes of people at the top have increased exponentially over the past two decades, while the incomes and wages of the middle class have stagnated over the past 15 years. So this young woman's mother, who has been working in food services, doesn't have much room to spare. Those of us who have been lucky, are lucky. And we're not talking about applying punitive fees that would somehow prevent you from wanting to be part of a startup or work hard to succeed.

We're talking about going back to the rates that existed as recently as the '90s, when, as I recall, Silicon Valley was doing pretty well, and well-off people were doing pretty well. And it turns out that, in fact, during that period, the rich got richer. The middle class expanded. People came out of poverty because everyone was doing well. So it's not about trying to somehow punish those who have done well. That's the last thing we want to do. It's a question of how we can afford to continue making the investments that will propel America forward. If we don't improve our education system, for example, we will all be left behind.

We will all be left behind. That's... that's a fact. And the truth is that on every indicator—from college graduation rates to math and science scores—we are falling behind other developed countries. And that will have an impact in terms of, if you're a startup, will you be able to find enough engineers? It will have an impact in terms of whether the infrastructure here is good enough to be able to bring products to market. It will impact your ability to recruit top talent from around the world. And that is why we all have an investment in improving our educational system.

Now, money is not going to solve the whole problem. That's why we've started reforms like Race to the Top, which says we're going to have higher standards for everyone. Not only are we going to teach kids how to take the test, we're going to make sure we empower teachers, but we're also going to hold them accountable and improve how we train our principals and teachers. So we're willing to do a lot of renovations, but at some point, money makes the difference. If we don't have enough science teachers in the classrooms, we are going to have problems.

Someone has to pay for it. And, right now, we have the lowest tax rates we've had since the 1950s. And some of the Republican proposals would return it – as a percentage of GDP – to where we were in the 1920s. You can't have an industrial economy modern like that. So I appreciate your sentiment. I appreciate the fact that you recognize that we are in this together. We are not alone. And those of us who have been successful should always remember that. Speaker: I know a lot of people in the same situation, and every single one of them has said they would support an increase in their taxes...so please. (Applause) The President: Well, let's get to work.

Thank you. Mr. Weiner: Thank you. Thanks for your question. The following question was sent to the Linkedin group; It actually comes from a Linkedin employee named Theresa Sullivan. It's a two-part question. First, do you think our public education system and our unemployment rates are related? And second, what reform, if any, is needed in education to prepare Americans for the jobs of tomorrow, rather than the jobs of 20 years ago? The President: There is no doubt that there is a long-term connection between our economic success, our productivity and our educational system. That is indisputable. When we were at our peak in terms of growth, back in the '60s and '70s, in large part it was because we were doing a better job of training our workforce than anyone else in the world.

Now the rest of the world has caught up... or is catching up. They are hungry. And as I said before, we are falling behind many developed countries. So our share of college graduates has not increased, while everyone else's has. Our share of high school graduates has not increased, while everyone else's has. And if we have a billion Chinese, Indians, and Eastern Europeans, all of whom are entering the workforce and becoming more skilled, and we just stay with the status quo, we're going to have problems. Now what can we do? This is a decade-long project; It is not a one-year project.

And we've been pushing since we took office to look at the evidence and base reforms on what really works. The most important ingredient to improving our schools is making sure we have great teachers in front of every classroom. So what we've said is make sure we've hired enough teachers; let's train them effectively; let's pay them a good salary; Let's make sure we put special emphasis on hiring more math and science teachers: STEM education is an area where we have fallen significantly behind. Let's make sure they are accountable, but also give them flexibility in the classroom so they don't have to take a simple approach to teaching to the test that squelches their creativity and prevents them from engaging students.

But at the end of the year, let's make sure they're doing a good job. And if there are teachers who are not doing a good job, let's work to train them. And if they can't come backtrain, then we should probably find them a different line of work. We have to have top-level principals and leaders within schools. That makes a big difference. We also need to focus on: there are some schools that are simply dropout factories where less than half of the children end up graduating; In many of them, the students are black and brown, but that is also the demographic that is growing.

The fastest in this country. So if we don't fix those schools, we're going to have problems. So we've said to each state: you know what? Focus on the lowest performing schools and tell us what your plan is to improve the performance of those schools. And we may also, in some cases, have to rethink how to get students interested in learning. IBM is involved in a really interesting experience in New York where they're essentially setting up schools - similar to the concept I was talking about with community colleges - where they tell kids from very early on - I think as early as eighth grade - we're going to design a program - IBM worked with New York public schools to design a program - and this is not for kids who are in the top 1 percent, this is for regular public schools. children.

If you follow this program, work hard, IBM will hire you at the end of this process. And suddenly it gives the kids an incentive. They say, oh, the reason I'm studying math and science is because there's a practical result here. I'll have a job. And there are practical applications of what I do in the classroom. And that's true of high-level jobs, but it's also true: We want to do more to train skilled workers even if they don't have a four-year degree. It may be that the more the concept of apprenticeship and the concept of a rigorous vocational approach is incorporated into secondary schools so that children can see a direct connection to what they are learning and a potential career, the less likely they are to drop out and we will see more success.

So one last point, I mean George Bush was really sincere, I think, in trying to improve the education system across the country through something called "No Child Left Behind," which said we're going to impose standards, there's going to be accountability. ; If schools do not meet those standards, we will label them as failures and they will have to make significant changes. The intention was good. It wasn't designed as well as it could have been. In some cases, states even lowered their own standards to ensure they weren't labeled failures. These schools were not given enough help to achieve the ambitious goals they had set.

So what we've said is, look, we'll give states some waivers to get out of No Child Left Behind if they can give us a plan to make sure kids are college and career ready. And we'll give you more flexibility, but still hold you accountable and give you the tools and best practices that will allow you to succeed. So the last point I'll make about this is that there's a cultural component to this as well. We, as a country, have to recognize that we are all going to have to up our game and we, as parents, have to instill in our children a sense of educational excellence.

We have to turn off the TV. I know it's dangerous to say in Silicon Valley, but sometimes you put away your video games and all your electronic devices unless they're school related. And we simply have to get our children more motivated and internalize that sense of the importance of learning. And if we don't, we'll continue to be left behind, even if some of these school reform approaches that we're taking are successful. Mr. Weiner: Thank you, Teresa. Our next question comes from LinkedIn member Robert Holly, who joins us from Charlotte, North Carolina. After a promising career in financial services, Robert was sadly recently made redundant.

Roberto, what is your question? Robert Holly: Good morning, Mr. President. The President: Good morning. Robert Holly: As Jeff mentioned, I have a very successful 22-year career in IT management, but I find myself displaced. And not only that, I look at the unemployment statistics: 16.7 percent for African Americans. My question would be, and not only for African Americans, but also for other groups that are also suffering, what would be your statement of encouragement to those who are looking for work today? The President: What I would say is that given your record, your track record and your presence here before this group, you will be successful.

You have an advantage over a lot of people. You have skills, you have experience, you have a track record of success. Right now your challenge is not you, it is the economy as a whole. And, by the way, this is not just an American challenge; This is happening all over the world. I hope everyone understands our biggest problem right now, partly for the reason that this year, where at the beginning of the year, economists and financial analysts had estimated that the economy was going to grow about 3.5 percent, and that has not happened, partly has to do with what happened in the Middle East and the Arab Spring, which altered energy prices and caused consumers to have to go back because gas was going up so much; what is happening in Europe, which has not fully recovered from the 2007 crisis and has never fully addressed all the challenges its banking system faced.

Now this is compounded by what is happening in Greece. So they are going through a financial crisis that is scaring the world. And they are trying to take responsible action, but those actions have not been as quick as they should be. So the issue is that economies around the world are not growing as fast as they need to be. And because the world is truly interconnected, that affects us too. The encouraging thing for you is that when the economy gets back on track as it should, you will be set up to succeed. The challenge is to make sure you hold on from now on.

That's why things like unemployment insurance, for example, are important. And part of our employment law is to maintain unemployment insurance. It's not the end all be all, but it helps people deal with their basic challenges. And by the way, it also means they're spending that money and recirculating it back into the economy, so it's good for businesses overall. Some of the emergency measures that we have been taking and that we have proposed will help bridge the gap to where the economy is more fully healed. And historically, after financial crises, recessions are deeper and last longer than after the usual business cycle downturns.

So I guess the main message I have for you is that the problem is not you; The problem is the economy as a whole. You will be well equipped to succeed and compete in this global economy once you grow again. My job is to work with everyone I can, from the business community to Congress to nonprofits to whatever, to see if we can accelerate this healing process and this recovery process. And in the meantime, we'll make sure that things like unemployment insurance, which are there to help people in difficult times like this, continue to be available.

And if there are, since you're in IT, if there are areas where you need to hone your skills, as the young lady here mentioned, we'll make sure that the resource is available so you can go back to school and do that. Thank you. Mr. Weiner: Thank you. That was our last question. We're going to start summarizing it and before I turn it over to you for some final comments, I just wanted to thank you and let you know how much we appreciate the work that you're doing. I know I speak for many people when I say that I can think of nothing more important than creating economic opportunity when it comes to profoundly and sustainably improving the quality of life of an individual, the lives of their families, the lives of people for whom, in turn, they can create jobs.

And in hard-hit American cities and in developing countries around the world, these people are creating role models for the next generation of entrepreneurs and professionals who didn't even know it was possible. So, on my behalf, on behalf of our visionary founder, Reid Hoffman, without whom none of this would have been possible, on behalf of our employees, of course our members, on behalf of our country, thank you, Mr. President. The President: Well, thank you very much. (applause) Thank you. Well, let me tell you, these have been fantastic questions and I really appreciate you taking the time to do this.

I appreciate LinkedIn helping put this together. And for those of you watching, not in this circle but across the country, perhaps around the world, I appreciate the opportunity to share these ideas with you. Look, we are going through a very difficult time. But the one thing I want to remind everyone is that we've been through tougher times before. And the trajectory, the trend not only of this country but also of the world economy is one that is more open, more

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, that offers greater opportunities, but also that has some dangers. If we don't prepare our people with the skills they need to compete, we are going to have problems.

If we don't make sure we continue to have the best infrastructure in the world, we're going to have problems. If we do not continue to invest in basic research, we will have challenges. If we don't get our fiscal house in order in a way that is fair and equitable so that everyone feels they have responsibilities not only to themselves and their families but also to the country that has given them so many opportunities, we are going to have problems. That's why I have extraordinary confidence in the long-term future of the United States. But we're going to have to make some decisions about how to move forward.

And what surprises me is that when we're outside of Washington and I'm just talking to regular people, I don't care if they're Republicans or Democrats, people are just looking for common sense. Most people agree with the recipes I just offered. Most people, by a wide margin, think we should rebuild our infrastructure. Most people, by a wide margin, think we should invest in education. Most people, by a wide margin, think we should invest in science and technology. And most people think by a wide margin that we should maintain programs like Social Security and Medicare to provide a basic safety net.

Most people, by a significant margin, think that the way we should close our deficit is a balance between eliminating those things we don't need, but also making sure that we have a tax code that is fair and that everyone pays. his fair share. So the problem is not outside Washington. The problem is that things have become so ideological and everyone is so focused on the next election and putting party before country that we can't solve our problems. And that has to change. And that is why their voices will be so important. The reason I do these types of events is that I want you to hear from me directly.

I want to hear from you directly, but I also want your voices to be heard in the halls of Congress. I need everyone here to speak up for the things that matter to them and the values ​​that made this country great, and to tell the people they have elected that we expect them to act responsibly. and not act in terms of short-term political interests. Act in terms of what will be good for all of us in the long term. If that spirit, which you all represent, begins to take hold throughout the country, then I am absolutely certain that the 21st century will be the American century, just as the 20th century was.

So thank you very much everyone. God bless you.