Presidential town hall debate excerpts – President Barack Obama on stopping the outsourcing of American jobs overseas

Edited by Jenny Jiang

Excerpts from the presidential town hall debate at Hofstra University in Hempstead, New York on Oct. 16, 2012

Transcript of President Barack Obama’s remarks on stopping the outsourcing of American jobs overseas

President Barack Obama: We need to create jobs here. And both Governor Romney and I agree actually that we should lower our corporate tax rate. It’s too high. But there’s a difference in terms of how we would do it. I want to close loopholes that allow companies to deduct expenses when they move to China; that allow them to profit offshore and not have to get taxed, so they have tax advantages offshore.

All those changes in our tax code would make a difference.

Now, Governor Romney actually wants to expand those tax breaks. One of his big ideas when it comes to corporate tax reform would be to say, if you invest overseas, you make profits overseas, you don’t have to pay U.S. taxes.

But, of course, if you’re a small business or a mom-and-pop business or a big business starting up here, you’ve got to pay even the reduced rate that Governor Romney’s talking about.

And it’s estimated that that will create 800,000 new jobs. The problem is they’ll be in China. Or India. Or Germany.

That’s not the way we’re going to create jobs here. The way we’re going to create jobs here is not just to change our tax code, but also to double our exports. And we are on pace to double our exports, one of the commitments I made when I was president. That’s creating tens of thousands of jobs all across the country. That’s why we’ve kept on pushing trade deals, but trade deals that make sure that American workers and American businesses are getting a good deal.

Now, Governor Romney talked about China, as I already indicated. In the private sector, Governor Romney’s company invested in what were called pioneers of outsourcing. That’s not my phrase. That’s what reporters called it.

And as far as currency manipulation, the currency has actually gone up 11 percent since I’ve been president because we have pushed them hard. And we’ve put unprecedented trade pressure on China. That’s why exports have significantly increased under my presidency. That’s going to help to create jobs here.

Moderator Candy Crowley: Let me to go the president here because we really are running out of time. And the question is can we ever get — we can’t get wages like that. It can’t be sustained.

President Barack Obama: Candy, there are some jobs that are not going to come back. Because they are low wage, low skill jobs. I want high wage, high skill jobs. That’s why we have to emphasize manufacturing. That’s why we have to invest in advanced manufacturing. That’s why we’ve got to make sure that we’ve got the best science and research in the world.

And when we talk about deficits, if we’re adding to our deficit for tax cuts for folks who don’t need them, and we’re cutting investments in research and science that will create the next Apple, create the next new innovation that will sell products around the world, we will lose that race.

If we’re not training engineers to make sure that they are equipped here in this country. Then companies won’t come here. Those investments are what’s going to help to make sure that we continue to lead this world economy, not just next year, but 10 years from now, 50 years from now, 100 years from now.

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2 Comments on “Presidential town hall debate excerpts – President Barack Obama on stopping the outsourcing of American jobs overseas

  1. Pingback: Presidential town hall debate excerpts - President Barack Obama's closing statement | What The Folly?!

  2. Pingback: Presidential town hall debate excerpts - Mitt Romney on his tax plan | What The Folly?!

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