The President stated that we have to look ahead into the future and think about how new innovations and jobs will arise. Furthermore, we have to look at our our nation's ability to compete in the global economy.
President Obama pointed out that when the 112th Congress convenes in Washington this week, the House will be controlled by Republicans and the Senate will be controlled by Democrats. This means that cooperation and compromise is in order if anything is to get done.
President Obama stated, "I’m willing to work with anyone of either party who’s got a good idea and the commitment to see it through. And we should all expect you to hold us accountable for our progress or our failure to deliver."
The UCLA Anderson Forecast suggests that the economy is slowly healing on the national level and predicts more rapid growth in late 2011. In California, The UCLA Anderson Forecast predicts a growth in employment of 1.6% primarily toward the end of 2011 when employment in California may exceed national employment growth. The UCLA Anderson Forecast projects some optimism for economic growth in the Los Angeles area in 2011.
In November 2010, the unemployment rate (not seasonally adjusted) in Los Angeles County was at 13% according to California Employment Development Department statistics.
In Los Angeles and across the nation, we welcome President Obama's resolution to continue to work toward economic recovery and his willingness to take responsibility for the direction of the nation. To view President Obama's January 1, 2011 weekly address from the White House click here.