U.S. Recession Is a Thing Of The Past, Says Obama

WASHINGTON: Noting that his country has bounced back from its worst ever recession, U.S. President Barack Obama has said America is now the top place for investors to do business.

"When I came into office, investors around the world thought that China was the top place to do business.

“Today they think that America is the top place to do business," Obama told a Democratic Party luncheon in California.

This is in part because the U.S. recovered faster than most industrialized nations and in part because some of the energy policies that U.S. administration has put in place means that for the first time in over 20 years the country is now producing more oil than it imports, he said.

Obama said when he came into office America was going through the worst ever recession.

"We doubled clean energy, tripled the amount of wind energy that we produce, increased by 10 times the amount of solar energy that we're producing, and we have reduced carbon pollution by the largest factor of any industrialized nation.

"High school dropout rates have gone down; college attendance is up," he said.

Manufacturing, he noted, has emerged stronger than any time since the 1990s.

"An auto industry that was on the verge of collapse now fully recovered and stronger than ever and producing cars that not only people want to buy but also are slated to double fuel efficiency by the next decade -- it's no wonder then that a lot of people outside of the United States would say we've got the best cards out there," he said.

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