MR. HUBBARD: Thank you very much, Mr. President.
As is the Club's tradition, we do have two questioners. On my left, Gail Fosler, the President and Chief Economist of the Conference Board. On my right, literally and metaphorically, Paul Gigot -- (laughter) -- the editorial page editor of The Wall Street Journal.
Gail, the first question for the President is yours.
Q Thank you, very much.
THE PRESIDENT: Who picked Gigot? I mean, why does he -- (laughter.) All right. Excuse me. (Laughter.)
MS. FOSLER: I'm glad you don't know me, Mr. President.
THE PRESIDENT: Yeah, well -- (laughter.) I'd be more polite, trust me. (Laughter.) My mother might be watching. (Laughter.)
MS. FOSLER: I would like to probe your thoughts on trade. You raised trade in your speech very passionately. And the Conference Board is made up of 2,000 businesses around the world; about a third of them are outside of the United States. And they look at the move toward protectionism in the United States with great alarm, even the shift in the Republican Party toward protectionism. And you mention that a confident nation opens its borders, and there does seem to be a lack of confidence in this country. And I wonder if you would give us a diagnosis of why we find ourselves in the situation we do today?
THE PRESIDENT: First of all, a lot of folks are worried about their neighbors losing work. In other words, they fear jobs moving overseas. And the best way to address that is to recognize that sometimes people lose work because of trade, and when that happens, the best way to deal with it is to provide educational opportunities so somebody can get the skills necessary to fill the higher-paying jobs here in the United States.
And I think, for example, of what happened to the textile industry in North Carolina. And stories like these really do affect how people think about trade. You know, some companies because of mismanagement, some companies because of trade couldn't survive. And it created a wholesale displacement of workers throughout North Carolina. And what the state of North Carolina did was they wisely used their community college system to be able to fit needs and skills.
In other words, a community college system -- the interesting thing about it, it's probably the most market-driven education system in the United States. Unlike some higher education institutions that are either unwilling or sometimes incapable of adjusting curriculum, the community college system is capable of doing that.
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