Obama: Nothing More Important Than Creating US Jobs

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Oct. 31 (Bloomberg) -- President Obama speaks at the SelectUSA 2013 Investment Summit held by the Commerce Department Washington. (Source: Bloomberg)

Eady been changing.

She is a private chef listed on kitchen serving.com, a startup.

Kitchen surfing is probably 20% of my business.

That has the potential to be a 110 billion dollar market.

For kitchen surfing, that turns it into 20% revenue growth a month.

Here is how it works -- you go onto the website, choose a menu, and a chef.

The chef shows up at your home on the appointed date along with all the ingredients for your dinner party.

? after a few drinks, dinner is served.

Your average is $70 an hour on kitchen surfing.

If you are rate -- working on a two rating michelin star rating, -- starting is $12 an hour.

The top chef can make about $12,000 a month, but there are downsides.

Only 20% of kitchen surfing clients come back for more.

I've not had one type of clients that are repeating.

It is really everybody has been very different.

A record $600 dinner for four costs more than a restaurant in new york but less than a top- tier.

If you make your dinner yourself, it would cost about $200, but you would not get to sit back and relax.

Alix steel is with us now from new york.

That looked like it was a lot of fun.

He mentioned some of the difficulties, though, with the type of business model.

What about regulatory issues.

Yes, it was a lot of fun, but regulatory issues, you basically look at old laws for an new business model.

What is it legal for people to do?

Air bmb is the perfect example, the new york attorney general's office issuing a subpoena for the company to get information on its host.

They want to make sure they're complying with current law.

In new york, portable, renters cannot sublet apartments for more than 30 days.

If you do, you are an illegal herald -- hotel.

Airbnb says that is confidential and part of their business model.

In terms of taxes, that is an issue as well.

How do you protect your host and your money.

Airbnb said it would hold some hotel taxes, but it says it is a pretty informal business and needs different roles.

The problem is the bigger you get, the bigger the spotlight becomes.

Now, you definitely wonder how many of these businesses are actually going to survive these sorts of criticisms and regulatory issues.

That is what i wondered, too.

How much is this going to bring them down?

Interestingly enough, rachel bachman said it might be a good thing, it could be a sign that the industry is reaching maturity.

Of course, this is a very big -- new business for the comments and lawmakers in the individuals for dissipating in it, and the larger question is -- is commercializing shared assets at the goal?

That is what it seems like -- ethical?

That is what is it like they're tackling in the next round of the shared economy.

All right, alix steel in new york, thank you.

President obama is speaking at the first ever select summit right now, which is attended by hundreds of ceo's and economic leaders from around the world.

The president announcing an expansion of the select usa program, a program to attract more foreign investment in the united states.

I want to take a listen in.

Bringing jobs back from japan.

Ford is bringing back jobs for mexico.

After locating plants and other countries like china, intel is opening its most advanced plant right here in the united states.

And there are a whole range of factors involved.

People are looking at lower energy costs here, they're looking at stability, they are looking at the end of east -- the increase productivity of workers.

All of these things are adding up.

And people are saying -- why would we want to be outside the worlds largest market when we can get our products made effectively here, and there is a great platform from which we can ask for all around the world?

It is not just companies based in the united states.

Honda is betting on america by expanding production operations in ohio, alabama, and indiana, and today more honda's are made in america than any of -- than any place else in the world.

Samsung is betting on america by revamping their plant in austin, texas.

For billion dollar investment.

-- a $4 billion investment.

Statements spending on america by hiring hundreds of new workers in north carolina and putting $50 million a year in the training of its u.s. workforce.

That is the kind of investment that we have always welcomed as a nation, but the reason for selectusa is we know we can do more, we know we can do better.

So two years ago, i acted on a recommendation from the ceo's on my jobs's counsel, and we created selectusa to encourage more foreign companies to invest and create jobs right here in the united states.

And we have shown that this works.

As penny mentioned earlier this morning, with help from selectusa, the austrian company is creating 220 jobs in an auto parts plant in cartersville, georgia.

The canadian company is investing more than 600 million dollars to expand its learjet facility in wichita, kansas.

A building company that makes high-tech aircraft parts reopened a shuttered factory in stillwater, oklahoma, and they are expected to create 380 good jobs by the end of 2015. the list goes on.

I want to see even more of these success stories told across this country.

Which means i want to make sure we are doing everything we can so that companies like yours want to set up shop here in the u.s. and all the u.s. states and cities that are represented here today, we want to provide you with the tools you need to close those deals i create those jobs.

-- and create those jobs.

I'm proud to announce i am expanding and enhancing selectusa to create the first- ever fully coordinated u.s. government effort to recruit businesses to invest and create new jobs in the united states.

[applause] to do that, i am taking four new steps to bring good jobs to our shores.

First, building on the great work that our diplomats and indices do everyday.

I am a making a tract in foreign investment a formal part of the portfolio for our ambassadors and their teams around the world.

I meet with our dedicated embassy staffs wherever i go.

All of them are great ambassadors for america, and they are building bridges and connections everyday.

Well, i want them doing even more to help foreign companies cross those bridges and come here.

And as they take on this expanded economic mission overseas, we will make sure that they have got the support that they need here at home.

Which brings me to the second point.

Officials at the highest levels, up to and including me, are going to do even more to make the case for investing in america.

I already do this everywhere i go around the world in public and private.

I joke with a few american company that i will deserve at least a gold watch at the end of my tenure from them.

[laughter] i have racked up some pretty good sales.

[laughter] but as a country, we don't always make our case in a coordinated way that links our teams overseas to the right senior officials in washington.

We are going to change that.

Make our advocacy more efficient, more effective, more connected so that businesses who are making decisions about where to invest are getting timely answers and know that they are going to have all the help that they need.

Number three, we will make sure that for the first time, companies who want to do business in america have a single point of contact at the federal government -- federal level to cut through red tape.

We are one to help you navigate national, state, local rules and regulations so that you can invest faster, open facilities faster, created jobs faster.

And finally, we will help states, cities, regions across america up their game by giving them more tools they need to compete.

From the latest research and analysis to of and selling them directly with potential investors.

This is a big country.

For a lot of foreign investors, you know, it may be sometimes hard to navigate and figure out what exactly is going to feed the need -- fit the need of your company.

Well, we can help you do that, and we can help measure the state and local governments and regional offices -- they are best equipped to make their case, and we can get a good fit.

It is good for the company, and good for those communities.

So, the new focus at our embassies on attracting investment, more outreach from washington, coordinated advocacy to bring more jobs here, new ways to cut through red tape, and new tools for state and local leaders.

That is what an expanded selectusa will mean for businesses and cities.

Alternately, i believe that will translate into more good middle- class jobs for americans.

My number one priority.

I will be asking congress to do its part.

A lot of this is coordination.

It is not necessary to spend a lot of money.

It is important for us to do what we do more wisely.

By making america even more -- president obama speaking at the selectusa summit in washington, and announcing the expansion of the selectusa program to increase expansion in the u.s. and recruit more businesses from abroad to the u.s. it was a started as a program that started in 2011, and now it is being expanded.

We have more "bloomberg west" after this quick break.

Walkabout.

I am emily chang.

-- welcome back.

Coming up on the late edition of "bloomberg west," the faa is loosening rules on electronic use and flight.

What went into this decision and how safe our gadgets on planes?

We will ask a former department of transportation inspector at our 3:00 p.m. pacific, cisco pm eastern show.

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