Obama Shifts Gears to Economic 'Overdrive'

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President Barack Obama said his focus is now on "putting the economy into overdrive," starting with a new economic advisory board to focus on job creation.

While visiting a General Electric plant in Schenectady, N.Y., Friday, Obama named GE CEO Jeffrey Immelt as leader of his Council on Jobs and Competitiveness.

"Our job is to do everything we can to ensure that businesses can take root, and folks can find good jobs," Obama told GE workers.

The new economic team will replace the former Economic Recovery Advisory Board headed by Federal Reserve Chairman Paul Volcker.

"We still have a long way to go, and my number one priority is to ensure we are doing everything we can to get the American people back to work," Obama said.

Until now, the board has worked to stabilize the economy. It's new mission will be to generate ideas from the private sector to create jobs and make America more competitive.

This change comes as Thursday's Wall Street Journal/NBC News polls showed more than half of all Americans disapprove of how Obama has handled the economy.

Only 35 percent of those suryed said the economy has improved on his watch.

*Originally aired on Jan. 21, 2011.

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