f the Italian auto maker said Tuesday. "Tata and Fiat cars won't be sold in the same showroom anymore. We have already started the process and we will cover 20 cities in the next one-and-a-half years," Rajeev Kapoor, chief executive officer and president at Fiat India Automobiles Ltd., told reporters. Fiat India is an equal joint venture between Fiat and Tata Motors. The joint venture makes ne and coffee makers that don’t return to buy U.S. exports destroy millions of jobs. If the trade deficit were cut in half, the economy would grow by some $500 billion and add 5 million new jobs. Developing U.S. oil and gas, where environmental risks can be managed better than abroad, could slash oil imports in half. Finally labeling Chinese currency manipulation protectionism, and levying a tax on the conversion of dollars into yuan until China stops its currency market manipulation, could slice the trade deficit by some $300 billion. However, oil and China are not the end of our problems. The marketplace needs regulations that work, not merely that add to the costs of doing business and creating jobs. The Dodd-Frank financial reforms add costly bureaucracy but Americans are still abused by credit card companies, and banks continue trading and have doubled CEO salaries. The only things that have really changed are banks won’t lend to small businesses and savers can’t earn much interest on CDs. Obamacare has raised the cost of health to businesses and co-payments on prescriptions. Things have improved for some — drug companies are earning bigger profits and paying CEOs more. General Motors (GM) and Chrysler and the UAW are rescued but now GM will outsource the core of future hybrid and electric vehicles — and all electronic accessories in its autos — to Korea’s LG. Chrysler is hawking Italy’s Fiat 500. We’ll get a lot of growth and jobs out of those. The President needs to tell us he will open up American oil and gas reserves to drilling, build out the use of natural gas for vehicles in big cities and heating in rural areas, finally stand up to China, and genuinely clear out all the useless regulations that make no one better off. Democrats get a lot of support from banks and pharmaceutical executives, unions and America’s biggest outsourcers — GM, General Electric (GE) and technology companies. It would take Trumanesque courage to stand up to those vested interests and the counter-productive ideas of the professional left at Harvard, Princeton and among Democratic party activists. The time is long past due for President Obama to demonstrate he has what it takes to do the job. Peter Morici is a professor at the Smith School of Business, University of Maryland School, and former Chief Economist at the U.S. International Trade Commission. Related Video How Will Obama's Speech Impact Markets? Ariel Investments Vice Chairman Charles Bobrinskoy argues the President's upcoming speech will have