Political Musings October 12, 2014: Raising minimum wage not unemployment extension top issue for Obama in midterms

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Raising minimum wage not unemployment extension top issue for Obama in midterms

By Bonnie K. Goodman

President Barack Obama has decided to make raising the minimum wage the key issue for the midterm elections in order to help the Democrats maintain control of the Senate. This past week President Obama has brought up…READ MORE

Full Text Obama Presidency October 11, 2014: President Barack Obama’s Weekly Address: America Is a Place Where Hard Work Should Be Rewarded on Raising the Minimum Wage — Transcript

POLITICAL TRANSCRIPTS


OBAMA PRESIDENCY & THE 113TH CONGRESS:

Weekly Address: America Is a Place Where Hard Work Should Be Rewarded

Source: WH, 10-11-14

WASHINGTON, DC — In this week’s address, the President made the case for why it’s past time to raise the minimum wage. Increasing the national minimum wage to $10.10 an hour would benefit 28 million Americans, and make our economy stronger. While Republicans in Congress have blocked this commonsense proposal, a large and growing coalition of state and local leaders and owners of businesses large and small have answered the President’s call and raised wages for their residents and employees. This progress is important, but there is more that can be done. No American who works full time should have to raise a family in poverty. That’s why the President will continue to push Congress to take action and give America its well-deserved raise.

The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, October 11, 2014.

Remarks of President Barack Obama
Weekly Address
The White House
October 11, 2014

Hi, everybody.  For the first time in more than 6 years, the unemployment rate is below 6%.  Over the past four and a half years, our businesses have created more than 10 million new jobs.  That’s the longest uninterrupted stretch of private sector job creation in our history.

But while our businesses are creating jobs at the fastest pace since the ‘90s, the typical family hasn’t seen a raise since the ‘90s also.  Folks are feeling as squeezed as ever.  That’s why I’m going to keep pushing policies that will create more jobs faster and raise wages faster – policies like rebuilding our infrastructure, making sure women are paid fairly, and making it easier for young people to pay off their student loans.

But one of the simplest and fastest ways to start helping folks get ahead is by raising the minimum wage.

Ask yourself: could you live on $14,500 a year?  That’s what someone working full-time on the minimum wage makes.  If they’re raising kids, that’s below the poverty line.  And that’s not right.  A hard day’s work deserves a fair day’s pay.

Right now, a worker on the federal minimum wage earns $7.25 an hour.  It’s time to raise that to $10.10 an hour.

Raising the federal minimum wage to ten dollars and ten cents an hour, or ten-ten, would benefit 28 million American workers.  28 million.  And these aren’t just high schoolers on their first job.  The average worker who would benefit is 35 years old.  Most low-wage workers are women.  And that extra money would help them pay the bills and provide for their families.  It also means they’ll have more money to spend at local businesses – which grows the economy for everyone.

But Congress hasn’t voted to raise the minimum wage in seven years.  Seven years.  And when it got a vote earlier this year, Republicans flat-out voted “no.”  That’s why, since the first time I asked Congress to give America a raise, 13 states, 21 cities and D.C. have gone around Congress to raise their workers’ wages.  Five more states have minimum wage initiatives on the ballot next month.  More companies are choosing to raise their workers’ wages.  A recent survey shows that a majority of small business owners support a gradual increase to ten-ten an hour, too.  And I’ve done what I can on my own by requiring federal contractors to pay their workers at least ten-ten an hour.

On Friday, a coalition of citizens – including business leaders, working moms, labor unions, and more than 65 mayors – told Republicans in Congress to stop blocking a raise for millions of hard-working Americans. Because we believe that in America, nobody who works full-time should ever have to raise a family in poverty.  And I’m going to keep up this fight until we win.  Because America deserves a raise right now.  And America should forever be a place where your hard work is rewarded.

Thanks, and have a great weekend.

Political Musings October 6, 2014: Long-term jobless rate remains high Obama, Boehner ignore unemployment extension

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Long-term jobless rate remains high Obama, Boehner ignore unemployment extension

By Bonnie K. Goodman

The main headline for the September jobs report released on Friday, Oct. 3, 2014 was for the first time in six years the unemployment rate is under six percent, coming in at 5.9 percent. What was lost in the…READ MORE

Political Musings October 5, 2014: Obama praises September jobs report pitches raising minimum wage in midterm push

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Obama praises September jobs report pitches raising minimum wage in midterm push

By Bonnie K. Goodman

The economy is rebounding, the September jobs report released on Friday, Oct. 3, 2014 shows that for the first time in six years the unemployment rate is under six percent, coming in at 5.9 percent. President Barack Obama did…READ MORE

Political Musings October 5, 2014: GOP make midterms referendum on Obama, as president refocuses on the economy

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

GOP make midterms referendum on Obama, as president refocuses on the economy

By Bonnie K. Goodman

With just a month to the midterm elections, President Barack Obama decided to help the Democrats, and ultimately himself by delivering a speech about the state of the economy on Thursday, Oct. 2, at Northwestern University’s Kellogg School…READ MORE

Full Text Obama Presidency October 3, 2014: President Barack Obama’s Town Hall on Manufacturing at Millennium Steel — Transcript

POLITICAL TRANSCRIPTS

OBAMA PRESIDENCY & THE 113TH CONGRESS:

Remarks by the President at a Town Hall on Manufacturing

Source: WH, 10-3-14 

Millennium Steel
Princeton, Indiana

2:17 P.M. CDT

THE PRESIDENT: Hello, everybody! Hello, Indiana! It’s good to be back close to home. Everybody have a seat, have a seat.

Well, first of all, let me thank Henry and everybody for extending such a warm welcome. It’s good to be back in Indiana. A couple people I just want to acknowledge very quickly: Your Mayor, Bob Hurst. Where did Mayor Hurst go? (Applause.) He was here just a second — there he is right there. Give him a big round of applause. (Applause.) We’ve got your former Congressman, Brad Ellsworth, in the house. Say hi to Brad. (Applause.)

It is great to be back in Indiana. It’s great to be in Princeton. And I want to thank Millennium Steel for hosting us here today. I’m here because you might have heard that today is National Manufacturing Day. You don’t get the day off on National Manufacturing Day. (Laughter.) But factories like this one, all over the country, are opening their doors to give young people a chance to understand what opportunities exist in manufacturing in 21st century in the United States of America. So I figured, what better place to celebrate Manufacturing Day than with a manufacturer?

And instead of giving a long speech, what I want to do today is just have a conversation with folks about what’s happening in the American economy, what’s happening in your lives, what’s happening in manufacturing, and to talk a little bit about how we can continue to build an economy that works for everybody, that gives everybody who’s willing to work hard a chance.

And I wanted to do that here because, in some ways, American manufacturing is powering the American recovery. This morning, we learned that last month, our businesses added more than 236,000 jobs. (Applause.) The unemployment rate fell from 6.1 percent to 5.9 percent. (Applause.) What that means is that the unemployment rate is below 6 percent for the first time in six years. (Applause.) And we’re on pace for the strongest job growth since the 1990s — strongest job growth since the 1990s. Over the past 55 months, our businesses have now created 10.3 million new jobs. (Applause.)

Now, that happens to be the longest uninterrupted stretch of job growth in the private sector in American history. And all told, the United States has put more folks back to work than Europe, Japan, and all other advanced economies combined. All combined, we put more folks back to work right here in the United States of America. (Applause.)

So this progress that we’ve been making, it’s been hard, it goes in fits and starts, it’s not always been perfectly smooth or as fast as we want, but it is real and it is steady and it is happening. And it’s making a difference in economies all across the country. And it’s the direct result of the best workers in the world, the drive and determination of the American people, the resilience of the American people bouncing back from what was the worst financial crisis since the Great Depression — and it’s also got a little bit to do with some decisions we made pretty early on in my administration.

So, just to take an example, many of you know that the auto industry was really in a bad spot when I came into office. And we decided to help our automakers to rebuild, to retool, and they’re now selling new cars at the fastest rate in about eight years. And they’re great cars, too. (Applause.) And that’s helped a lot of communities all across the Midwest. And that’s just one example of what’s been happening to American manufacturing generally.

About 10, 15 years ago, everybody said American manufacturing is going downhill, everything is moving to China or other countries. And the Midwest got hit a lot harder than a lot of places because we were the backbone of American manufacturing. But because folks invested in new plants and new technologies, and there were hubs that were created between businesses and universities and community colleges so that workers could master and get trained in some of these new technologies, what we’ve now seen is manufacturing driving economic growth in a way we haven’t seen in about 20-25 years.

Because of the efforts that we’ve made, manufacturing as a whole has added about 700,000 new jobs. It’s growing twice as fast as the rest of the economy. New factories are opening their doors. More than half of manufacturing executives have said they’re actively looking to bring jobs back from China. Our businesses are selling more goods overseas than any time in our history. And the reason this is important is not just because of some abstract statistic. Manufacturing jobs have good pay and good benefits.

And they create a ripple effect to the whole economy because everybody who’s working here at Millennium Steel, because you’re getting paid well, because you’ve got decent benefits, that means that the restaurants in the neighborhood are doing better. It means you can afford to make your mortgage payments and buy a new car yourself, and buy some new appliances. And you get a virtuous cycle in which all businesses are doing better.

To most middle-class folks, the last decade was defined by those jobs going overseas. But if we keep up these investments, then we can define this decade as a period, instead of outsourcing, insourcing — bringing jobs back to America. And when you ask business executives around the world, what’s the number-one place to invest their money right now, for a long time it was China. Today they say, the best place to invest money is here in the United States of America. Here in the United States of America. (Applause.)

So there is a lot of good stuff happening in the economy right now. But what we all know is, is that there’s still some challenges — there’s still some challenges — because there are still a lot of families where somebody in the family is out of work, or isn’t getting as many hours as they want. There are still a lot of folks who, at the end of the month, are having trouble paying the bills. And wages and incomes have not moved up as fast as all the gains we’re making in jobs and productivity. Too much of the growth in income and wealth is going to the very top; not enough of it is being spread to the ordinary worker.

And that means that we’ve still got some more work to do to put in place policies that make sure that the economy works not just for the few, but it works for everybody; and that if you work hard you’re going to be able to pay the bills, you’re going to be able to retire with some dignity and some respect, you can send your kids to school without having to worry about it. That’s what we’ve got to be working on — making sure that no matter who you are, where you started, you can make it here in America. That’s what the American Dream is all about. (Applause.)

Now, let me just close by saying a couple of things that I know would make a difference if we were doing them right now to make the economy grow even faster, to bring the unemployment rate down even faster, and if employers are hiring more workers and the labor market gets a little bit tighter, then employers end up paying a little bit more and wages go up a little bit more, and that means people have a little more money in their pockets, and then they’re spending more of it on businesses’ products and services, which means that even more workers get hired. There are some things we could do right now that would make a difference.

We should be investing in roads and bridges and ports and infrastructure all across the country. We’ve got a lot of stuff that was built back in the ‘40s and the ‘50s that needs to be updated. And if we’re putting construction workers back to work, that means they also need some steel. They also need some concrete. It means you need engineers doing the work, and you need suppliers. And all that would give a huge boost to the economy and make it easier for businesses to deliver their products and services around the world. It would be good for our economy. That’s something that we should be doing right now.

And I’ve been putting proposals forward in front of Congress to say let’s go ahead and just start rebuilding all kinds of parts of America that need rebuilding. And nobody disagrees that they need to be rebuilt. The only thing that’s holding us up right now is politics.

We should be raising the minimum wage to make sure that more workers — (applause) — who have been working full-time shouldn’t be living in poverty. And we’ve got legislation going on right now that would call for a minimum wage of $10.10 an hour, which would mean that if you work full-time you’re not living in poverty, you can raise a family. And the good news is, is about 13 states and a bunch of cities around the country have gone ahead and done it without Congress. But it would sure help if Congress went ahead and did it as well. Because right now, since I, two years ago, called for a hike in the minimum wage, about 7 million people have seen their incomes go up, but there are still about 21 million people who would stand to benefit if we had a national minimum wage.

And by the way, when you hear folks saying, well, if you raise the minimum wage that’s going to be fewer jobs — it turns out the states that have raised the minimum wage have had faster job growth than the states that haven’t raised the minimum wage. So this is something that would benefit families, but again, if folks have more money in their pockets, they’re working hard, they go out and spend it. And that ends up being good for business, not just for the workers involved.

We should be making sure that women are getting paid the same as men for doing the same work. (Applause.) That’s something, by the way, that should be a no-brainer for men, too, because — (laughter) — I remember when Michelle and I were both working, I was always happy if she got a raise. I wanted to make sure that she was getting paid fairly because it’s all one household, and the more women that get into the workforce, the more families are reliant on two incomes in order to make ends meet. Plus it’s just fair and it’s the right thing to do. (Applause.)

So there are a number of steps that we can take to make unemployment go down faster, to make sure that wages are rising faster, and that would benefit everybody. And I’ll just close with this comment. If you look at American history, the times we grow fastest and do best is when we’re growing the economy from the middle out. When middle-class families are growing, when working folks can get their way into the middle class, that’s when the whole economy does well. When you have an economy where just a few are doing well, and a lot of other folks are left, no matter how hard they work, still just scraping to get by, the economy doesn’t get the same kind of momentum.

And if you think about what America is about, what the American Dream is about, it’s always been that everybody should have opportunity. It shouldn’t matter how you started out if you’re willing to work hard, if you have good values, if you take responsibility. And that’s the kind of economy that we want to build. And we can build it, and manufacturing is going to be right smack dab in the middle of that effort, we’ve got to continue to build on the success we have. We’re not going to rest on our laurels. We’re going to keep on going until every single person who wants to find a good job out there can get a good job, and that America is competing against everybody else, so that 21st century is the American Century, just like the 20th century was.

All right? (Applause.)

Here is how we’re going to do this. I’m going to just grab this mic. Anybody who wants to ask a question or make a comment just raise your hand. There are probably some folks with mics in the audience. Wait for the mic so everybody can hear you. Stand up, introduce yourself. Try to make your questions kind of short, and I’ll try to make my answers kind of short. That way we can get more folks in. All right? All right. Who wants to go first? Oh, and I’ll go boy, girl, boy, girl — to make sure everybody — (laughter) — it’s kind of fair, kind of even. All right.

This young man right here.

Q Thank you for coming out today, President Obama. I’m with the University of Southern Indiana Manufacturing Club out here –

THE PRESIDENT: Excellent.

Q And my question for you is, can you share some specifics about the Rebuild America Act? I know you talked a little bit about that.

THE PRESIDENT: Well, we have about $2 trillion in deferred maintenance. I don’t have to tell you because some of you have probably hit some potholes and tried to figure out what the heck is going on, why aren’t we fixing that road? But it’s not just the traditional roads and bridges. It’s also the infrastructure we don’t see — sewer systems, water systems. A lot of them are breaking down. Gas lines that we’ve been seeing in some big cities — those things start wearing out, suddenly they actually pose a threat if they explode because they’re just not in good shape.

There’s a whole bunch of new infrastructure that we should be building. So I’ll give you a good example is our electricity grid. The way we transmit power — if we’ve got old electricity grids, what happens is a lot of the electricity leaks, a lot of the power leaks in the transmission from the power plant to, let’s say, a factory like this one. And the more it leaks, the more that’s driving up prices, because it’s not as efficient as it should be and it’s more vulnerable to blackouts.

And in fact, if we built a smarter power grid — that’s called a smart grid — means that not only is it not leaking power, but it’s also sending power in efficient ways during peak times, so that we end up using less energy, which drives down consumer prices and is good for the environment.

I’ll give you one other example that I know everybody here will appreciate. We have an old, archaic air traffic control system. Some of you heard about what happened in Chicago — some guy got mad he was being transferred to Hawaii. Now, let me tell you, I’ve been to Hawaii. I don’t know why he was mad about that. (Laughter.) He sets fire to some of the facilities there, and suddenly folks couldn’t get in and out of Chicago for a couple of days. In fact, I was in Chicago yesterday — day before yesterday. I had to land in Gary because O’Hare was still somewhat restricted.

But even setting aside that, it turns out that if we revamped our whole air traffic control system, we could reduce the number of delayed flights by about 30 percent. We could reduce the amount of fuel that airlines use by about 30 percent, which means we could lower ticket prices by a whole bunch. It means that you wouldn’t have two-hour waits in the airport. And if you’re flying for business, that’s going to save you time and money. If you’re just trying to get home to see your family, it means time spent with family instead of sitting in an airport, buying stuff that’s really expensive. (Laughter.)

The whole economy would be more efficient if we do it. So the good news is it’s the best time for us to rebuild our infrastructure because there are still a lot of construction workers out of work, a lot of contractors — it’s not like they’ve got so much business, which means they can do the work on time, under budget. Interest rates are low. If we spent, let’s say, the next 10 years just saying we’re just going to rebuild all across America, old infrastructure and new infrastructure, then not only would we give the economy a boost right now, but what we’d also do is lay the foundation for even more economic growth in the future.

It’s a smart investment, and we should be doing it. So what I’ve proposed is let’s close some tax loopholes that exist right now that in some cases are incentivizing companies to send money overseas and profits overseas instead of investing here in the United States of America. Let’s close those loopholes that aren’t good for creating jobs here. Let’s take some of that money, let’s use that to rebuild our infrastructure. Makes good sense.

But Congress hasn’t done it yet — not because it’s not a good idea. Infrastructure is not partisan. That’s not Democratic or Republican, that’s just a common-sense thing. Eisenhower built the Interstate Highway System. Lincoln — first Republican President — helped build the Transcontinental Railroad. Traditionally, everybody has been in favor of infrastructure because it powers our economy. It’s part of what made us an economic superpower. We’ve got to get back to that kind of mentality.

All right. Young lady right here.

Q Mr. President, you mentioned an increase to the minimum wage. How do you counter an opinion that increasing employee wages would ultimately increase the selling price of goods and services, thus negating any increase to the employee’s standard of living?

THE PRESIDENT: No, it’s a good question. It’s interesting that if you look at the studies that have been done — first of all, most employers pay more than the minimum wage already. Typically, minimum wage are in certain sectors of the economy. They’re disproportionately women who are getting paid the minimum wage. But unlike what people think, the majority of folks getting paid the minimum wage are adults, many of them supporting families. The average age of somebody getting paid the minimum wage is 35 years old. They’re not 16.

So in those states or where you’ve had one state pass a hike in the minimum wage and the state right next door doesn’t, and you kind of look at what’s happening along the border where you think that people would be kind of influenced — maybe they shop where the prices are cheaper, or businesses would move over to the place where there isn’t a minimum wage — it turns out that actually it doesn’t have that much of an impact. It has an impact on the families. It generally does not have a huge impact in terms of prices, and it doesn’t have — another argument that’s made is folks will hire fewer people because salaries are higher. Well, it turns out actually that’s not generally what happens. It’s just that if everybody has to raise the minimum wage, then everybody adjusts. And in some cases, because of competition, they’re not going to be able to raise their prices.

But you’re getting to a larger point that I think has plagued the American economy for some time, and that is that business has learned how to be really profitable and produce a lot of goods with fewer and fewer workers, partly through automation. And sometimes that does drive down prices. The problem is it also drives down wages. And it’s driven wages down faster, in many cases, than prices.

I mean, if what you’re worried about most is low prices, then presumably we could have everything made in low-wage countries overseas. They’d get shipped back here, but it doesn’t do you any good if a pair of sneakers is really cheap and you don’t have a job. So I think the goal here should be prioritizing — number one, making sure people have work, number two, making sure that that work pays well.

And if people have good jobs and they’re getting paid a decent wage, then businesses are the ones who have to compete for your business. They’re still going to have to keep prices down relatively low because they’re going to have to compete against other businesses. If they raise their prices too much, somebody is going to come in and offer a better deal. And consumers have gotten better, partly because of the Internet. They know what prices are there.

So there’s never been greater competition out there. The problem is right now that all that competition is on the back of workers. Businesses’ profits are through the roof. There was a report this week that showed that corporate balance sheets in America are as strong as they’ve been in history. It’s part of the reason why the stock market is doing great. So it’s not as if companies don’t have some room to pay their workers more. They’re just not doing it. And a greater and greater share has been going to the corporate balance sheet, and less and less of a share is going to workers.

So don’t let folks tell you that companies right now can’t afford to provide their workers a raise. The reason they’re not giving their workers a raise is because, frankly, they don’t have to — because the labor market is still somewhat soft, and people are afraid that if I leave this job I may not find something.

The good news is, as the unemployment rate comes down, there are fewer workers looking for jobs, and that means companies have to start bidding up wages a little bit. The market will take care of some of this. But having a minimum wage that is a little bit higher, that’s also going to help.

Last example I’ll give, by the way, Costco –I assume some folks here shopped at Costco before. Costco has the best prices around, right? Starting salary for a cash register operator — $11.50, maybe it’s $11.35. Starting wage. And by the way, even before the Affordable Care Act, Costco gave everybody health care. But they’ve been growing just as fast as folks who don’t pay the minimum wage and don’t provide health care benefits. Their stock has done great. The difference is they’re spreading more of the profits to their workers, which is good for the economy as a whole. And by the way, when you walk into Costco, everybody is pretty cheerful because they’re feeling like they’re getting a fair deal and that the company cares about them.

All right? Yes.

Q I’m the general manager at Millennium Steel. We’re very honored to have you. One of the questions I had is about the health care costs. We are seeing almost a double-digit increase in health care costs every year. So do you think that trend is going to go down? And what can we do to control that trend?

THE PRESIDENT: I think that’s really interesting. You’re going to have to talk to Henry because — (laughter) — no, no, no, this is serious. The question is whether you guys are shopping effectively enough. Because it turns out that this year, and in fact over the course of the last four years, premiums have gone up at the slowest rate in 50 years. So health care premiums have actually slowed down significantly. And it is having an effect both on businesses and families and the federal debt. Because most of the federal deficit and the federal debt, when folks talk about we’ve got to drive down the debt, we’ve got to do something about the debt — it turns out that most of the federal deficit and the federal debt over the last decade has come from health care costs going up so high, which means Medicare and Medicaid costs start going up. And that’s gobbled up a bigger and bigger share of the federal budget.

Because health care costs are going up much more slowly than expected, so far we anticipate we’re going to save about $188 billion over the next 10 years and reduce health care costs.

So the issue now is what can we do to make sure that you at Millennium are shopping and seeing more competition. Because the only problem with the health care market is sometimes it’s different in different pockets of the country, depending on how many carriers there are. And what we’re trying to do is to make sure that there’s more competition driving down cost when it comes to both the businesses who are trying to buy health care for their employees, but also folks who don’t get health care on the job and are just having to buy it on their own.

That’s part of what the Affordable Care Act is all about. Now, some of you — Affordable Care Act, by the way, is also known as Obamacare. (Applause.) For a while, everybody was saying — sort of using that as kind of an insult. I’m feeling pretty good about it being called Obamacare. I suspect that about five years from now when everybody agrees that it’s working, then they won’t call it Obamacare anymore. (Laughter.) That’s okay.

But part of what we did there is we set up what’s called these marketplaces, these exchanges, where individuals can go online and shop. And as you know, the website was really bad for the first three months. It’s now in really good shape. We’ve signed up 10 million people to get health coverage many times for the first time. And we’re giving them tax credits to help lower the cost even more. But we’re also setting up a network for businesses to be able to shop for health insurance.

And what’s happened — I talked about this yesterday — right now on average across America — so it may not be true in every single market, but across America, on average, premiums have — if it had not been for this drop in health care inflation, premiums would probably be about $1,800 higher per family than they actually have turned out to be. Now, you think about that — $1,800, that’s money that’s in your pocket that otherwise would be going to you paying for your health care premiums. That’s like an $1,800 tax cut for every family that’s got health insurance. And that’s good news. But we’ve got to make sure everybody takes advantage of it.

So I’m going to make sure — are you in charge of buying health care? You are? All right, so what I’m going to do is I’m going to make sure that you talk to some of our health care market folks. I bet we can get you a better deal. All right? We’ll see if we can save you a little money. (Applause.)

All right. Young lady right here in the jacket.

Q Good afternoon. My name is Conner Perry (ph). I’m in the 8th grade at the Lexington School in Lexington, Kentucky.

THE PRESIDENT: Well, it’s so nice to meet you.

Q Thank you.

THE PRESIDENT: How old are you — you’re in 8th grade, so you’re just tall and pretty, just like Malia and Sasha. There you go.

Q I was wondering, what are some actions we could take to put people in rural America to work?

THE PRESIDENT: That’s a great question. You know, the rural economy has actually done extremely well compared to the rest of the economy over the last couple of years. The main reason for it — first of all, we’ve got the best farmers in the world and we’re the most productive agricultural system in the world. So we just — our crops are really good and we produce a lot. And the weather has been pretty decent. I just talked to my friend — where is Scates? There he is. Good buddy of mine — the Scates farm over on Illinois side. He said best crops he’s seen in a while — right? Ever. So that’s the good news.

But what’s also helped is that we have increased our agricultural exports, sending our outstanding products overseas at a record pace. And I should introduce, by the way, Secretary of Commerce Penny Pritzker is right here. That’s Penny. (Applause.) And one of Penny’s most important jobs is going around the world and trying to open up new markets for agricultural goods. One of our biggest exports.

And so we’ve got to keep on making sure that if we have the best crops, the best products at the lowest price that we can get into these markets. A lot of countries protect their markets and their farmers from competition by closing their markets — even though they’re selling stuff to us. And my general attitude about trade, I’m a big believer in trade, but my attitude is it’s got to be two-way. If we’re going to buy your cars, or we’re going to buy your TV sets, or whatever else you’re selling, then you’ve got to be able to buy American wheat and corn and beans. And Penny has done a terrific job. And that’s part of the reason why we’ve seen record exports. And that helps the agricultural economy.

That’s number one. But number two, we’ve also got to diversify the rural economy so it’s not just dependent on agriculture. And that means, for example, investing in things like biofuels and clean energy. We are at the threshold of being able to create new energy sources out of not just crops that we grow — corn and ethanol — but also stuff that we usually throw away, like the corn stalks instead of the corn. And the more we invest in biofuels, clean energy, that can make a big difference in the rural economy.

So that’s another area where we can make progress. And then the rural economy should — just like here in Princeton, we’ve got to make sure that we are offering up opportunities for manufacturers to come back in to look at some of these rural sites, where you know the people there work hard and quality of life is high, but oftentimes international investors don’t know about some of these rural communities. And so Penny has been helping to advertise. We’ve got a whole program called SelectUSA where we go around and we help towns, mayors, county chairmen, local chambers of commerce invite investors from Japan and Singapore and Germany — come invest here in the United States of America.

Because what you want is an economy that isn’t just relying on one thing, but it has a bunch of different components to it, so that if, say, you have a bad crop one year the whole economy of that area doesn’t just collapse. And that can make a big difference.

But if we’re going to be able to attract investment into rural America, there are at least two things that have to happen. Number one, we’ve got to invest in education to make sure that the young people in rural America have the skills for today’s jobs. And that includes not just K through 12, but also community colleges — which are really a crown jewel — community colleges can be so powerful in just training folks — they may not go to a four-year college, but if they can get some technical training they’re suddenly ready for that job. And that is really attractive to investors. If they know they’ve got good workers in a site, that’s one of the most important things they’re looking for.

And the second thing is the thing I talked about earlier, which is infrastructure. Part of the problem with rural communities is they’re a little more isolated. All the more important, then, that our rail, our roads, our airports, that they all work, and that they’ve got broadband connections and Internet connections in order to make sure that they can access international markets.

All right? Great question. All right, it’s a gentleman’s turn. Right here. Right here in front.

Q Hello, Mr. President. Thank you for coming. I hope I’ve got this right — it is your wedding anniversary today?

THE PRESIDENT: That is correct.

Q So happy anniversary to you and Michelle.

THE PRESIDENT: Thank you, sir. Thank you. (Applause.) Thank you. Twenty-two years she’s been putting up with me. (Laughter.) I had a young man, a friend of mine just got married. And I told the bride — wonderful young lady — I said it takes about 10 years to train a man properly. (Laughter.) So you’ve got to be patient with him. Because he’ll screw up a bunch, but eventually we learn. It’s just it takes us a little longer. We’re not as smart. So Michelle has been very patient with me.

Thank you very much. That’s very kind of you. (Applause.) Young lady right here.

Q Hi, President Obama. I’m from Indiana State University. Right here. (Applause.) Representing.

THE PRESIDENT: Yay, Indiana State!

Q I just had a question. Recently on the media, we have been hearing a lot about the EPA system and the war on coal. What are your feelings on that?

THE PRESIDENT: Some of that is — some of it’s hype and politics. And that’s sort of the nature of our politics these days. But there’s a real issue involved. Less and less of our power is coming from coal.

Now, a lot of people think that’s because of environmental regulations. And the truth of the matter is, is that there’s some environmental regulations that have had an impact mainly because what it’s said to the power plant operators is you’ve got to be more efficient and you can’t send as much pollution into the air. So if you’re using coal, you’ve got to figure out how can we get smart coal — smart coal technologies that capture some of the pollution that’s being sent up, put it underground, store it. Some of that technology is developing, but it’s not quite there yet.

But actually the main reason that power plants in America are using less coal is because natural gas is so cheap. So the real war on coal is natural gas, which, because of new technologies, we are now extracting at a rate that is unbelievable. There’s about a hundred years’ supply of natural gas underground here in America. We are now the number-one natural gas producer in the world. And by the way, we’re also producing more oil than we import for the first time in almost two decades. (Applause.)

Some people don’t realize — you know who the number-one oil producer in the world is? It’s us, the United States of America. So we’re producing more oil than ever. We’re producing more natural gas than ever. And natural gas, we’re producing so much that when new power plants get built, it’s cheaper for them to run on natural gas than it is on coal. So that obviously causes some hardship in communities that traditionally relied on coal.

There are two things we need to do. Number one is — and my administration has been hugely supportive — we’ve put a lot of money into developing these new technologies to make sure we can burn coal cleaner than we have. And the second thing that we need to do is make sure that some of the new opportunities in clean energy and in natural gas and other energy-related industries that they locate in places that used to have coal, or used to be primarily coal country.

Because the trend lines are going to be inevitable. Because if you burn coal in a dirty way, that’s going to cause more and more pollution, including pollution that causes climate change. You’re going to see more and more restrictions on the use of coal not just here in the United States, but around the world, which means that we’ve got to get out in front of that and make sure that we’ve got the technologies to use coal cheaply. And we’ve got to be able to send those technologies to other counties that are still burning coal.

Because there are going to be counties like China and India and others that still use coal for years to come. They’re poor, and they’re building a lot of power plants quickly. They don’t have as much natural gas as us, so they’re going to be interested in figuring how can they use their coal supplies and how can they import our coal. But if we’re doing a good job giving them technologies that allow them to burn it cleanly, then it’s a win-win for us. Not only are we able to then sell coal to them, but we’re also selling the technology to help them burn it in the cleanest way possible.

We’ve been making those investments, and we’ve got to keep on making those investments in order for us to get ahead of the curve.

Great question.

Gentleman back there in the tie. There aren’t that many ties in here, so there you go.

Q Hi, Mr. President. I’m with the Fabricators and Manufacturers Association. We’re one of the founding partners of Manufacturing Day, so thank you for your support. (Applause.)

THE PRESIDENT: Thank you.

Q I’d like to ask you about R&D. U.S. manufacturers do more R&D than any county in the world. It makes us productive. It makes us innovative. Could you talk about policies and ideas to continue to support R&D activities to promote and accelerate manufacturing? Thank you.

THE PRESIDENT: When we think about manufacturing, we always think about the traditional guy with the hard hat and the glasses, and there are sparks flying and it’s noisy. These days you go into a manufacturing plant like this one, first of all, it’s clean, it’s quiet, and so much of it is running on computers and automation and new systems. So if we’re going to stay competitive in manufacturing, we’ve got some terrific advantages.

Energy, by the way, is one of our biggest advantages because we have some of the cheapest energy in the world. That’s part of why a lot of companies want to relocate here in the United States. But we’ve also got to stay ahead of the curve in the new technologies for the new kinds of manufacturing. Every budget I’ve submitted has called for an increase in our R&D budget — our research and development budget. And we’ve specifically been interested in putting more money into research and development in manufacturing.

So, in fact, today I announced the fifth — the proposal for the fifth manufacturing hub that we’re creating. We want to actually create about 15 more of them after this. And what it’s doing is it’s linking manufacturers with universities and researchers to start developing some of the new technologies that we know are going to be key to the future.

So, for example, we already created a manufacturing hub around 3D printing. Everybody know what 3D printing is? It’s actually pretty interesting. So basically the idea is, is that using software you can manufacture just about anything from a remote location just by you send the program to some site and then the machine builds whatever it is that you designed on the computer from scratch. And we know that over time this is going to be more and more incorporated in the manufacturing process. But we want to make sure that all that stuff is done right here in the United States of America. So we created a hub for that.

Today, I’m announcing a $100 million competition to create a new hub around photonics — I had to ask Penny to make sure I pronounced it right. But this is basically the science, the technology around light which is used to transmit data and information, and also is used in the manufacturing process for everything from lasers to some of the stuff that the Department of Defense is doing.

And what these hubs allow us to do is instead of having a slower process where somebody in some lab coat somewhere figures something out and then writes a report on it, and then maybe five years later, some manufacturer says, huh, I wonder if I could tinker around with that and use that in my manufacturing process, you have a system where the businesses and the researchers are working on it at the same time, which speeds up the discovery process and means we’re moving from discovery to application a lot faster.

Now, Germany has about 60 of these manufacturing hubs, and so far I’ve been able to create five of them — or four of them. This is going to be the fifth. And as I said, I want us to make sure we’re doing a lot more than that.

So that’s just one example of why our investment in manufacturing research and development is going to be so critically important. It allows us to keep our lead because America has always been the top innovator in the world. That’s the reason why our economy historically has done so well, is because we invent stuff faster and better than anybody else. And if we lose that lead, we’re going to be in trouble.

Can I just say one last thing about — because I appreciate you working on this National Manufacturers Day. For the young people here, and anybody who is listening, the reason we set up this National Manufacturing Day is because too many young people do not understand the opportunities that exist in manufacturing. Because so many plants were shut down, and so much offshoring was taking place, I think a lot of people just kind of gave up on the idea of working in manufacturing. The problem is that for a lot of young people, manufacturing offers great opportunities.

I was in Wisconsin, somebody told me an amazing statistic, which is the average age of a skilled tool and die operator in Wisconsin is 59 years old. Now, these folks are making 25, 30 bucks an hour, benefits. You are solidly middle class if you have one of these jobs. And the workforce is getting older and older in that area, and the young people aren’t coming to replace them.

So the idea behind National Manufacturing Day, we got 50,000 young people going into factories all across the county and learning about — look at all the jobs that you can get in manufacturing. Engineering jobs, but also jobs on the line, technical jobs. All of them require some skills. All of them require some higher level learning. But not all of them require a four-year degree. You could make a good living. So that’s part of what we’re trying to encourage getting young people to reorient.

And we’re actually also talking to high schools, saying to them, try to encourage young people to think about manufacturing as a career option. Because not everybody wants to sit behind a desk, pushing paper all day long. And different people have different aptitudes and different talents and different interests. And if we can set up a situation where high schools are starting to connect to manufacturing, then a lot of young people can start getting apprenticeships early — realize how interesting some of that work is. Then they have a better idea, if they do end up going to college, it’s a little more focused around the things that they’re actually going to need in order to succeed in manufacturing.

So thank you for participating in that. It’s really important.

We’ve got — how much more time do we have? I just want to make sure. We’ll make it two. We’ll make it two. All right, young lady right there. Yes, right — you, yes. All right, hold on, let’s make sure we got the microphone here.

Q Hi. I am a secondary English education student at USI. And I just want to say thank you for coming here today. It’s such an honor to hear you speak.

Being in the job force in the next couple of years, I am worried about equal pay as a woman. So you’ve talked a little bit about that. How can we get there? What can we do to get equal pay for women?

THE PRESIDENT: Well, it’s a great question. Here are the statistics, first of all. Women on average make 77 cents for every dollar a man makes. Now, what folks will tell you sometimes is you can’t really compare the situation because a lot of women by choice end up working less when they have kids, and decide to stay home, and so it’s not the same thing. But here’s the problem. It turns out that actually in a lot of companies sometimes it’s still the case that women are getting paid less than men for doing the exact same job.

And so one of the first bills I signed was called the Lilly Ledbetter bill. And Lilly, who is a friend of mine, she was doing a job for 25 years and about 20 years into it just happened to find out that for that whole time she had been getting paid less for doing the exact same job that a man had been doing. And when she tried to sue to get her back pay, the court said, well, it’s too late now because the statute of limitations had run out. She said, well, I just found out. That doesn’t matter.

So we changed that law, and that was the first thing that we did. And what we’ve also done is through executive action what I’ve said is any federal contractor who does business with the federal government, you’ve got to allow people to compare their salaries so that they can get information about whether they’re getting paid fairly or not.

There is a fair pay bill that is before Congress, but so far it’s been blocked by the House Republicans. It hasn’t come up for a vote. We need to keep putting pressure on them to get this done. This is just a matter of basic fairness. I don’t think my daughters should be treated any different than somebody else’s sons if they’re doing a good job. They should get paid the same.

But it’s also a matter of economics, as I said before. More and more women are the key breadwinner in their family, and if they’re getting paid less, that whole family suffers. So this is something that we have to take care.

I do want to mention, though, going back to the first argument, people saying that women make different choices when they have children — well, part of the reason they have to make different choices is because we don’t have a good child care system. (Applause.) It’s because we don’t have a good family leave policy. A child gets sick; you need to take care of a sick child. You can get unpaid leave under the Family Medical Leave Act. But what if you can’t afford to give up that paycheck that day? Or you’ve got an ailing parent — they have to go to the doctor one day. They don’t drive. You need to drive them. You need a day off. But if you take the day off, now you can’t pay your rent.

So there are family-friendly policies that we could put in place — and some states are doing so — improving child care, especially early childhood education, by the way, which we know every dollar we invest in that makes our kids do better in school the whole way. (Applause.) So it’s good for our education system, but it’s also just good for parents.

Somebody mentioned my wedding anniversary. I can tell you the toughest time when we were married was when our kids were still small and I was working and Michelle was working. And sometimes I’d be out of town, and the babysitter doesn’t show up, and suddenly Michelle is having scramble. And I promise you when I get home, it’s rough. (Laughter.)

But we were actually — we were professionals. We were both lawyers. We were in a better position to get help than most families, but it was still hard. So the more we do on early childhood education, high quality day care, making it affordable for families, family leave, those family-friendly policies that will help make sure that women are able to take care of their families and pursue their professional careers and bring home the kind of paycheck that they deserve — we need to do both. It’s not a choice between one or the other. We have to do all those things.

I got time for one more question. Gentleman, right here in the blue.

Q Mr. President, I would like to thank you also for visiting. My name is Randy Perry, this young lady’s father. I do have a small manufacturing company in rural America. But how do you speak to us small manufacturers that want to raise the minimum wage but we have to compete?

THE PRESIDENT: Well, as I said before, the first thing we need to do is to make sure that the economy as a whole is strong because, remember what I said, when the economy is strong as a whole, there is more demand for workers. That gives workers more leverage to get pay raises. The same is true for businesses. When demand is high for whatever product you’re producing, then you can afford to charge a little bit more.

And the truth of the matter is, is that for a lot of small businesses, there’s going to be more pressure than large businesses when it comes to wages because you just don’t have as much margin for error. But overall, our economy is going to do better, and small businesses do better when there is greater demand out there for products and services. And there’s greater demand for products and services if people have money in their pockets.

And one of the biggest problems we have in our economy right now — and this includes one of the biggest problems for small businesses — is that when a bigger and bigger share goes to folks at the top, a lot of that money, they just don’t spend.

I had lunch with Bill Gates the other day. Now, Bill Gates has ot a lot of money. (Laughter.) And he’s doing great things with it, by the way, doing great charitable work. But the truth of the matter is, is that if Bill Gates gets an extra million dollars, it’s not like he’s going to spend more money on food or go and buy an extra car, or buy a new refrigerator, because he’s already got everything he needs.

But if somebody who is a low-wage worker gets a raise, first thing they’re going to do is they’re going to spend it — maybe on a new backpack for the kids, or finally trade in that old beater, or a new car. And that drives the economy. It picks it up. It boosts it. And when that happens, then more demand exists for services and goods. And that means that all businesses are going to do better, including small businesses. And that, then, gives you the higher profits, which then allows you to pay your workers a little bit more. You get in this virtuous cycle.

And this is part of the argument that I’ve been having with my good friends in the Republican Party for quite some time. If you look at the policies we’ve been pursuing and proposing — investing in research and development, rebuilding our infrastructure, making sure that college is more affordable, improving child care, fair pay legislation, increase the minimum wage — I can point to evidence that shows that that’s going to put more money in the pockets of middle-class families. That’s going to increase growth at a faster pace, and the economy, as a whole is going to do better.

And their main response to me typically is two things. One is they’ll say we got to get rid of regulations. Except the problem is, for example, the last big crisis we had was precisely because we didn’t have enough regulations on Wall Street, and folks were selling a bunch of junk on the market and doing reckless things that ended up costing everybody something.

And then the second argument that they make is we need more tax cuts for folks like me who make a pretty good living, folks at the top. And I’ve got to tell you, there’s no evidence that that’s going to help middle-class families. There’s no evidence for this trickle-down theory that somehow another tax cut for folks who are already making out like bandits over the last 20 years is going to somehow improve the prospects for ordinary families. It just doesn’t exist. They keep on repeating it, but they don’t show that that’s actually going to help the economy. That’s not going to help you. It’s not going to help you. And it’s not going to help Millennium. And it’s not going to help your business.

I made a speech yesterday at Northwestern, and what I just said is just look at the facts. Since I’ve been President, unemployment has gone from — is down from 10 percent down to now 5.9. The deficit has been cut by more than half. Our energy production is higher than it’s ever been. Our health care costs are slowing. More people have insurance. High school dropout rate has gone down. Graduation rate has gone up. College attendance rate has gone up. Our production of clean energy has doubled. Solar energy has gone up tenfold. Wind energy has gone up threefold. Exports — we export more than we ever have in history. Corporate balance sheets are doing great. Stock market, all-time highs. Housing market beginning to recover. There’s almost no economic measure by which the economy as a whole isn’t doing significantly better than it was when I came into office. (Applause.)

Now, those are just facts. You can look them up. I’m not making it up. That’s one thing about being President — if I stand here and say it, all these folks are filming me so they’ll go and check. (Laughter.) So that’s the truth. But what is also true is that wages and incomes have continued to be flat even though the economy is growing and businesses are making more money. So what that tells me is the one thing that’s holding things back, the one thing that people are still concerned about and the one thing that if we could change would really give more confidence to the economy and boost it is if wages and incomes start going up a little bit.

If all the productivity and profits, if we start sharing that a little bit more with more folks, and ordinary families start feeling like they got a little bit of a cushion, that will be good for everybody. Because that’s the one thing that really we haven’t seen as much improvement on as we need. And so what everybody should be asking is how do we increase wages, how do we increase incomes. Because if we do that, things are going to better.

And there are pretty much just a handful of ways to do it. Number one, you make the economy grow even faster so the labor market gets tighter. Number two, you pursue policies like a higher minimum wage, or making sure that families are able to get child care, you’re driving down health care costs, the kinds of things that affect people’s pocketbooks directly. Those are the things that I’ve been pursuing since I’ve been President. And those are the things I’ll continue to pursue as long as I have this great privilege of bring President.

Thank you so much, everybody. God bless you. Appreciate you. (Applause.)

END
P.M. CDT

Full Text Obama Presidency October 2, 2014: President Barack Obama’s Speech on the Economy at Northwestern University — Transcript

POLITICAL TRANSCRIPTS

OBAMA PRESIDENCY & THE 113TH CONGRESS:

Remarks by the President on the Economy — Northwestern University

Source: WH, 10-2-14 

Northwestern University
Evanston, Illinois

1:11 P.M. CDT

THE PRESIDENT:  Hello, Evanston!  (Applause.)  Hello, Northwestern!  (Applause.)  Thank you so much.  Everybody, have a seat.  Have a seat.  It is so good to be here.  Go ‘Cats!  (Applause.)  I want to thank your president, Morty Schapiro, and the dean of the Kellogg Business School, Sally Blount, for having me.  I brought along some guests.  Your Governor, Pat Quinn, is here.  (Applause.)  Your Senator, Dick Durbin, is here.  (Applause.)  Your Congresswoman, Jan Schakowsky, is here.  (Applause.)  We’ve got some who represent the Chicagoland area in Congress and do a great job every day — Danny Davis, Robin Kelly, Mike Quigley, Brad Schneider.  (Applause.)  We’ve got your mayor, Elizabeth Tisdahl.  (Applause.)  Where’s Elizabeth?  There she is.  One of my great friends and former chief of staff — the mild-mannered Mayor of Chicago, Rahm Emanuel, is here.  (Laughter and applause.)

It is great to be back home.  (Applause.)  It’s great to be back at Northwestern.  Back when I was a senator, I had the honor of delivering the commencement address for the class of 2006.  And as it turns out, I’ve got a bunch of staff who graduated from here, and so they’re constantly lobbying me about stuff.  And so earlier this year, I popped in via video to help kick off the dance marathon.  I figured this time I’d come in person — not only because it’s nice to be so close to home, but it’s also just nice to see old friends, people who helped to form how I think about public service; people who helped me along the way.  Toni Preckwinkle was my alderwoman and was a great supporter.  (Applause.)  Lisa Madigan, your attorney general, was my seatmate.  State Senator Terry Link was my golf buddy.  So you’ve got people here who I’ve just known for years and really not only helped me be where I am today, but helped develop how I think about public service.

And I’m also happy to be here because this is a university that is brimming with the possibilities of a new economy — your research and technology; the ideas and the innovation; the training of doctors and educators, and scientists and entrepreneurs.  But you can’t help but visit a campus like this and feel the promise of the future.

And that’s why I’m here — because it’s going to be young people like you, and universities like this, that will shape the American economy and set the conditions for middle-class growth well into the 21st century.

And obviously, recent months have seen their fair share of turmoil around the globe.  But one thing should be crystal clear:  American leadership is the one constant in an uncertain world.  It’s America — our troops, our diplomats — that lead the fight to degrade and ultimately destroy the terrorist group known as ISIL.

It’s America — our doctors, our scientists, our know-how — that leads the fight to contain and combat the Ebola epidemic in West Africa.

It’s America — our colleges, our graduate schools, our unrivaled private sector — that attracts so many people to our shores to study and start businesses and tackle some of the most challenging problems in the world.

When alarms go off somewhere in the world, whether it’s a disaster that is natural or man-made; when there’s an idea or an invention that can make a difference, this is where things start.  This is who the world calls — America.  They don’t call Moscow.  They don’t call Beijing.  They call us.  And we welcome that responsibility of leadership, because that’s who we are.  That’s what we expect of ourselves.

But what supports our leadership role in the world is ultimately the strength of our economy here at home.  And today, I want to step back from the rush of global events to take a clear-eyed look at our economy, its successes and its shortcomings, and determine what we still need to build for your generation — what you can help us build.

As Americans, we can and should be proud of the progress that our country has made over these past six years.  And here are the facts — because sometimes the noise clutters and I think confuses the nature of the reality out there.  Here are the facts:  When I took office, businesses were laying off 800,000 Americans a month.  Today, our businesses are hiring 200,000 Americans a month.  (Applause.)  The unemployment rate has come down from a high of 10 percent in 2009, to 6.1 percent today.  (Applause.)  Over the past four and a half years, our businesses have created 10 million new jobs; this is the longest uninterrupted stretch of private sector job creation in our history.  Think about that.  And you don’t have to applaud at — because I’m going to be giving you a lot of good statistics.  (Laughter.)  Right now, there are more job openings than at any time since 2001.  All told, the United States has put more people back to work than Europe, Japan, and every other advanced economy combined.  I want you to think about that.  We have put more people back to work, here in America, than Europe, Japan, and every other advanced economy combined.

This progress has been hard, but it has been steady and it has been real.  And it’s the direct result of the American people’s drive and their determination and their resilience, and it’s also the result of sound decisions made by my administration.

So it is indisputable that our economy is stronger today than when I took office.  By every economic measure, we are better off now than we were when I took office.  At the same time, it’s also indisputable that millions of Americans don’t yet feel enough of the benefits of a growing economy where it matters most — and that’s in their own lives.

And these truths aren’t incompatible.  Our broader economy in the aggregate has come a long way, but the gains of recovery are not yet broadly shared — or at least not broadly shared enough.  We can see that homes in our communities are selling for more money, and that the stock market has doubled, and maybe the neighbors have new health care or a car fresh off an American assembly line.  And these are all good things.  But the stress that families feel — that’s real, too.  It’s still harder than it should be to pay the bills and to put away some money.  Even when you’re working your tail off, it’s harder than it should be to get ahead.

And this isn’t just a hangover from the Great Recession.  I’ve always said that recovering from the crisis of 2008 was our first order of business, but I also said that our economy wouldn’t be truly healthy until we reverse the much longer and profound erosion of middle-class jobs and incomes.

So here’s our challenge.  We’re creating more jobs at a steady pace.  We’ve got a recovering housing market, a revitalized manufacturing sector — two things that are critical to middle-class success.  We’ve also begun to see some modest wage growth in recent months.  All of that has gotten the economy rolling again, despite the fact that the economies of many other countries around the world are softening.  But as Americans, we measure our success by something more than our GDP, or a jobs report.  We measure it by whether our jobs provide meaningful work that give people a sense of purpose, and whether it allows folks to take care of their families.  And too many families still work too many hours with too little to show for it.  Job growth could be so much faster and wages could be going up faster if we made some better decisions going forward with the help of Congress.  So our task now is to harness the momentum that is real, that does exist, and make sure that we accelerate that momentum, that the economy grows and jobs grow and wages grow.  That’s our challenge.

When the typical family isn’t bringing home any more than it did in 1997, then that means it’s harder for middle-class Americans to climb the ladder of success.  It means that it’s harder for poor Americans to grab hold of the ladder into the middle class.  That’s not what America is supposed to be about.  It offends the very essence of who we are.  Because if being an American means anything, it means we believe that even if we’re born with nothing — regardless of our circumstances, a last name, whether we were wealthy, whether our parents were advantaged — no matter what our circumstances, with hard work we can change our lives, and then our kids can too.

And that’s about more than just fairness.  It’s more than just the idea of what America is about.  When middle-class families can’t afford to buy the goods or services our businesses sell, it actually makes it harder for our economy to grow.  Our economy cannot truly succeed if we’re stuck in a winner-take-all system where a shrinking few do very well while a growing many are struggling to get by.  Historically, our economic greatness rests on a simple principle:  When the middle class thrives, and when people can work hard to get into the middle class, then America thrives.  And when it doesn’t, America doesn’t.

This is going to be a central challenge of our times.  We have to make our economy work for every working American.  And every policy I pursue as President is aimed at answering that challenge.

Over the last decade, we learned the hard way that it wasn’t sustainable to have an economy where too much of the growth was based on inflated home prices and bubbles that burst and a casino mentality on Wall Street; where the recklessness of a few could threaten all of us; where incomes at the top skyrocketed, while working families saw theirs decline.  That was not a formula for sustained growth.  We need an economy that’s built on a rock, and that — a rock that is durable and competitive, and that’s a steady source of good, middle-class jobs.  When that’s happening, everybody does well.

So that’s why on day one, when I took office, with Rahm and Dick Durbin and others who were working with us, I said we would rebuild our economy on a new foundation for growth and prosperity.  And with dedicated, persistent effort, we’ve actually been laying the cornerstones of this foundation every single day since.

So I mentioned earlier that there is not an economic measure by which we’re not better off than when we took official.  But let me break down what we’ve also been doing structurally to make sure that we have a strong foundation for growth going forward.

The first cornerstone is new investments in the energy and technologies that make America a magnet for good, middle-class jobs.

So right off the bat, as soon as I came into office, we upped our investments in American energy to reduce our dependence on foreign oil and strengthen our own energy security.  And today, the number-one oil and gas producer in the world is no longer Russia or Saudi Arabia.  It’s America.  (Applause.)

For the first time in nearly two decades, we now produce more oil than we buy from other countries.  We’re advancing so fast in this area that two years ago I set a goal to cut our oil imports by half by — in half by 2020, and we’ve actually — we will meet that goal this year, six years ahead of schedule.  (Applause.)

So that’s in the traditional fossil fuel area.  But at the same time, we’ve helped put tens of thousands of people to work manufacturing wind turbines, and installing solar panels on homes and businesses.  We have tripled the electricity that we harness from the wind.  We have increased tenfold what we generate from the sun.  We have brought enough clean energy online to power every home and business in Illinois and Wisconsin, 24/7.  And that’s the kind of progress that we can be proud of and in part accounts for the progress we have also made in reducing carbon emissions that cause climate change.  And I know that here at Northwestern, your researchers are working to convert sunlight into liquid fuel — which sounds impossible, or at least really hard.  (Laughter.)  But the good news is, if you need to get the hard or the impossible done, America and American universities are a pretty good place to start.

Meanwhile, our 100-year supply of natural gas is a big factor in drawing jobs back to our shores.  Many are in manufacturing — which produce the quintessential middle-class job.  During the last decade, it was widely accepted that American manufacturing was in irreversible decline.  And just six years ago, its crown jewel, the American auto industry, could not survive on its own.  With the help of folks like Jan and Dick and Mike Quigley and others, we helped our automakers restructure and retool.  Today, they’re building and selling new cars at the fastest rate in eight years.  We invested in new plants, new technologies, new high-tech hubs like the Digital Manufacturing and Design Institute that Northwestern has partnered with in Chicago.

Today, American manufacturing has added more than 700,000 new jobs.  It’s growing almost twice as fast as the rest of the economy.  And more than half of all manufacturing executives have said they are actively looking at bringing jobs back from China.  To many in the middle class, the last decade was defined by outsourcing good jobs overseas.  If we keep up these investments, we can define this decade by what’s known as “insourcing” — with new factories now opening their doors here in America at the fastest pace in decades.  And in the process, we’ve also worked to grow American exports and open new markets, knock down barriers to trade, because businesses that export tend to have better-paying jobs.  So today, our businesses sell more goods and services made in America to the rest of the world than ever before.  Ever.

And that’s progress we can be proud of.  Now, we also know that many of these manufacturing jobs have changed.  You’re not just punching in and pounding rivets anymore; you’re coding computers and you’re guiding robots.  You’re mastering 3D printing.  And these jobs require some higher education or technical training.  And that’s why the second cornerstone of the new foundation we’ve been building is making sure our children are prepared and our workers are prepared to fill the jobs of the future.

America thrived in the 20th century because we made high school free.  We sent a generation to college.  We cultivated the most educated workforce in the world.  But it didn’t take long for other countries to look at our policies and caught on to the secret of our success.  So they set out to educate their kids too, so they could out-compete our kids.  We have to lead the world in education once again.  (Applause.)

That’s why we launched a Race to the Top in our schools, trained thousands of math and science teachers, supported states that raised standards for learning.  Today, teachers in 48 states and D.C. are teaching our kids the knowledge and skills they need to compete and win in the global economy.  Working with parents and educators, we’ve turned around some of the country’s lowest-performing schools.  We’re on our way to connecting 99 percent of students to high-speed Internet, and making sure every child, at every seat, has the best technology for learning.

Look, let’s face it:  Some of these changes are hard.  Sometimes they cause controversy.  And we have a long way to go.  But public education in America is actually improving.  Last year, our elementary and middle school students had the highest math and reading scores on record.  The dropout rates for Latinos and African Americans are down.  (Applause.)  The high school graduation rate — the high school graduation rate is up.  It’s now above 80 percent for the first time in history.  We’ve invested in more than 700 community colleges — which are so often gateways to the middle class — and we’re connecting them with employers to train high school graduates for good jobs in fast-growing fields like high-tech manufacturing and energy and IT and cybersecurity.

Here in Chicago, Rahm just announced that the city will pay community college tuition for more striving high school graduates.  We’ve helped more students afford college with grants and tax credits and loans.  And today, more young people are graduating than ever before.  We’ve sent more veterans to college on the Post-9/11 GI Bill — including several veterans here at Northwestern — and a few of them are in this hall today, and we thank them for their service.  (Applause.)

So we’ve made progress on manufacturing and creating good jobs.  We’ve made progress on education.  Of course, even if you have the right education, for decades, one of the things that made it harder for families to make ends meet and businesses to grow was the high cost of health care.  And so the third cornerstone had to be health care reform.

In the decade before the Affordable Care Act, aka, Obamacare — (laughter and applause) — in the decade before the Affordable Care Act, double-digit premium increases were common.  CEOs called them one of the biggest challenges to their competitiveness.  And if your employer didn’t drop your coverage to avoid these costs, they might pass them on to you and take them out of your wages.

Today, we have seen a dramatic slowdown in the rising cost of health care.  When we passed the Affordable Care Act, the critics were saying, what are you doing about cost.  Well, let me tell you what we’ve done about cost.  If your family gets your health care through your employer, premiums are rising at a rate tied for the lowest on record.  And what this means for the economy is staggering.  If we hadn’t taken this on, and premiums had kept growing at the rate they did in the last decade, the average premium for family coverage today would be $1,800 higher than they are.  Now, most people don’t notice it, but that’s $1,800 you don’t have to pay out of your pocket or see vanish from your paycheck.  That’s like a $1,800 tax cut.  That’s not for folks who signed up for Obamacare.  That’s the consequences of some of the reforms that we’ve made.

And because the insurance marketplaces we created encourage insurers to compete for your business, in many of cities they’ve announced that next year’s premiums — well, something important is happening here — next year’s premiums are actually falling in some of these markets.  One expert said this is “defying the law of physics.”  But we’re getting it done.  And it is progress we can be proud of.

So we’re slowing the cost of health care, and we’re covering more people at the same time.  In just the last year, we reduced the share of uninsured Americans by 26 percent.  That means one in four uninsured Americans — about 10 million people — have gained the financial security of health insurance in less than one year.  And for young entrepreneurs, like many of you here today, the fact that you can compare and buy affordable plans in the marketplace frees you up to strike out on your own, chase that new idea — something I hope will unleash new services and products and enterprises all across the country.  So the job lock that used to exist because you needed health insurance, you’re free from that now.   You can go out and do something on your own and get affordable health care.

And meanwhile, partly because health care prices have been growing at the slowest rate in nearly 50 years, the growth in what health care costs the government is down, also.  I want everybody to listen carefully here, because when we were debating the Affordable Care Act there was a lot of complaining about how we couldn’t afford this.  The independent, nonpartisan Congressional Budget Office recently reported that in 2020, Medicare and Medicaid will cost us $188 billion less than projected just four years ago.  And here’s what that means in layman’s terms:  Health care has long been the single biggest driver of America’s future deficits.  It’s been the single biggest driver of our debt.  Health care is now the single biggest factor driving down those deficits.

And this is a game-changer for the fourth cornerstone of this new foundation — getting our fiscal house in order for the long run, so we can afford to make investments that grow the middle class.

Between a growing economy, some prudent spending cuts, health care reform, and asking the wealthiest Americans to pay a little bit more on their taxes, over the past five years we’ve cut our deficits by more than half.  When I took office, the deficit was nearly 10 percent of our economy.  Today, it’s approaching 3 percent.  (Applause.)  In other words, we can shore up America’s long-term finances without falling back into the mindless austerity or manufactured crises or trying to find excuses to slash benefits to seniors that dominated Washington budget debates for so long.

And finally, we’ve put in place financial reform to protect consumers and prevent a crisis on Wall Street from hammering Main Street ever again.  We have new tools to prevent “too big to fail,” to stop taxpayer-funded bailouts.  We made it illegal for big banks to gamble with your money.  We established the first-ever consumer watchdog to protect consumers from irresponsible lending or credit card practices.  We secured billions of dollars in relief for consumers who get taken advantage of.  And working with states attorneys general like Lisa Madigan, we’ve seen industry practices changing.

Now, an argument you’ll hear oftentimes from critics is that the way to grow the economy is to just get rid of regulations; free folks up from the oppressive hand of the government.  And you know, it turns out, truth be told, there are still some kind of dopey regulations on the books.  (Laughter.)  There are regulations that are outdated or are no longer serving a useful purpose.  And we have scrubbed the laws out there and identified hundreds that are outdated, that don’t help our economy, that don’t make sense, and we’re saving businesses billions of dollars by gradually eliminating those unnecessary regulations.  But you have to contrast that with rules that discourage a casino-style mentality on Wall Street, or rules that protect the basic safety of workers on the job, or rules that safeguard the air our children breathe and keep mercury or arsenic out of our water supply.  These don’t just have economic benefits, these are rules that save lives and protect families.  And I’ll always stand up for those — and they’re good for our economy.

So here’s the bottom line:  For all the work that remains, for all the citizens that we still need to reach, what I want people to know is that there are some really good things happening in America.  Unemployment down.  Jobs up.  Manufacturing growing.  Deficits cut by more than half.  High school graduation is up.  College enrollment up.  Energy production up.  Clean energy production up.  Financial system more stable.  Health care costs rising at a slower rate.  Across the board, the trend lines have moved in the right direction.

That’s because this new foundation is now in place.  New investments in energy and technologies that create new jobs and new industries.  New investments in education that will make our workforce more skilled and competitive.  New reforms to health care that cut costs for families and businesses.  New reforms to our federal budget that will promote smart investments and a stronger economy for future generations.  New rules for our financial system to protect consumers and prevent the kinds of crises that we endured from happening again.

You add it all up, and it’s no surprise that for the first time in more than a decade, business leaders from around the world — these are business surveys.  Kellogg, you’re familiar with these.  (Laughter.)  Business leaders from around the world have said the world’s most attractive place to invest is not India or China, it’s the United States of America.  And that’s because the financial sector is healthier; because manufacturing is healthier; because the housing market is healthier; because health care inflation is at a 50-year low; because our energy boom is at new highs.  Because of all these things, our economy isn’t just primed for steadier, more sustained growth; America is better poised to lead and succeed in the 21st century than any other nation on Earth.  We’ve got the best cards.

And I will not allow anyone to dismantle this foundation.  Because for the first time, we can see real, tangible evidence of what the contours of the new economy will look like.  It’s an economy teeming with new industry and commerce, and humming with new energy and new technologies, and bustling with highly skilled, higher-wage workers.

It’s an America where a student graduating from college has the chance to advance through a vibrant job market, and where an entrepreneur can start a new business and succeed, and where an older worker can retool for that new job.  And to fully realize this vision requires steady, relentless investment in these areas.  We cannot let up and we cannot be complacent.  We have to be hungry as a nation.  We have to compete.  When we do — if we take the necessary steps to build on the foundation that through some really hard work we have laid over the last several years — I promise you, over the next 10 years we’ll build an economy where wage growth is stronger than it was in the past three decades.  It is achievable.

So let me just talk a little more specifically about what we should be doing right now.

First of all, we’ve got to realize that the trends that have battered the middle class for so long aren’t ones that we’re going to reverse overnight.  The facts that I just laid out don’t mean that there aren’t a lot of folks out there who are underpaid, they’re underemployed, they’re working long hours, they’re having trouble making ends meet.  I hear from them every day, I meet with them.  And it’s heartbreaking — because they’re struggling hard.  And there are no silver bullets for job creation or faster wage growth.  Anybody who tells you otherwise is not telling the truth.  But there are policies that would grow jobs and wages faster than we’re doing right now.

If we rebuild roads and bridges — because we’ve got $2 trillion of deferred maintenance on our infrastructure — we won’t just put construction workers and engineers on the job; we will revitalize entire communities, and connect people to jobs, and make it easier for businesses to ship goods around the world.  And we can pay for it with tax reform that actually cuts rates on businesses, but closes wasteful loopholes, making it even more attractive for companies to invest and create jobs here in the United States.  Let’s do this and make our economy stronger.

If we make it easier for first-time homebuyers to get a loan, we won’t just create even more construction jobs and speed up recovery in the housing market; we’ll speed up your efforts to grow a nest egg and start a new company, and send your own kids to college and graduate school someday.  So let’s help more young families buy that first home, make our economy stronger.

If we keep investing in clean energy technology, we won’t just put people to work on the assembly lines, pounding into place the zero-carbon components of a clean energy age; we’ll reduce our carbon emissions and prevent the worst costs of climate change down the road.  Let’s do this — invest in new American energy and make our economy stronger.

If we make high-quality preschool available to every child, not only will we give our kids a safe place to learn and grow while their parents go to work; we’ll give them the start that they need to succeed in school, and earn higher wages, and form more stable families of their own.  In fact, today, I’m setting a new goal:  By the end of this decade, let’s enroll 6 million children in high-quality preschool.  That is an achievable goal that we know will make our workforce stronger.  (Applause.)

If we redesign our high schools, we’ll graduate more kids with the real-world skills that lead directly to a good job in the new economy.  If we invest more in job training and apprenticeships, we’ll help more workers fill more good jobs that are coming back to this country.  If we make it easier for students to pay off their college loans, we’ll help a whole lot of young people breathe easier and feel freer to take the jobs they really want.  (Applause.)  So look, let’s do this — let’s keep reforming our education system to make sure young people at every level have a shot at success, just like folks at Northwestern do.

If we fix our broken immigration system, we won’t just prevent some of the challenges like the ones that we saw at the border this summer; we’ll encourage the best and brightest from around the world to study here and stay here, and create jobs here.  Independent economists say that a big bipartisan reform bill that the House has now blocked for over a year would grow our economy, shrink our deficits, secure our borders.  Let’s pass that bill.  Let’s make America stronger.  (Applause.)

If we want to make and sell the best products, we have to invest in the best ideas, like you do here at Northwestern.  Your nanotechnology institute doesn’t just conduct groundbreaking research; that research has spun off 20 startups and more than 1,800 products — that means jobs.  (Applause.)

Here’s another example.  Over a decade ago, America led the international effort to sequence the human genome.  One study found that every dollar we invested returned $140 to our economy.  Now, I don’t have an MBA, but that’s sounds like a good return on investment.  (Laughter and applause.)

Today, though, the world’s largest genomics center is in China.  That doesn’t mean America is slipping.  It does mean America isn’t investing.  We can’t let other countries discover the products and businesses that will shape the next century and the century after that.  So we’ve got to invest more in the kinds of basic research that led to Google and GPS, and makes our economy stronger.

If we raise the minimum wage, we won’t just put — (applause) — we won’t just put more money in workers’ pockets; they’ll spend that money at local businesses, who in turn will hire more people.

In the two years since I first asked Congress to raise the national minimum wage, 13 states and D.C. went and raised theirs.  And more business owners are joining them on their own.  It’s on the ballot in five states this November, including Illinois.  (Applause.)  And here’s the thing — recent surveys show that a majority of small business owners support a gradual increase to $10.10 an hour.  A survey just last week showed that nearly two-thirds of employers thought the minimum wage should go up in their state — and more than half of them think it should be at least $10.  So what’s stopping us?  Let’s agree that nobody who works full-time in America should ever have to raise a family in poverty.  Let’s give America a raise.  It will make the economy stronger.  (Applause.)

If we make sure a woman is paid equal to a man for her efforts — (applause) — that is not just giving women a boost.  Gentlemen, you want your wife making that money that she has earned.  (Laughter.)  It gives the entire family a boost and it gives the entire economy a boost.  Women now outpace men in college degrees and graduate degrees, but they often start their careers with lower pay.  And that gap grows over time, and that affects their families.  It’s stupid.  (Laughter and applause.)  Let’s inspire and support more women, especially in fields like science and technology and engineering and math.  (Applause.)  Let’s catch up to 2014, pass a fair pay law, make our economy stronger.

And while we’re at it, let’s get rid of the barriers that keep more moms who want to work from entering the workforce.  Let’s do what Dean Blount did here at Kellogg.  She’s been working with us at the White House, helping business and political leaders who recognize that flexibility in the workplace and paid maternity leave are actually good for business.  And let’s offer those deals to dads, too.  (Applause.)  Because we want to make sure that they can participate in child-rearing.  And let’s make sure work pays for parents who are raising young kids.  It’s a good investment.

California adopted paid leave, which boosted work and earnings for moms with young kids.  Let’s follow their lead.  Let’s make our economy stronger.

Now, none of these policies I just mentioned on their own will entirely get us to where we want to be.  But if we do these things systematically, the cumulative impact will be huge.  Unemployment will drop a little faster, which means workers will gain a little more leverage when it comes to wages and salaries, which means consumer confidence will go up, which means families will be able to spend a little more and save a little more, which means our economy grows stronger, and growth will be shared.  More people will feel this recovery, rather than just reading about it in the newspapers.  That’s the truth.

And I’m going to keep making the argument for these policies, because they are right for America.  They are supported by the facts.  And I’m always willing to work with anyone, Democrat or Republican, to get things done.  And every once in a while, we actually see a bill land on my desk from Congress.  (Laughter.)  And we do a bill signing and I look at the members, and I say — I tell them, look how much fun this is.  Let’s do this again.  Let’s do it again.  (Laughter and applause.)

But if gridlock prevails, if cooperation and compromise are no longer valued, but vilified, then I’ll keep doing everything I can on my own if it will make a difference for working Americans.  (Applause.)

I will keep teaming up with governors and mayors and CEOs and philanthropists who want to help.  Here’s an example.  There are 28 million Americans who would benefit from a minimum wage increase — 28 million.  Over the past two years, because we’ve teamed up with cities and states and businesses, and went around Congress, 7 million of them have gotten a raise.  So until Congress chooses to step up and help all of them, I’ll keep fighting to get an extra million here and an extra million there with a raise.  We’ll keep fighting for this.

And let me just say one other thing about the economy — because oftentimes you hear this from the critics:  The notion is that the agenda I’ve just outlined is somehow contrary to pro-business, capitalist, free-market values.  And since we’re here at a business school, I thought it might be useful to point out that Bloomberg, for example, I think came out with an article today saying that corporate balance sheets are the strongest just about that they’ve ever been.  Corporate debt is down.  Profits are up.  Businesses are doing good.

So this idea that somehow any of these policies — like the minimum wage or fair pay or clean energy — are somehow bad for business is simply belied by the facts.  It’s not true.  And if you talk to business leaders, even the ones who really don’t like to admit it because they don’t like me that much — (laughter) — they’ll admit that actually their balance sheets look really strong, and that this economy is doing better than our competitors around the world.  So don’t buy this notion that somehow this is an anti-business agenda.  This is a pro-business agenda.  This is a pro-economic growth agenda.

Now, I am not on the ballot this fall.  Michelle is pretty happy about that.  (Laughter.)  But make no mistake:  These policies are on the ballot — every single one of them.  This isn’t some official campaign speech, or political speech, and I’m not going to tell you who to vote for — although I suppose it is kind of implied.  (Laughter and applause.)  But what I have done is laid out my ideas to create more jobs and to grow more wages.  And I’ve also tried to correct the record — because, as I said, there’s a lot of noise out there.  Every item I ticked off, those are the facts.  It’s not conjecture.  It’s not opinion.  It’s not partisan rhetoric.  I laid out facts.

So I laid out what I know has happened over the six years of my presidency so far, and I’ve laid out an agenda for what I think should happen to make us grow even better, grow even faster.  A true opposition party should now have the courage to lay out their agenda, hopefully also grounded in facts.

There’s a reason fewer Republicans are preaching doom on deficits — it’s because the deficits have come down at almost a record pace, and they’re now manageable.  There’s a reason fewer Republicans you hear them running about Obamacare — because while good, affordable health care might seem like a fanged threat to the freedom of the American people on Fox News — (laughter) — it’s turns out it’s working pretty well in the real world.  (Applause.)

Now, when push came to shove this year, and Republicans in Congress actually had to take a stand on policies that would help the middle class and working Americans — like raising the minimum wage, or enacting fair pay, or refinancing student loans, or extending insurance for the unemployed — the answer was “no.”  But one thing they did vote “yes” on was another massive tax cut for the wealthiest Americans.  In fact, just last month, at least one top Republican in Congress said that tax cuts for those at the top are — and I’m quoting here — “even more pressing now” than they were 30 years ago.  More pressing.  When nearly all the gains of the recovery have gone to the top 1 percent, when income inequality is at as high a rate as we’ve seen in decades, I find that a little hard to swallow that they really desperately need a tax cut right now, it’s urgent.  ]

Why?  (Laughter.)  What are the facts?  What is the empirical data that would justify that position?  Kellogg Business School, you guys are all smart.  You do all this analysis.  You run the numbers.  Has anybody here seen a credible argument that that is what our economy needs right now?  Seriously.  (Laughter.)

But this is the — if you watch the debate, including on some of the business newscasts — (laughter) — and folks are just pontificating about how important this is.  Based on what?  What’s the data?  What’s the proof?  If there were any credible argument that says when those at the top do well and eventually everybody else will do well, it would have borne itself out by now.  We’d see data that that was true.  It’s not.

American economic greatness has never trickled down from the top.  It grows from a rising, thriving middle class and opportunity for working people.  That’s what makes us different.  (Applause.)

So I just want to be clear here — because you guys are going to be business leaders of the future, and you’re going to be making decisions based on logic and reason and facts and data.  And right now you’ve got two starkly different visions for this country.  And I believe, with every bone in my body, that there’s one clear choice here because it’s supported by facts.

And this is our moment to define what the next decade and beyond will look like.  This is our chance to set the conditions for middle-class growth in the 21st century.  The decisions we make this year, and over the next few years, will determine whether or not we set the stage for America’s greatness in this century just like we did in the last one — whether or not we restore the link between hard work and higher wages; whether or not we continue to invest in a skilled, educated citizenry; whether or not we rebuild an economy where everyone who works hard can get ahead.

And some of that depends on you.  There is a reason why I came to a business school instead of a school of government.  I actually believe that capitalism is the greatest force for prosperity and opportunity the world has ever known.  And I believe in private enterprise — not government, but innovators and risk-takers and makers and doers — driving job creation.

But I also believe in a higher principle, which is we’re all in this together.  (Applause.)  That’s the spirit that made the American economy work.  That’s what made the American economy not just the world’s greatest wealth creator, but the world’s greatest opportunity generator.  And because you’re America’s future business leaders and civic leaders, that makes you the stewards of America’s greatest singlet asset — and that’s our people.

So as you engage in the pursuit of profits, I challenge you to do so with a sense of purpose.  As you chase your own success, I challenge you to cultivate more ways to help more Americans chase their success.

It is the American people who’ve made the progress of the last six years possible.  It is the American people who will make our future progress possible.  It is the American people that make American business successful.  And they should share in that success.  It’s not just for you.  It’s for us.  Because it’s the American people that made the investments over the course of generations to allow you and me to be here and experience this success.  That’s the story of America.  America is a story of progress — sometimes halting, sometimes incomplete, sometimes harshly challenged.  But the story of America is a story of progress.

And it has now been six long years since our economy nearly collapsed.  Despite that shock, through the pain that so many fellow Americans felt; for all the gritty, grueling work required to come back, all the work that’s left to be done — a new foundation is laid.  A new future is yet to be written.  And I am as confident as ever that that future will be led by the United States of America.

Thank you, everybody.  God bless you.  God bless America.

END
2:06 P.M. CDT

Political Musings September 7, 2014: Biden campaigns for Democrats on the economy helping the middle class in address

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Biden campaigns for Democrats on the economy helping the middle class in address

By Bonnie K. Goodman

With President Barack Obama returning home from the NATO conference in Wales, Vice President Joe Biden took over and delivered the weekly address released on Saturday, Sept. 6, 2014. In the address, Biden attempted to turn around the disappointing August…Continue

Political Musings September 6, 2014: Obama will not take executive action on immigration until after midterms

POLITICAL MUSINGS

http://historymusings.files.wordpress.com/2013/06/pol_musings.jpg?w=500&h=80?w=600

OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Obama will not take executive action on immigration until after midterms

By Bonnie K. Goodman

A White House official revealed to the press on Saturday, Sept. 6, 2014 that President Barack Obama would not take executive action on immigration prior to the midterm elections as he had previously indicated in June. The midterm elections are…READ MORE

Political Musings September 3, 2014: Obama’s Labor Day campaign to raise the minimum wage in Democrats midterm push

POLITICAL MUSINGS

http://historymusings.files.wordpress.com/2013/06/pol_musings.jpg?w=500&h=80?w=600

OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Obama’s Labor Day campaign to raise the minimum wage in Democrats midterm push

By Bonnie K. Goodman

President Barack Obama spent the whole Labor Day weekend renewing his push to raise the minimum wage across the country first in his weekly address released on Saturday, Aug. 31, 2014 and then delivering a speech on the economy on…

READ MORE

Political Musings June 26, 2014: Democrat Harkin prevented unemployment extension passing with jobs training bill

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

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All the talk is about Speaker of the House of Representative John Boehner, R-OH and the Republican majority in the House preventing the passing of the unemployment benefits extension bill, when a Democrat in the Senate, Tom Harkin of…READ MORE

Political Musings April 27, 2014: Boehner delivers GOP weekly address focuses on the economy and job creation

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

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Political Musings April 14, 2014: Obama and GOP support rivaling equal pay, economic agendas in weekly addresses

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Obama and GOP support rivaling equal pay, economic agendas in weekly addresses

By Bonnie K. Goodman

For the first time in month both President Barack Obama and the Republican Party issued weekly addresses on the same topic; both sides gave their view on the equal pay for equal work debate when they released their weekly addresses…READ MORE
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Political Musings April 10, 2014: Senate Republicans block equal pay bill from advancing with a vote of 53-44

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

OP-EDS & ARTICLES

Senate Republicans block equal pay bill from advancing with a vote of 53-44

By Bonnie K. Goodman

A day after National Equal Pay Day on Wednesday April 9, 2014, Republicans in the Senate blocked the Paycheck Fairness Act, a bill that would have curbed the gender pay gap in the country. With a vote of 53 for…READ MORE

Political Musings April 8, 2014: Obama signs executive orders aimed at granting women equal pay for equal work

POLITICAL MUSINGS

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OBAMA PRESIDENCY & THE 113TH CONGRESS:

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Obama signs executive orders aimed at granting women equal pay for equal work

 

By Bonnie K. Goodman

To honor National Equal Pay Day on April 8, 2014, President Barack Obama signed two executive orders to help curb the pay disparity for women by federal contractors in a White House ceremony, where he announced that…Continue
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