Weekly
Address: Time to Give the Middle Class a Chance
The White House
September 6, 2014
Ladies and gentlemen, this is Joe
Biden, I’m filling in for President Obama, while he addresses the NATO summit
in Wales.
When the President and I took
office in January of 2009, this nation was in the midst of the greatest
economic crisis since the great depression. Our economy had plummeted at a rate
of 8% in a single quarter – part of the fastest economic decline any time in
the last half century. Millions of families were falling underwater on their
homes and threatened with foreclosure. The iconic American automobile industry
was under siege.
But yesterday’s jobs report was
another reminder of how far we’ve come. We’ve had 54 straight months of job
creation. And that’s the longest streak of uninterrupted job growth in the
United States’ history.
We’ve gone from losing 9 million
jobs during the financial crisis to creating 10 million jobs. We’ve reduced the
unemployment rate from 10% in October of 2009 to 6.1% today. And for the first
time since the 1990s, American manufacturing is steadily adding jobs – over
700,000 since 2010. And surveys of both American and foreign business leaders
confirm that America once again is viewed as the best place in the world to
build and invest.
That’s all good news. But an
awful lot of middle class Americans are still not feeling the effects of this
recovery. Since the year 2000, Gross Domestic Product – our GDP - has risen by
25%. And productivity in America is up by 30%. But middle class wages during
that same time period have gone up by only fourteen cents.
Folks, it’s long past time to cut
the middle class back into the deal, so they can benefit from the economic
growth they helped create. Folks, there used to be a bargain in this country
supported by Democrats and Republicans, business and labor. The bargain was
simple. If an employee contributed to the growth and profitability of the
company, they got to share in the profits and the benefits as well. That’s what
built the middle class. It’s time to restore the bargain, to deal the middle
class back in. Because, folks, when the middle class does well, everybody does
well – the wealthy get wealthier and the poor have a way up.
You know, the middle class is not
a number. It’s a value set. It means being able to own your home; raise your
children in a safe neighborhood; send them to a good school where if they do
well they can qualify to go to college and if they get accepted you’d be able
to find a way to be able to send them to college. And in the meantime, if your
parents need help, being able to take care of them, and hope to put aside
enough money so that your children will not have to take care of you.
That’s the American dream. That’s
what this country was built on. And that’s what we’re determined to restore.
In order to do that, it’s time to
have a fair tax structure, one that values paychecks as much as unearned income
and inherited wealth, to take some of the burden off of the middle class. It’s
time to close tax loopholes so we can reduce the deficit, and invest in
rebuilding America - our bridges, our ports, our highways, rails, providing
good jobs.
With corporate profits at near
record highs, we should encourage corporations to invest more in research and
development and the salaries of their employees. It’s time for us to invest in
educational opportunity to guarantee that we have the most highly skilled
workforce in the world, for 6 out of every 10 jobs in the near term is going to
require some education beyond high school. Folks, it’s long past due to increase
the minimum wage that will lift millions of hardworking families out of poverty
and in the process produce a ripple effect that boosts wages for the middle
class and spurs economic growth for the United States of America. Economists
acknowledge that if we do these and other things, wages will go up and we’ll
increase the Gross Domestic Product of the United States.
My fellow Americans, we know how
to do this. We’ve done it before. It’s the way we used to do business and we
can do it that way again. All the middle class in this country want is a
chance. No guarantee, just a chance.
Americans want to work. And when
given a fair shot, the American worker has never, ever, ever, let his country
down. Folks, it’s never a good bet to bet against the American people.
Thanks for listening.
May God bless you, and may God
protect our troops. |
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