Part 22

America, Rebekah and Ben's story is our story. They represent the millions who have worked hard and scrimped and sacrificed and retooled. You are the reason that I ran for this office. You are the people I was thinking of 6 years ago today, in the darkest months of the crisis, when I stood on the steps of this Capitol and promised we would rebuild our economy on a new foundation. And it has been your resilience, your effort that has made it possible for our country to emerge stronger.

We believed we could reverse the tide of outsourcing and draw new jobs to our shores. And over the past 5 years, our businesses have created more than 11 million new jobs.

We believed we could reduce our dependence on foreign oil and protect our planet. And today, America is number one in oil and gas. America is number one in wind power. Every 3 weeks, we bring online as much solar power as we did in all of 2008. And thanks to lower gas prices and higher fuel standards, the typical family this year should save about $750 at the pump.

We believed we could prepare our kids for a more competitive world. And today, our younger students have earned the highest math and reading scores on record. Our high school graduation rate has hit an alltime high. More Americans finish college than ever before.

We believed that sensible regulations could prevent another crisis, shield families from ruin, and encourage fair competition. Today, we have new tools to stop taxpayer-funded bailouts and a new consumer watchdog to protect us from predatory lending and abusive credit card practices. And in the past year alone, about 10 million uninsured Americans finally gained the security of health coverage.

At every step, we were told our goals were misguided or too ambitious, that we would crush jobs and explode deficits. Instead, we've seen the fastest economic growth in over a decade, our deficits cut by two- thirds, a stock market that has doubled, and health care inflation at its lowest rate in 50 years. This is good news, people. [Laughter]

So the verdict is clear. Middle class economics works. Expanding opportunity works. And these policies will continue to work as long as politics don't get in the way. We can't slow down businesses or put our economy at risk with Government shutdowns or fiscal showdowns. We can't put the security of families at risk by taking away their health insurance or unraveling the new rules on Wall Street or refighting past battles on immigration when we've got to fix a broken system. And if a bill comes to my desk that tries to do any of these things, I will veto it. It will have earned my veto.

Today, thanks to a growing economy, the recovery is touching more and more lives. Wages are finally starting to rise again. We know that more small-business owners plan to raise their employees' pay than at any time since 2007. But here's the thing: Those of us here tonight, we need to set our sights higher than just making sure Government doesn't screw things up--[laughter]--that Government doesn't halt the progress we're making. We need to do more than just do no harm. Tonight, together, let's do more to restore the link between hard work and growing opportunity for every American.

Because families like Rebekah's still need our help. She and Ben are working as hard as ever, but they've had to forego vacations and a new car so that they can pay off student loans and save for retirement. Friday night pizza, that's a big splurge. Basic childcare for Jack and Henry costs more than their mortgage and almost as much as a year at the University of Minnesota. Like millions of hard-working Americans, Rebekah isn't asking for a handout, but she is asking that we look for more ways to help families get ahead.

And in fact, at every moment of economic change throughout our history, this country has taken bold action to adapt to new circumstances and to make sure everyone gets a fair shot. We set up worker protections, Social Security, Medicare, Medicaid to protect ourselves from the harshest adversity. We gave our citizens schools and colleges, infrastructure and the Internet, tools they needed to go as far as their efforts and their dreams will take them.

That's what middle class economics is: the idea that this country does best when everyone gets their fair shot, everyone does their fair share, everyone plays by the same set of rules. We don't just want everyone to share in America's success, we want everyone to contribute to our success.

So what does middle class economics require in our time? First, middle class economics means helping working families feel more secure in a world of constant change. That means helping folks afford childcare, college, health care, a home, retirement. And my budget will address each of these issues, lowering the taxes of working families and putting thousands of dollars back into their pockets each year.

Here's one example. During World War II, when men like my grandfather went off to war, having women like my grandmother in the workforce was a national security priority, so this country provided universal childcare. In today's economy, when having both parents in the workforce is an economic necessity for many families, we need affordable, high-quality childcare more than ever.

It's not a nice-to-have, it's a must-have. So it's time we stop treating childcare as a side issue, or as a women's issue, and treat it like the national economic priority that it is for all of us. And that's why my plan will make quality childcare more available and more affordable for every middle class and low-income family with young children in America, by creating more slots and a new tax cut of up to $3,000 per child, per year.

Here's another example. Today, we are the only advanced country on Earth that doesn't guarantee paid sick leave or paid maternity leave to our workers. Forty-three million workers have no paid sick leave--43 million. Think about that. And that forces too many parents to make the gut-wrenching choice between a paycheck and a sick kid at home. So I'll be taking new action to help States adopt paid leave laws of their own. And since paid sick leave won where it was on the ballot last November, let's put it to a vote right here in Washington. Send me a bill that gives every worker in America the opportunity to earn 7 days of paid sick leave. It's the right thing to do. [Applause] It's the right thing to do.

Of course, nothing helps families make ends meet like higher wages. That's why this Congress still needs to pass a law that makes sure a woman is paid the same as a man for doing the same work. I mean, it's 2015. [Laughter] It's time. We still need to make sure employees get the overtime they've earned. And to everyone in this Congress who still refuses to raise the minimum wage, I say this: If you truly believe you could work full time and support a family on less than $15,000 a year, try it. If not, vote to give millions of the hardest working people in America a raise.

Now, these ideas won't make everybody rich, won't relieve every hardship. That's not the job of government. To give working families a fair shot, we still need more employers to see beyond next quarter's earnings and recognize that investing in their workforce is in their company's long-term interest. We still need laws that strengthen rather than weaken unions, and give American workers a voice.

But you know, things like childcare and sick leave and equal pay, things like lower mortgage premiums and a higher minimum wage--these ideas will make a meaningful difference in the lives of millions of families. That's a fact. And that's what all of us, Republicans and Democrats alike, were sent here to do.

Now, second, to make sure folks keep earning higher wages down the road, we have to do more to help Americans upgrade their skills. America thrived in the 20th century because we made high school free, sent a generation of GIs to college, trained the best workforce in the world. We were ahead of the curve. But other countries caught on. And in a 21st-century economy that rewards knowledge like never before, we need to up our game. We need to do more.

By the end of this decade, two in three job openings will require some higher education--two in three. And yet we still live in a country where too many bright, striving Americans are priced out of the education they need. It's not fair to them, and it's sure not smart for our future. And that's why I'm sending this Congress a bold new plan to lower the cost of community college to zero.

Keep in mind, 40 percent of our college students choose community college. Some are young and starting out. Some are older and looking for a better job. Some are veterans and single parents trying to transition back into the job market. Whoever you are, this plan is your chance to graduate ready for the new economy without a load of debt. Understand, you've got to earn it. You've got to keep your grades up and graduate on time.

Tennessee, a State with Republican leadership, and Chicago, a city with Democratic leadership, are showing that free community college is possible. I want to spread that idea all across America so that 2 years of college becomes as free and universal in America as high school is today. Let's stay ahead of the curve. And I want to work with this Congress to make sure those already burdened with student loans can reduce their monthly payments so that student debt doesn't derail anyone's dreams.

Thanks to Vice President Biden's great work to update our job training system, we're connecting community colleges with local employers to train workers to fill high-paying jobs like coding and nursing and robotics. Tonight I'm also asking more businesses to follow the lead of companies like CVS and UPS and offer more educational benefits and paid apprenticeships, opportunities that give workers the chance to earn higher paying jobs even if they don't have a higher education.

And as a new generation of veterans comes home, we owe them every opportunity to live the American Dream they helped defend. Already, we've made strides towards ensuring that every veteran has access to the highest quality care. We're slashing the backlog that had too many veterans waiting years to get the benefits they need. And we're making it easier for vets to translate their training and experience into civilian jobs. And Joining Forces, the national campaign launched by Michelle and Jill Biden--[applause]--thank you, Michelle; thank you, Jill--has helped nearly 700,000 veterans and military spouses get a new job. So to every CEO in America, let me repeat: If you want somebody who's going to get the job done and done right, hire a veteran.

Finally, as we better train our workers, we need the new economy to keep churning out high-wage jobs for our workers to fill. Since 2010, America has put more people back to work than Europe, Japan, and all advanced economies combined.

Our manufacturers have added almost 800,000 new jobs. Some of our bedrock sectors, like our auto industry, are booming. But there are also millions of Americans who work in jobs that didn't even exist 10 or 20 years ago, jobs at companies like Google and eBay and Tesla.

So no one knows for certain which industries will generate the jobs of the future. But we do know we want them here in America. We know that. And that's why the third part of middle class economics is all about building the most competitive economy anywhere, the place where businesses want to locate and hire.

Twenty-first century businesses need 21st-century infrastructure: modern ports and stronger bridges, faster trains and the fastest Internet. Democrats and Republicans used to agree on this. So let's set our sights higher than a single oil pipeline. Let's pass a bipartisan infrastructure plan that could create more than 30 times as many jobs per year and make this country stronger for decades to come. Let's do it. Let's get it done. [Applause] Let's get it done.