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ladiesandgentlemen,thisisjoebiden,i'mfillinginforpresidentobama,whileheaddressesthenatosummitinwales.
whenthepresidentanditookofficeinjanuaryofXX,thisnationwasinthemidstofthegreatesteconomiccrisissincethegreatdepression.oureconomyhadplummeted1atarateof8%inasinglequarter-partofthefastesteconomicdeclineanytimeinthelasthalfcentury.millionsoffamilieswerefallingunderwaterontheirhomesandthreatenedwithforeclosure.theiconicamericanautomobile2industrywasundersiege.
butyesterday'sjobsreportwasanotherreminder3ofhowfarwe'vecome.we'vehad54straightmonthsofjobcreation.andthat'sthelongeststreak4ofuninterruptedjobgrowthintheunitedstates'history.
we'vegonefromlosing9millionjobsduringthefinancialcrisistocreating10millionjobs.we'vereducedtheunemploymentratefrom10%inoctoberofXXto6.1%today.andforthefirsttimesincethe1990s,americanmanufacturingissteadily5addingjobs-over700,000sinceXX.andsurveysofbothamericanandforeignbusinessleadersconfirmthatamericaonceagainisviewedasthebestplaceintheworldtobuildandinvest.
that'sallgoodnews.
butanawfullotofmiddleclassamericansarestillnotfeelingtheeffectsofthisrecovery.sincetheyearXX,grossdomesticproduct-ourgdp-hasrisenby25%.andproductivityinamericaisupby30%.butmiddleclasswagesduringthatsametimeperiodhavegoneupbyonlyfourteencents.
folks,it'slongpasttimetocutthemiddleclassbackintothedeal,sotheycanbenefitfromtheeconomicgrowththeyhelpedcreate.folks,thereusedtobeabargaininthiscountrysupportedbydemocrats6andrepublicans,businessandlabor7.thebargainwassimple.ifanemployeecontributedtothegrowthandprofitabilityofthecompany,theygottoshareintheprofitsandthebenefitsaswell.that'swhatbuiltthemiddleclass.it'stimetorestorethebargain,todealthemiddleclassbackin.because,folks,whenthemiddleclassdoeswell,everybodydoeswell-thewealthygetwealthierandthepoorhaveawayup.
youknow,themiddleclassisnotanumber.it'savalueset.itmeansbeingabletoownyourhome;raiseyourchildreninasafeneighborhood;sendthemtoagoodschoolwhereiftheydowelltheycanqualifytogotocollegeandiftheygetacceptedyou'dbeabletofindawaytobeabletosendthemtocollege.andinthemeantime,ifyourparentsneedhelp,beingabletotakecareofthem,andhopetoputasideenoughmoneysothatyourchildrenwillnothavetotakecareofyou.
that'stheamericandream.that'swhatthiscountrywasbuilton.andthat'swhatwe'redetermined8torestore.
inordertodothat,it'stimetohaveafairtaxstructure,onethatvaluespaychecksasmuchasunearnedincomeandinheritedwealth,totakesomeoftheburdenoffofthemiddleclass.it'stimetoclosetaxloopholessowecanreducethedeficit9,andinvestinrebuildingamerica-ourbridges,ourports,ourhighways,rails,providinggoodjobs.
withcorporate10profitsatnearrecordhighs,weshouldencouragecorporationstoinvestmoreinresearchanddevelopmentandthesalariesoftheiremployees.it'stimeforustoinvestineducationalopportunitytoguaranteethatwehavethemosthighlyskilledworkforce11intheworld,for6outofevery10jobsintheneartermisgoingtorequiresomeeducationbeyondhighschool.folks,it'slongpastduetoincreasetheminimumwagethatwillliftmillionsofhardworkingfamiliesoutofpovertytargetpovertyandintheprocessproducearipple12effectthatboostswagesforthemiddleclassandspurseconomicgrowthfortheunitedstatesofamerica.economists13acknowledgethatifwedotheseandotherthings,wageswillgoupandwe'llincreasethegrossdomesticproductoftheunitedstates.
myfellowamericans,weknowhowtodothis.we'vedoneitbefore.it'sthewayweusedtodobusinessandwecandoitthatwayagain.allthemiddleclassinthiscountrywantisachance.noguarantee,justachance.
americanswanttowork.andwhengivenafairshot,theamericanworkerhasnever,ever,ever,lethiscountrydown.folks,it'sneveragoodbettobetagainsttheamericanpeople.
thanksforlistening.