The economy is growing again

[Canceled.LTroll.8]

I ran for President because for much of the last decade, a very specific governing philosophy had reigned about how America should work.

Cut taxes, especially for millionaires and billionaires.

Cut regulations for special interests.

Cut trade deals even if they didn’t benefit our workers.

Cut back on investments in our people and in our future, in education and clean energy, in research and technology.

The idea was that if we just had blind faith in the market, if we let corporations play by their own rules, if we left everyone else to fend for themselves that America would grow and America would prosper, and for a time, this idea gave us the illusion of prosperity.

We saw financial firms and CEOs take in record profits and record bonuses.

We saw a housing boom that led to new homeowners and new jobs in construction.

Consumers bought more condos and bigger cars and better TVs.

But, while all this was happening, the broader economy was becoming weaker.

Job growth between 2000 and 2008 was slower than it had been in any economic expansion since World War II, slower than it’s been over the last year.

The wages and incomes of middle-class families kept falling while the cost of everything from tuition to health care kept on going up.

Folks were forced to put more debt on their credit cards and borrow against homes that many couldn’t afford to buy in the first place, and meanwhile, a failure to pay for two wars and two tax cuts for the wealthy helped turn a record surplus into a record deficit.

I ran for President because I believed that this kind of economy was unsustainable for the middle class and for the future of our nation.

I ran because I had a different idea about how America was built.

It was an idea rooted in my own family’s story.

You see, Michelle and I are where we are today because even though our families didn’t have much, they worked tirelessly, without complaint, so that we might have a better life.

My grandfather marched off to Europe in World War II, while my grandmother worked in factories on the home front.

I had a single mom who put herself through school, and would wake before dawn to make sure I got a decent education.

Michelle can still remember her father heading out to his job as a city worker long after multiple sclerosis had made it impossible for him to walk without crutches.

He always got to work; he just had to get up a little earlier.

Yes, our families believed in the American values of self-reliance and individual responsibility, and they instilled those values in their children.

But, they also believed in a country that rewards responsibility, a country that rewards hard work; a country built on the promise of opportunity and upward mobility.

They believed in an America that gave my grandfather the chance to go to college because of the GI Bill, an America that gave my grandparents the chance to buy a home because of the Federal Housing Authority, an America that gave their children and grandchildren the chance to fulfill our dreams thanks to college loans and college scholarships.

It was an America where you didn’t buy things you couldn’t afford, where we didn’t just think about today.

We thought about tomorrow.

An America that took pride in the goods that we made, not just the things we consumed.

An America where a rising tide really did lift all boats, from the company CEO to the guy on the assembly line.

That’s the America I believe in.

That's what led me to work in the shadow of a shuttered steel plant on the South Side of Chicago when I was a community organizer.

It’s what led me to fight for factory workers at manufacturing plants that were closing across Illinois when I was a senator.

It’s what led me to run for President, because I don’t believe we can have a strong and growing economy without a strong and growing middle class.

Now, much has happened since that election.

The flawed policies and economic weaknesses of the previous decade culminated in a financial crisis and the worst recession of our lifetimes, and my hope was that the crisis would cause everybody, Democrats and Republicans, to pull together and tackle our problems in a practical way.

But as we all know, things didn’t work out that way.

Some Republican leaders figured it was smart politics to sit on the sidelines and let Democrats solve the mess.

Others believed on principle that government shouldn’t meddle in the markets, even when the markets are broken.

But, with the nation losing nearly 800,000 jobs the month that I was sworn into office, my most urgent task was to stop a financial meltdown and prevent this recession from becoming a second depression.

And we have done that.

The economy is growing again.

The financial markets have stabilized.

 

[hotdog]

I ran for President because for much of the last decade, a very specific governing philosophy had reigned about how America should work.

Cut taxes, especially for millionaires and billionaires.

Cut regulations for special interests.

Cut trade deals even if they didn’t benefit our workers.

Cut back on investments in our people and in our future, in education and clean energy, in research and technology.

The idea was that if we just had blind faith in the market, if we let corporations play by their own rules, if we left everyone else to fend for themselves that America would grow and America would prosper, and for a time, this idea gave us the illusion of prosperity.

We saw financial firms and CEOs take in record profits and record bonuses.

We saw a housing boom that led to new homeowners and new jobs in construction.

Consumers bought more condos and bigger cars and better TVs.

But, while all this was happening, the broader economy was becoming weaker.

Job growth between 2000 and 2008 was slower than it had been in any economic expansion since World War II, slower than it’s been over the last year.

The wages and incomes of middle-class families kept falling while the cost of everything from tuition to health care kept on going up.

Folks were forced to put more debt on their credit cards and borrow against homes that many couldn’t afford to buy in the first place, and meanwhile, a failure to pay for two wars and two tax cuts for the wealthy helped turn a record surplus into a record deficit.

I ran for President because I believed that this kind of economy was unsustainable for the middle class and for the future of our nation.

I ran because I had a different idea about how America was built.

It was an idea rooted in my own family’s story.

You see, Michelle and I are where we are today because even though our families didn’t have much, they worked tirelessly, without complaint, so that we might have a better life.

My grandfather marched off to Europe in World War II, while my grandmother worked in factories on the home front.

I had a single mom who put herself through school, and would wake before dawn to make sure I got a decent education.

Michelle can still remember her father heading out to his job as a city worker long after multiple sclerosis had made it impossible for him to walk without crutches.

He always got to work; he just had to get up a little earlier.

Yes, our families believed in the American values of self-reliance and individual responsibility, and they instilled those values in their children.

But, they also believed in a country that rewards responsibility, a country that rewards hard work; a country built on the promise of opportunity and upward mobility.

They believed in an America that gave my grandfather the chance to go to college because of the GI Bill, an America that gave my grandparents the chance to buy a home because of the Federal Housing Authority, an America that gave their children and grandchildren the chance to fulfill our dreams thanks to college loans and college scholarships.

It was an America where you didn’t buy things you couldn’t afford, where we didn’t just think about today.

We thought about tomorrow.

An America that took pride in the goods that we made, not just the things we consumed.

An America where a rising tide really did lift all boats, from the company CEO to the guy on the assembly line.

That’s the America I believe in.

That's what led me to work in the shadow of a shuttered steel plant on the South Side of Chicago when I was a community organizer.

It’s what led me to fight for factory workers at manufacturing plants that were closing across Illinois when I was a senator.

It’s what led me to run for President, because I don’t believe we can have a strong and growing economy without a strong and growing middle class.

Now, much has happened since that election.

The flawed policies and economic weaknesses of the previous decade culminated in a financial crisis and the worst recession of our lifetimes, and my hope was that the crisis would cause everybody, Democrats and Republicans, to pull together and tackle our problems in a practical way.

But as we all know, things didn’t work out that way.

Some Republican leaders figured it was smart politics to sit on the sidelines and let Democrats solve the mess.

Others believed on principle that government shouldn’t meddle in the markets, even when the markets are broken.

But, with the nation losing nearly 800,000 jobs the month that I was sworn into office, my most urgent task was to stop a financial meltdown and prevent this recession from becoming a second depression.

And we have done that.

The economy is growing again.

The financial markets have stabilized.

Are you creating a fascist economy? Are you a capitalist, communist, mercantilist, feudalist, or some form of socialist?

 

[Canceled.LTroll.8]

See, I’ve never believed that government has all the answers to our problems.

I’ve never believed that government’s role is to create jobs or prosperity.

I believe it’s the drive and the ingenuity of our entrepreneurs, our small businesses, the skill and dedication of our workers, that’s made us the wealthiest nation on Earth.

I believe it’s the private sector that must be the main engine for our recovery.

I believe government should be lean.

Government should be efficient.

I believe government should leave people free to make the choices they think are best for themselves and their families, so long as those choices don’t hurt others.

But, in the words of the first Republican President, Abraham Lincoln, I also believe that government should do for the people what they cannot do better for themselves, and that means making the long-term investments in this country’s future that individuals and corporations can't make on their own, investments in education and clean energy, in basic research and technology and infrastructure.

That means making sure corporations live up to their responsibilities to treat consumers fairly and play by the same rules as everyone else.

Their responsibility is to look out for their workers, as well as their shareholders, and create jobs here at home, and that means providing a hand-up for middle-class families, so that if they work hard and meet their responsibilities, they can afford to raise their children, and send them to college, see a doctor when they get sick, retire with dignity and respect.

That’s what we Democrats believe in.

You didn’t elect me to just read the polls and figure how to keep myself in office.

You didn’t elect me to avoid big problems.

You elected me to do what was right, and as long as I’m President, that’s exactly what I intend to do.

This country is emerging from an incredibly difficult period in its history, an era of irresponsibility that stretched from Wall Street to Washington, and had a devastating effect on a lot of people.

Our cause is just, our spirit is strong and our resolve unwavering.

As Democrats, we take pride in what our party has accomplished over the last century, Social Security and the minimum wage, the GI Bill and Medicare, civil rights and worker’s rights and women’s rights.

But, we also recognize that throughout our history, there has been a noble Republican vision as well, of what this country can be.

It was the vision of Abraham Lincoln, who set up the first land grant colleges and launched the transcontinental railroad, the vision of Teddy Roosevelt, who used the power of government to break up monopolies, the vision of Dwight Eisenhower, who helped build the Interstate Highway System, and, yes, the vision of Ronald Reagan, who despite his aversion to government, was willing to help save Social Security for future generations, working with Democrats.

These were serious leaders for serious times.

They were great politicians, but they didn’t spend all their time playing games or scoring points.

They didn’t always prey on people’s fears and anxieties.

They made mistakes, but they did what they thought was in the best interests of their country and its people, and that’s what the American people expect of us today, Democrats, independents, and Republicans.

That’s the debate they deserve.

That’s the leadership we owe them.

 

[Crashk]

I was wondering where the intelligent Republicon rebuttal that Joe Wilson always gives to your posts. But I see the hotdog filled that spot nicely.

"The flawed policies and economic weaknesses of the previous decade culminated in a financial crisis and the worst recession of our lifetimes, and my hope was that the crisis would cause everybody, Democrats and Republicans, to pull together and tackle our problems in a practical way.

But as we all know, things didn’t work out that way.

Some Republican leaders figured it was smart politics to sit on the sidelines and let Democrats solve the mess."

Basically Hodtog your insane economic ideology has driven this country to the brink of a the second Great Republicon Depression and your party will not take any responsibility for what they've done and are stopping anything that would help the average American. You blame your mess on Obama! LOL!

How can working people believe in capitalism when the capitalists have moved the capital to china? The Republicon party works for the communist chinese, go live there.

 

[Canceled.LTroll.8]

The private sector has created jobs for the last eight months in a row, and there are roughly 3 million Americans who are working today because of the economic plan we put into place.

But, the truth is, progress has been painfully slow.

Millions of jobs were lost before our policies even had a chance to take effect.

We lost 4 million in the six months before I took office.

It was a hole so deep that even though we’ve added jobs again, millions of Americans remain unemployed.

Hundreds of thousands of families have lost their homes.

Millions more can barely pay the bills or make the mortgage.

The middle class is still treading water, and those aspiring to reach the middle class are doing everything they can to keep from drowning, and meanwhile, some of the very steps that were necessary to save the economy, like temporarily supporting the banks and the auto industry, fed the perception that Washington is still ignoring the middle class in favor of special interests.

And, so people are frustrated and they’re angry and they’re anxious about the future.

I understand that.

I also understand that in a political campaign, the easiest thing for the other side to do is to ride this fear and anger all the way to Election Day.

That’s what’s happening right now.