Weekly Address: Vice President : Time to Give the Middle Class a Chance [View all]

[cal04]

Source: White House

In this week’s address, the Vice President discusses our continued economic recovery, with 10 million private sector jobs created over 54 straight months of job creation. Yet even with this good news, too many Americans are still not seeing the effects of our recovery.

As the Vice President explains, there’s more that can be done to continue to bolster our economy and ensure that middle class families benefit from the growth they helped create, including closing tax loopholes, expanding education opportunities, and raising the minimum wage.

Read more: http://www.whitehouse.gov/blog/2014/09/06/weekly-address-time-give-middle-class-chance

---

Transcript
http://www.whitehouse.gov/the-press-office/2014/09/05/weekly-address-time-give-middle-class-chance

In this week’s address, the Vice President discusses our continued economic recovery, with 10 million private sector jobs created over the past 54 months. Yet even with this good news, too many Americans are still not seeing the effects of our recovery. As the Vice President explains, there’s more that can be done to continue to bolster our economy and ensure that middle class families benefit from the growth they helped create, including closing tax loopholes, expanding education opportunities, and raising the minimum wage.

(snip)
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.

(snip)
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.

more at link