Washington, DC…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.