English subtitles for clip: File:2013-07-27 President Obama's Weekly Address.webm

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The President:
Hi everybody.

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On Wednesday, I spoke about what
we need to do as a country

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to build a better bargain for
the middle class --

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to make sure everyone who works
hard has a chance to get ahead

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in the 21st century economy.

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You see, over the past
four and a half years,

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America has fought its way back
from the worst recession

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of our lifetimes.

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We saved the auto industry, took
on a broken health care system,

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invested in new American
technologies to reverse our

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addiction to foreign oil, and
changed a tax code too skewed

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in favor of the wealthiest at
the expense of working families.

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As a result, our businesses have
created 7.2 million new jobs

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over the past 40 months.

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We produce more renewable
energy than ever,

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and more natural
gas than anyone.

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Health care costs are growing
at the slowest rate in 50 years.

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Our deficits are falling at
the fastest rate in 60 years.

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Thanks to the grit and
resilience of the American

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people, we've cleared away the
rubble of crisis and begun

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to lay a new foundation
for stronger,

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more durable economic growth.

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But as any middle-class
family will tell you,

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we're not yet where
we need to be.

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Trends that have been eroding
middle-class security for

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decades -- technology that
makes some jobs obsolete,

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global competition that
makes others moveable,

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growing inequality and the
policies that perpetuate it --

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all these things still
exist, and in some ways,

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the recession made them worse.

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Reversing these trends must be
Washington's highest priority.

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It sure is mine.

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But over the past couple
of years in particular,

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Washington has taken
its eye off the ball.

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An endless parade
of distractions,

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political posturing and phony
scandals shift focus from what

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needs to be done.

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And as Washington prepares to
enter another budget debate,

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the stakes could not be higher.

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The choices we make now will
determine whether or not every

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American has a fighting
chance in the 21st century.

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If we don't make the investments
necessary to make America

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a magnet for good jobs -- if we
don't invest in education,

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and manufacturing, and research,
and our transportation and

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information networks -- we might
as well hit the "pause" button

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while the rest of the world
forges ahead

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in a global economy.

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And that's certainly not going
to fix what ails

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the middle class.

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Here's what will: a strategy
that builds on the cornerstones

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of what it means to be
middle class in America,

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and what it takes to work your
way into the middle class.

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Good jobs that pay good wages.

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An education that prepares our
children and our workers for the

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global competition they'll face.

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Homeownership that's based
on a solid foundation,

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where buyers and lenders play
by the same set of rules.

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Affordable health care that's
there for you when you get sick.

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A secure retirement
even if you're not rich.

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More chances for folks to earn
their way into the middle class

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as long as they're
willing to work for it.

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Over the next several weeks,
in cities and towns across

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the country, I'll continue to
lay out my ideas in each

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of these areas.

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Because reversing the forces
that have conspired against the

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middle class for decades will
require more than short-term

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thinking; it will require a
long-term American strategy,

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based on steady,
persistent effort.

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I know there are members of both
parties who understand what's

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at stake, and I'm open to ideas
from across the political

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spectrum, as long as they meet
the test of strengthening

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the prospects of
hard-working families.

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But repealing Obamacare, gutting
critical investments in our

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future, threatening to default
on the bills this country has

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already racked up, or shutting
down the government just because

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I'm for keeping it open -- none
of those thing add up

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to an economic plan.

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None of that will take this
country where it needs to go.

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We can do this if
we work together.

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It won't be easy, but if we
take a few bold steps -- and if

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Washington is willing to shake
off its complacency and set

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aside some of the slash-and-burn
partisanship we've seen

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in recent years -- our economy
will keep getting stronger.

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And as long as I have the
privilege of holding this

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office, I will spend every
minute of every day doing

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everything in my power to make
this economy work for working

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Americans again; to build that
better bargain for the middle

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class; to make sure that the
American Dream is something

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that's achievable for
everybody -- not just today,

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but for decades to come.

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Thanks, and have
a great weekend.