English subtitles for clip: File:2010-09-25 President Obama's Weekly Address.ogv

1
00:00:05,767 --> 00:00:08,433
The President:
This week, the economists
who officially decide when

2
00:00:08,433 --> 00:00:11,900
recessions start and end
declared the recession of 2008

3
00:00:11,900 --> 00:00:13,367
to be over.

4
00:00:13,367 --> 00:00:15,367
But if you're one of the
millions of Americans who lost

5
00:00:15,367 --> 00:00:18,800
your home, your job, or your
savings as a consequence of the

6
00:00:18,800 --> 00:00:23,133
recession, this news is of
little comfort or value.

7
00:00:23,133 --> 00:00:26,000
Yes, the economy is growing
instead of shrinking,

8
00:00:26,000 --> 00:00:29,600
as it was in 2008 and
the beginning of 2009.

9
00:00:29,600 --> 00:00:31,867
We're gaining private sector
jobs each month instead of

10
00:00:31,867 --> 00:00:36,100
losing 800,000, as we did
the month I took office.

11
00:00:36,100 --> 00:00:38,233
But we have to keep pushing
to promote growth that will

12
00:00:38,233 --> 00:00:41,800
generate the jobs we need, and
repair the terrible damage the

13
00:00:41,800 --> 00:00:43,500
recession has done.

14
00:00:43,500 --> 00:00:46,700
That's why I've proposed a
series of additional steps:

15
00:00:46,700 --> 00:00:49,133
accelerated tax breaks for
businesses who buy equipment

16
00:00:49,133 --> 00:00:52,533
now; a permanent research and
development tax break to promote

17
00:00:52,533 --> 00:00:54,834
innovation by
American companies;

18
00:00:54,834 --> 00:00:58,367
and a new initiative to rebuild
America's roads, rails,

19
00:00:58,367 --> 00:01:02,400
and runways that will put folks
to work and make our country

20
00:01:02,400 --> 00:01:04,300
more competitive.

21
00:01:04,300 --> 00:01:07,200
Taken together with the small
business tax cut and lending

22
00:01:07,200 --> 00:01:09,467
plan we passed through
Congress last week,

23
00:01:09,467 --> 00:01:12,233
these steps will help spur
jobs in the short run,

24
00:01:12,233 --> 00:01:15,266
and strengthen our
economy for the long run.

25
00:01:15,266 --> 00:01:18,567
Now, the Republicans who want to
take over Congress offered their

26
00:01:18,567 --> 00:01:20,734
own ideas the other day.

27
00:01:20,734 --> 00:01:23,899
Many were the very same policies
that led to the economic crisis

28
00:01:23,900 --> 00:01:26,200
in the first place,
which isn't surprising,

29
00:01:26,200 --> 00:01:29,200
since many of their leaders were
among the architects of that

30
00:01:29,200 --> 00:01:31,133
failed policy.

31
00:01:31,133 --> 00:01:34,800
It's grounded in same worn
out philosophy: cut taxes for

32
00:01:34,800 --> 00:01:37,967
millionaires and billionaires;
cut the rules for Wall Street

33
00:01:37,967 --> 00:01:41,200
and the special interests; and
cut the middle class loose to

34
00:01:41,200 --> 00:01:43,133
fend for itself.

35
00:01:43,133 --> 00:01:45,899
That's not a prescription
for a better future.

36
00:01:45,900 --> 00:01:50,767
It's an echo of a disastrous
decade we can't afford to relive.

37
00:01:50,767 --> 00:01:53,232
The Republicans in Washington
claimed to draw their ideas from

38
00:01:53,233 --> 00:01:56,533
a website called
"America Speaking Out."

39
00:01:56,533 --> 00:01:58,867
It turns out that one of the
ideas that's drawn the most

40
00:01:58,867 --> 00:02:02,834
interest on their website is
ending tax breaks for companies

41
00:02:02,834 --> 00:02:05,233
that ship jobs overseas.

42
00:02:05,233 --> 00:02:07,934
The funny thing is, when we
recently closed one of the most

43
00:02:07,934 --> 00:02:10,366
egregious loopholes
for companies creating jobs

44
00:02:10,366 --> 00:02:15,867
overseas, Republicans in Congress
were almost unanimously opposed.

45
00:02:15,867 --> 00:02:18,966
The Republican leader John
Boehner attacked us for it,

46
00:02:18,967 --> 00:02:23,233
and stood up for outsourcing,
instead of American workers.

47
00:02:23,233 --> 00:02:26,700
So, America may be speaking out,
but Republicans in Congress sure

48
00:02:26,700 --> 00:02:28,132
aren't listening.

49
00:02:28,133 --> 00:02:30,000
They want to put special
interests back in the driver's

50
00:02:30,000 --> 00:02:31,667
seat in Washington.

51
00:02:31,667 --> 00:02:33,800
They want to roll back the law
that will finally stop health

52
00:02:33,800 --> 00:02:36,467
insurance companies from denying
you coverage on the basis of a

53
00:02:36,467 --> 00:02:38,166
preexisting condition.

54
00:02:38,166 --> 00:02:40,900
They want to repeal reforms that
will finally protect hardworking

55
00:02:40,900 --> 00:02:44,066
families from hidden rates and
penalties every time they use a

56
00:02:44,066 --> 00:02:46,166
credit card, make
a mortgage payment,

57
00:02:46,166 --> 00:02:48,100
or take out a student loan.

58
00:02:48,100 --> 00:02:50,367
And for all their talk about
reining in spending and getting

59
00:02:50,367 --> 00:02:54,333
our deficits under control, they
want to borrow another $700

60
00:02:54,333 --> 00:02:59,400
billion, and use it to give
tax cuts to millionaires and billionaires.

61
00:02:59,400 --> 00:03:05,133
On average, that's a tax cut of
about $100,000 for millionaires.

62
00:03:05,133 --> 00:03:07,567
Instead of cutting taxes
for the wealthiest few --

63
00:03:07,567 --> 00:03:11,000
tax breaks we cannot afford --
I've called for tax cuts for

64
00:03:11,000 --> 00:03:14,533
middle class families who saw
their incomes shrink by 5%

65
00:03:14,533 --> 00:03:17,399
during the last, lost decade.

66
00:03:17,400 --> 00:03:19,233
We've already cut eight
different taxes for small

67
00:03:19,233 --> 00:03:22,000
business owners
to help them hire and grow,

68
00:03:22,000 --> 00:03:24,367
and we're going to cut eight more.

69
00:03:24,367 --> 00:03:26,867
We're challenging our states
and schools to do a better job

70
00:03:26,867 --> 00:03:29,700
educating our kids and making
college more affordable so

71
00:03:29,700 --> 00:03:32,833
America can once more lead the
world in the proportion of our

72
00:03:32,834 --> 00:03:35,734
children graduating from college.

73
00:03:35,734 --> 00:03:38,900
And we're putting an end to the
days of taxpayer-funded bailouts

74
00:03:38,900 --> 00:03:43,667
so Main Street never again
has to pay for Wall Street's mistakes.

75
00:03:43,667 --> 00:03:45,467
America is a great country.

76
00:03:45,467 --> 00:03:48,667
Our democracy is vibrant,
our economy is dynamic,

77
00:03:48,667 --> 00:03:51,533
and our workers can
outcompete the best of them.

78
00:03:51,533 --> 00:03:54,399
But the way for us to remain the
greatest country on Earth isn't

79
00:03:54,400 --> 00:03:58,333
to turn back the clock and put
the special interests back in charge.

80
00:03:58,333 --> 00:04:01,834
It's to make sure all our people
are getting a fair shake.

81
00:04:01,834 --> 00:04:04,300
It's to make sure everyone who's
willing to work for it still has

82
00:04:04,300 --> 00:04:07,133
a chance to reach for
the American dream.

83
00:04:07,133 --> 00:04:10,633
And that will remain my mission
every single day so long as I

84
00:04:10,633 --> 00:04:13,400
have the honor of
serving as President.

85
00:04:13,400 --> 00:04:14,867
Have a nice weekend, everybody.

84
00:04:10,633 --> 00:04:13,400
have the honor of
serving as President.

85
00:04:13,400 --> 00:04:14,867
Have a nice weekend, everybody.