But in 2008, the house of cards collapsed. Now, for many years, credit cards and home equity loans papered over this harsh reality. But everybody else struggled with costs that were growing and paychecks that weren’t - and too many families found themselves racking up more and more debt just to keep up. Those at the very top grew wealthier from their incomes and their investments - wealthier than ever before. Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success. Long before the recession hit, hard work stopped paying off for too many people.
But for most Americans, the basic bargain that made this country great has eroded. We’re still home to the world’s most innovative companies. Today, we’re still home to the world’s most productive workers. (Applause.) So you could have some confidence that if you gave it your all, you’d take enough home to raise your family and send your kids to school and have your health care covered, put a little away for retirement. And you know what? Every American shared in that pride and in that success - from those in the executive suites to those in middle management to those on the factory floor. It was here in America that the most productive workers, the most innovative companies turned out the best products on Earth. (Applause.)Īnd these values gave rise to the largest middle class and the strongest economy that the world has ever known. They believed in an America where hard work paid off, and responsibility was rewarded, and anyone could make it if they tried - no matter who you were, no matter where you came from, no matter how you started out. And together, they shared the optimism of a nation that triumphed over the Great Depression and over fascism. He was a soldier in Patton’s Army she was a worker on a bomber assembly line. My grandparents served during World War II. (Applause.) Her mother grew up in Augusta. (Laughter.) Actually, I like to say that I got my name from my father, but I got my accent - and my values - from my mother. (Applause.) I’m sure you’re all familiar with the Obamas of Osawatomie. I was giving Bill Self a hard time, he was here a while back. Well, it is great to be back in the state of Tex - (laughter) - state of Kansas. (Applause.) And I have brought your former governor, who is doing now an outstanding job as Secretary of Health and Human Services - Kathleen Sebelius is in the house. (Applause.) And we have the principal of Osawatomie High, Doug Chisam. (Applause.) We have your superintendent Gary French in the house. We’ve got the mayor of Osawatomie, Phil Dudley is here. THE PRESIDENT: Well, I want to start by thanking a few folks who’ve joined us today.
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