I'd like to help struggling homeowners who can't pay their mortgages, I'd like to invest in our crumbling infrastructure, I'd like to reform the tax system so multimillionaires can't pretend their earnings are capital gains and pay at the rate of 15 percent. I'd like to make public higher education free, and pay for it with a small transfer tax on all financial transactions. I'd like to do much more - a new new deal for Americans. But Republicans are blocking me at every point.
I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental imbalance in which the top 1 percent now gets almost a quarter of all national income. We haven't seen income and wealth this concentrated since the late nineteen twenties, and we all know what happened then - the Great Depression. We'll never really get out of the gravitational pull of the Great Recession until we fix this basic problem.
I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.
In the midst of this enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we always - haven't always been here in the United States.
My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
No job in America should go unfilled because somebody doesn't have the right skills to get that job, nobody. So, if there's a job open, we should train those folks right away so that they can do the job.
Our job as Americans is to restore that basic bargain that says, if you work hard, if you're willing to meet your responsibilities, you can get ahead. You can get ahead. Doesn't matter what you look like, doesn't matter where you come from. Our middle class, when it's growing, when it's thriving, when there are ladders of opportunity for people to do a little bit better each year and then make sure that their kids are doing even better than them, that's the American dream. That's what we got to fight for. That has to be the north star that guides everything we do.
The government of Libya announced the death of Moammar Gadhafi. This marks the end of a long and painful chapter for the people of Libya, who now have the opportunity to determine their own destiny in a new and democratic Libya. The Gadhafi regime ruled the Libyan people with an iron fist. The enormous potential of the Libyan people was held back and terror was used as a political weapon. The last major regime strongholds have fallen. The new government is consolidating the control over the country. And one of the world's longest-serving dictators is no more.
Faced with the potential of mass atrocities and a call for help from the Libyan people, the United States and our friends and allies stopped Gadhafi's forces in their tracks. A coalition that included the United States, NATO and Arab nations persevered to protect Libyan civilians. So this is a momentous day in the history of Libya. The dark shadow of tyranny has been lifted, and with this enormous promise the Libyan people now have a great responsibility: to build an inclusive and tolerant and democratic Libya that stands as the ultimate rebuke to Gadhafi's dictatorship.
I'm not sure that the American people are looking for a lot of speeches. I think what they're looking for is action. But one of the things that I do think is important is to be able to explain to the American people what you're doing, and why you're doing it. That is something that I think every great president has been able to do. From FDR to Lincoln to John Kennedy to Eisenhower.
I think our basic principle that this is a free market system and that that has worked for us, that it creates innovation and risk taking, I think that's a principle that we've gotta hold to as well. But what I don't wanna do is get bottled up in a lot of ideology and is this conservative or liberal. My interest is finding something that works.
Whether it's coming from FDR or it's coming from Ronald Reagan, if the idea is right for the times then we're gonna apply it. And things that don't work we're gonna get rid of.
Although there are some parallels to the problems that we're seeing now and what we say back in the '30s, no period is exactly the same. For us to simply recreate what existed back in the '30s in the 21st century, I think would be missing the boat. We've gotta come up with solutions that are true to our times and true to this moment. And that's gonna be our job. I think the basic principle that government has a role to play in kick starting an economy that has ground to a halt is sound.
The American people are not expecting miracles. I think if you talk to the average person right now that they would say, 'Well, look, you know well, we're having a tough time right now. We've had tough times before.' 'And you know, we don't expect a new president can snap his fingers and suddenly everything is gonna be okay. But what we do expect is that the guy is gonna be straight with us. We do expect that he's gonna be working really hard for us.'
I have said repeatedly that I intend to close Guantanamo, and I will follow through on that. I have said repeatedly that America doesn't torture. And I'm gonna make sure that we don't torture. Those are part and parcel of an effort to regain America's moral stature in the world.
The American people are going to have a good choice.
We have to be successful at the cutting-edge industries of the future like Twitter. But we also have always been a country that makes stuff.
When you've got a economy in which 40 percent of economic growth is happening in the financial sector, that turns out that was all an illusion, that it wasn't growth based on real products and services, but just a bunch of paper shuffling and a house of cards, then what's gonna emerge, at some point, is a sense of resentment, a sense that the system's rigged, and it's not working for ordinary people. And it's not fulfilling the basic American dream.
One of the thing about being President - that can't be taught, you have to experience, is - there is the sheer weight of decision making. And when I make a decision to send 17,000 young Americans to Afghanistan - you can understand that intellectually. But understanding what that means for those families, for those young people - when you end up sitting at your desk, signing - a condolence letter to one of the family members of a fallen hero - you're reminded each and every day, at every moment, that - the decisions you make count.
When I think about what I'm going through, as President, it doesn't compare to what the folks that I'm representing are going through. They're losing jobs. They're trying to figure out how to pay their medical bills. They've seen retirements suddenly dissipate because of what's happening in the stock market. And so as tough as the job might be, and the politics of Washington can sometimes be I'm always reminded of how fortunate I am to be here, and what an extraordinary responsibility I have to try to deliver on some of the promises that I made during the election.
My job is exhilarating. It's challenging. I find that the governance part of it, the decision making part of it - actually comes - comes pretty naturally. I think I've got a great team. I think we're making good decisions. The the hardest thing about the job is staying focused. Because there's so many demands and decisions that are pressed upon you.
Well, I think that when you think about the challenges we face, these are challenges that require us to look forward and not backwards. When it comes to the economy I think we have to recognize that we are now in a global economy. And that the measure of our success is: how well are we training our workers? How well are we investing in the new energy economy?
We can't, you know, use our military to make sure the planet doesn't get warmer. And so that kind of leadership, of being able to bring people together, to apply practical commonsense solutions based on facts, based on science, based on what works you know, that's been the approach I have taken consistently as a public servant. That's the kind of style that I think we need in the presidency right now.
We've got to change our regulatory system.
We cannot solve the problems of America if every time somebody somewhere says something stupid, that everybody gets up in arms and we forget about the war in Iraq or we forget about the economy.
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