[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.44,0:00:02.60,Default,,0000,0000,0000,,♫ Music ♫
Dialogue: 0,0:00:04.97,0:00:06.88,Default,,0000,0000,0000,,In this country, broad-based
Dialogue: 0,0:00:06.88,0:00:08.72,Default,,0000,0000,0000,,prosperity has never trickled down from the
Dialogue: 0,0:00:09.27,0:00:10.43,Default,,0000,0000,0000,,success of a wealthy few.
Dialogue: 0,0:00:11.39,0:00:12.08,Default,,0000,0000,0000,,It has always
Dialogue: 0,0:00:12.58,0:00:15.10,Default,,0000,0000,0000,,come from the success of a strong and growing middle class.
Dialogue: 0,0:00:16.16,0:00:16.64,Default,,0000,0000,0000,,That's how a generation
Dialogue: 0,0:00:17.03,0:00:18.32,Default,,0000,0000,0000,,who went to college on the G.I. Bill, including my
Dialogue: 0,0:00:18.72,0:00:20.23,Default,,0000,0000,0000,,grandfather, helped build the most prosperous
Dialogue: 0,0:00:20.23,0:00:25.40,Default,,0000,0000,0000,,economy the world has ever known. That's why a CEO like Henry Ford
Dialogue: 0,0:00:26.10,0:00:28.59,Default,,0000,0000,0000,,made it his mission to pay his workers enough
Dialogue: 0,0:00:29.03,0:00:31.37,Default,,0000,0000,0000,,so they could buy the cars that they made.
Dialogue: 0,0:00:32.26,0:00:34.00,Default,,0000,0000,0000,,And yet for much of the last century, we have
Dialogue: 0,0:00:34.50,0:00:37.14,Default,,0000,0000,0000,,been having the same argument with folks \N
Dialogue: 0,0:00:37.48,0:00:37.98,Default,,0000,0000,0000,,who keep peddling
Dialogue: 0,0:00:38.07,0:00:39.84,Default,,0000,0000,0000,,some version
Dialogue: 0,0:00:39.84,0:00:40.92,Default,,0000,0000,0000,,of trickle-down economics.
Dialogue: 0,0:00:42.64,0:00:45.36,Default,,0000,0000,0000,,They keep telling us that if we'd convert
Dialogue: 0,0:00:45.77,0:00:48.09,Default,,0000,0000,0000,,more of our investments in education and research and health care
Dialogue: 0,0:00:48.59,0:00:50.87,Default,,0000,0000,0000,,into tax cuts, especially for the wealthy, \N
Dialogue: 0,0:00:51.14,0:00:54.08,Default,,0000,0000,0000,,our economy will grow stronger.
Dialogue: 0,0:00:55.03,0:00:57.63,Default,,0000,0000,0000,,Now the problem for advocates of this theory
Dialogue: 0,0:00:58.05,0:00:58.50,Default,,0000,0000,0000,,is that we've tried their approach.
Dialogue: 0,0:01:00.41,0:01:01.85,Default,,0000,0000,0000,,At the beginning of the last decade, the
Dialogue: 0,0:01:01.85,0:01:04.44,Default,,0000,0000,0000,,wealthiest Americans received a huge tax cut
Dialogue: 0,0:01:04.44,0:01:07.20,Default,,0000,0000,0000,,in 2001, and another huge tax cut
Dialogue: 0,0:01:07.51,0:01:10.34,Default,,0000,0000,0000,,in 2003. We were promised that
Dialogue: 0,0:01:10.34,0:01:12.25,Default,,0000,0000,0000,,these tax cuts would lead to faster job growth.
Dialogue: 0,0:01:13.88,0:01:16.27,Default,,0000,0000,0000,,They did not. The wealthy got wealthier,
Dialogue: 0,0:01:17.91,0:01:19.13,Default,,0000,0000,0000,,but prosperity sure didn't trickle down.
Dialogue: 0,0:01:20.20,0:01:22.23,Default,,0000,0000,0000,,Instead, during the last decade we had
Dialogue: 0,0:01:22.39,0:01:23.88,Default,,0000,0000,0000,,the slowest job growth in half a century.
Dialogue: 0,0:01:25.90,0:01:28.04,Default,,0000,0000,0000,,There was a period when insurance companies
Dialogue: 0,0:01:28.05,0:01:29.11,Default,,0000,0000,0000,,and mortgage lenders,
Dialogue: 0,0:01:29.69,0:01:30.16,Default,,0000,0000,0000,,and financial institutions
Dialogue: 0,0:01:31.61,0:01:33.19,Default,,0000,0000,0000,,didn't have to abide by strong enough regulations.
Dialogue: 0,0:01:34.10,0:01:35.42,Default,,0000,0000,0000,,And what was the result?
Dialogue: 0,0:01:35.90,0:01:38.12,Default,,0000,0000,0000,,Profits for many of these companies soared.
Dialogue: 0,0:01:38.75,0:01:41.14,Default,,0000,0000,0000,,But so did people's health insurance premiums.
Dialogue: 0,0:01:41.51,0:01:45.03,Default,,0000,0000,0000,,Patients were routinely denied care, often when they needed it most.
Dialogue: 0,0:01:45.39,0:01:49.11,Default,,0000,0000,0000,,Families were enticed and sometimes just plain tricked into
Dialogue: 0,0:01:49.21,0:01:50.87,Default,,0000,0000,0000,,buying homes they couldn't afford.
Dialogue: 0,0:01:51.12,0:01:52.96,Default,,0000,0000,0000,,Huge, reckless bets were made with other
Dialogue: 0,0:01:52.98,0:01:54.41,Default,,0000,0000,0000,,people's money on the line.
Dialogue: 0,0:01:54.44,0:01:57.84,Default,,0000,0000,0000,,And our entire financial system was nearly destroyed.
Dialogue: 0,0:01:58.96,0:02:00.29,Default,,0000,0000,0000,,So we've tried this theory out.
Dialogue: 0,0:02:00.45,0:02:03.63,Default,,0000,0000,0000,,And you would think that after the results of this experiment,
Dialogue: 0,0:02:04.05,0:02:05.38,Default,,0000,0000,0000,,that the proponents of this theory
Dialogue: 0,0:02:05.39,0:02:07.74,Default,,0000,0000,0000,,might show some humility. You'd think they'd say,
Dialogue: 0,0:02:08.18,0:02:11.10,Default,,0000,0000,0000,,"You know what? Maybe some rules and regulations
Dialogue: 0,0:02:11.13,0:02:12.64,Default,,0000,0000,0000,,are necessary to protect the economy!"
Dialogue: 0,0:02:12.99,0:02:14.97,Default,,0000,0000,0000,,"Maybe just maybe, at a time of growing debt
Dialogue: 0,0:02:15.60,0:02:17.00,Default,,0000,0000,0000,,and widening inequality,
Dialogue: 0,0:02:17.82,0:02:19.99,Default,,0000,0000,0000,,we should hold off on giving the wealthiest Americans
Dialogue: 0,0:02:20.63,0:02:22.03,Default,,0000,0000,0000,,another round of big tax cuts!"
Dialogue: 0,0:02:22.70,0:02:25.60,Default,,0000,0000,0000,,But that's exactly the opposite of what they've done.
Dialogue: 0,0:02:25.84,0:02:27.94,Default,,0000,0000,0000,,Instead of moderating their views even slightly,
Dialogue: 0,0:02:28.84,0:02:31.59,Default,,0000,0000,0000,,the Republicans running Congress right now have doubled down.
Dialogue: 0,0:02:34.00,0:02:35.16,Default,,0000,0000,0000,,This is what they're running on!
Dialogue: 0,0:02:35.89,0:02:36.97,Default,,0000,0000,0000,,(Shouts): Hooray!!
Dialogue: 0,0:02:37.86,0:02:38.95,Default,,0000,0000,0000,,This larger debate that we'll be having
Dialogue: 0,0:02:39.34,0:02:40.61,Default,,0000,0000,0000,,about the size and role of government;
Dialogue: 0,0:02:41.12,0:02:43.60,Default,,0000,0000,0000,,this debate has been with us since our founding days.
Dialogue: 0,0:02:44.33,0:02:45.88,Default,,0000,0000,0000,,But no matter what we argue, or where we stand,
Dialogue: 0,0:02:47.24,0:02:50.09,Default,,0000,0000,0000,,We have always held certain beliefs as Americans:
Dialogue: 0,0:02:50.65,0:02:52.56,Default,,0000,0000,0000,,We believe that in order to preserve our own freedoms
Dialogue: 0,0:02:53.64,0:02:56.48,Default,,0000,0000,0000,,and pursue our own happiness, we can't just think about ourselves.
Dialogue: 0,0:02:57.92,0:02:59.13,Default,,0000,0000,0000,,We have to think about the country that made
Dialogue: 0,0:02:59.13,0:03:00.22,Default,,0000,0000,0000,,those liberties possible.
Dialogue: 0,0:03:01.87,0:03:02.69,Default,,0000,0000,0000,,We have to think about our fellow citizens,
Dialogue: 0,0:03:02.69,0:03:04.59,Default,,0000,0000,0000,,with whom we share a community.
Dialogue: 0,0:03:05.04,0:03:06.93,Default,,0000,0000,0000,,We have to think about what's required
Dialogue: 0,0:03:07.44,0:03:09.55,Default,,0000,0000,0000,,to preserve the American dream for future generations.
Dialogue: 0,0:03:12.55,0:03:15.27,Default,,0000,0000,0000,,And if we keep that in mind, and uphold our obligations to one another
Dialogue: 0,0:03:16.55,0:03:19.73,Default,,0000,0000,0000,,and to this larger enterprise that is America,
Dialogue: 0,0:03:20.10,0:03:21.96,Default,,0000,0000,0000,,then I have no doubt that we will continue our
Dialogue: 0,0:03:21.96,0:03:25.60,Default,,0000,0000,0000,,long and prosperous journey as the greatest nation on Earth.
Dialogue: 0,0:03:26.88,0:03:29.23,Default,,0000,0000,0000,,Thank you. God bless you. God bless the United States of America.
Dialogue: 0,0:03:30.26,0:03:31.23,Default,,0000,0000,0000,,(Applause/Clapping)
Dialogue: 0,0:03:32.52,0:03:33.10,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:03:33.46,0:03:35.88,Default,,0000,0000,0000,,(Man hammering nails on a table)