a problem. the worst economy since the great depression. we were losing 700,000 jobs a month. the economy was shrinking by 9%. the automotive industry was on its back. the financial sector, you could not get a loan, a business loan, a student loan, nothing was moving, and through the sheer force of will of this one man, with the courage and the confidence and the character not of what he had but what he knew the american people had to get this economy moving again. you are a product, all of us, of our experiences, and his product is when he was done with law school, you could pick what goes street you worked on. he picked the south side with the steelworkers. they saw their jobs, their communities, their lives

slipping away, and when he was in that oval office, when the decisions are tough, and the chips are down, it was their voices, and their values that he remembered, so when it comes to the automotive industry, i know it comes as a shock, but many said, "let it go bankrupt. letting go." he remembered the automotive workers to build this country. it was the automotive workers to build an middle class, a community, and those are the values, those are the voices you want in the oval office. there is a lot of noise out there, a lot of screaming, conventional wisdom telling you to let it go. but you have someone to remember the people he worked with when he left law school, what he saw in their eyes and what he heard

in their voices. those are the decisions that get made in the oval office, and you have to have the toughness to make those decisions, and you have to remember who you are therefore, so when it comes to the president of the united states and the character that you want in the oval office, because all of those decisions, the easy decisions, the tough decisions, you just open the door and hope they go to the oval office, and he had nothing but tough decisions to make. he has had america's back and the back of the american people for the last 3.5 years, and for the next five months, we have got to have his back, because he remembers those voices. their values that he listened to, and if those are your values, then we go him our votes.

-- we owe him our votes. because, folks, that is where your guys are, and that is where your vote must be. this president has got this country once again starting to move, starting to create jobs where we were losing jobs, starting to get the economy growing where they were shrinking. trying to remember again the voices of the middle class, and that is what we need in the oval office, somebody remembers the middle class in the country. i have seen it up close. it is a lonely job, but you are a person of your experiences and the people you meet, the struggles they have, and the challenges they must me. and the question is, will a person at that desk in that office hear those voices, and i now want to introduce the person who has never forgotten the voices of the people, the president of the united states,

barack obama. [cheers and applause] >> thank you, chicago. thank you. thank you. it is good to be back home. i am sleeping in my bed tonight. [cheers and applause] i am going to go into my kitchen. i might cook something for myself. pudge around in the backyard a little bit. it is good being come. the white house is nice, you know, but i am just leasing.

it is so good to see so many great friends, but i just have to point out the person who introduced me, he was one of the best chiefs of staff that you could ever want to have. we were at the white house, and i would leave around 6:00, and he would leave around 7:00 or 8:00 and take work home, all of the sacrifices, but as good as he was being chief of staff, i have never seen him happier than he is as mayor of the city of chicago. [cheers and applause] he loves chicago.

he loves its people, he loves its institutions. he loves the kids, and all of the work that he is doing on behalf of making the schools better and streamlining government and making things work in every part of the city, not just some parts of the city, that is all reflective, all of that energy, all of that pent up energy, so i just want everyone to give a big round of applause to an outstanding man. [cheers and applause] so i am here because not only do i need your help, but your country needs help. some of you have known me since i was running for the state senate.

there were folksy summit when the congressional -- lose the congressional race and win the senate race, and i know you, and i know your values, and i know what you care about, and as much as we may have had some friendships and relationships, and that is part of the reason you supported me in 2008, the election four years ago was not just about me. it was not about one person. it was about our commitment to each other. it was about corp., a basic beliefs that we had in america and america's future. we believe that everybody should

have a fair shot. everybody should do their fair share, and everybody should play by the same set of rules. we believe that if you are willing to work hard, if you are willing to take responsibility, willing to be part of the community, then it does not matter what you look like or where you come from or what your last name is, who you love, the bottom line is you should be able to make it in america. that is what this city is all about. that is what is reflective of this city. you have got names -- surnames in chicago from everywhere, not just obama. because this has been a magnet for people here say, "if i work hard, i can make it."

one of my younger friends. and that is why we came together in 2008, because for a decade, those values were being -- at least we were not living up to them. we sought a surplus turned into a deficit, a massive deficit, because folks that tax cuts and did not even need them and were not even asking for them. credit cards. the first time in our history where we are sending young men and women off to fight. we have seen an economic system that was dependent on financial speculation and, frankly, a lot

of restlessness. -- recklessness. we have seen manufacturing going overseas. we became known as a country that was consuming things. we were an engine of the economy because of what we bought on home equity loans or credit cards as opposed to a country who made things and sold them all around the world what those three words, "made in america." and all of this came tumbling down in a financial crisis that really began to happen as we were still in the midst of the campaign. before i took office, we have lost 3 million jobs. a month i took office. we lost 800,000 jobs. 8 million all told. before our economic policies had a chan to take effect, and so we had to make a series of tough decisions.

we had to make sure that an iconic automotive industry was safe. we had to make sure the banking system was stabilized. we had to make sure that layoffs were minimized, that states got some help, and little thought -- middle-class families got tax cuts, and because of those decisions, we were able to stabilize the economy and begin to grow. because we had faith in the american people. most of the decisions were not easy. we knew we would be subject to political criticism, but they were the right thing to do for our country. and despite all of the noise and the misinformation and the obstetrician -- obfuscation and bamboozling, what we did was

work to help to make sure the economy could grow again so that we have now seen over two years of the economy growing and jobs being produced. more than 4 million jobs being produced, over 800,000 being produced just this year alone. [applause] now, here is the thing though. we are not where we need to be. we are not there yet. we saw the new jobs report. a lot of that is attributable to europe and the clouds coming over from the atlantic and the whole world economy that has been weakened by it. that is having an impact on us,

but beyond that, we still note to of many of our friends and family that are out of work. there are too many folks whose homes are under water, too many people still struggling to pay the bills, too many kids still locked out of opportunity, and when we embark on this journey in 2008, it was not just to get back to where we were before the financial crisis. the idea was to start fixing things in a more fundamental way, make sure that every child in america gets a good education, make sure people are not bankrupt when they get sick, to make sure we actually have an energy policy that works for this country, to make sure that we are still a nation of innovators. to build an economy that lasts and allows middle-class families

to get a sense of security again. that is what we were fighting for, and we have got more work to do. we are not satisfied. as proud of we -- as we are of the work we have gotten done, we have still got miles to go on this journey. now, what makes this year so important is because we have got a contrast this time that we may not have seen in american politics in quite some time. even last time we ran, and we had a republican can it, he acknowledged the need for immigration reform, he acknowledged the need for campaign finance return, he acknowledged the need for policies when talking about climate change. now we have got is not just a

nominee but a congress and a republican party that has a fundamentally different vision about where we need to go as a country. look. i believe they love this country. the nominee, he has achieved great personal success. he seems to have a wonderful family. god bless them, but the vision that he has for this country, like the vision the republicans in congress have for this country is exactly the vision that got us into this mess in the first place. except as what was said a few weeks ago, it is -- this time. they do not have a new idea

about to move the country forward. they are just regurgitating all of the old ideas. we want more tax cuts for some of the wealthiest individuals. we want to cut back further on things like education and transportation and the basic investments that have allowed america to succeed. they want to further rollback to pay for the tax cuts, our court social safety net of medicare and medicaid. they want to strip away regulations that we fought to put in place to make sure, for example, that we do not have the same kind of financial crisis on wall street that we just went through. they want to strip it all away. their basic philosophy is if a few folks are doing really, really well, and we strip away

whatever constraints on how the market operates for consumers and to make sure that everybody gets a chance, that everybody can start a small business, and everybody can be out there and compete and succeed, if we just let everybody be on their own, somehow we are going to be better off. and that is a fundamental misreading. that is not have chicago became a great city. that is not how illinois became a great state. it is not how america became a great nation. we are a nation of rugged individualists with an entrepreneurial spirit. we believe in rewarding risk takers and innovators, but we also believe that we are all in

this together. we also believe that when we make investments together, the public schools, then those kids are being educated are going to be the workers of the future and the business leaders of a future, and we will all venture forward. we will all benefit, so it is worth making that investment. [cheers and applause] as i was coming down the lake front today, thinking about make no little plans. we understand that when we build our infrastructure and roads and or railways, in the 21st century, broadband lines and wireless and high-speed rail, that is what helps to drive us

as an economic superpower. when we make investments in research and science, the government gets involved, and then there is a platform for all kinds of private industry. all sorts of wealth creation, all sorts of opportunity. we do not do it for one individual or one group. we do it for everybody. the same way we pay for fire fighting and police departments and national defence. there are some things we do better together. that is what we have always understood, and that is what has made this country great, and so the choice in this election is going to be to claim a vision that did not work from 2000 to

2008, did not work right before the great depression -- we have on 3 periodic spasms, the gilded roaring warring 20's -- twenties. usually, we come to our senses. we realize, you know what, that is not the way democracy is done. that is not the way. and that is the vision that we are going to have to confront and address in this election. now, the good news is when you cut through the noise, and you ask people, it turns out most people agree with us. the things we have already done. we ask people, you know what? is it a good idea to make sure we have more teachers and

classrooms, they will say, " absolutely." when we tell them, you know what, taking tens of billions of dollars going to the bank and the student loan program, cutting out the middleman, giving that money directly to students, is that a good idea? "absolutely." does it make sense to double the fuel-efficient the standards of our cars? one decade from now, all of the cars will be getting 55 miles per gallon? even though our oil production -- oil production is higher than it has been, and our imports actually dropped, we have also doubled clean energy, so we are starting to control our energy future and are able to do something about climate change. people say yes.

when we tell people, you know what? manufacturing is coming back. more jobs in manufacturing than any time since the 1990's, not just in the automotive industry. companies are starting to say, you know what? it makes sense to reinvest in america again, because america has got the best market and the best workers. why not bring these jobs home? we are starting to see it happen, so when you ask people, doesn't make sense to stop giving tax breaks to companies shipping jobs overseas, let's give them to companies to bring jobs back to america, they say, "that is a good idea. we agree." [applause] and when we say to people, does it make sense for us to make sure that young people can stay on their parents' health insurance plans until they are 26, make our seniors'

prescription drug plan more affordable, and make sure that everyone is granted preventive care, making sure that women get preventive care and can make decisions about their own health -- [applause] people say, "that is a good idea." and we say the bat that is my plan. so the good news is that the majority of the american people share our vision. they believe that we have to work hard, each of us. we have to take responsibility, each of us, for our families,

for our families, neighborhoods, communities. not every dollar of government money is well spent. and they want smarter government. they understand those things, but they also say, you know what? we have got obligations for something bigger. we have got obligations for the next generation. we have got obligations for the future. that is worth fighting for. that is worth fighting for. we talked to today about one initiative saw all of these

young men and women, now that we are ending the war and are winding down the war in iraq and afghanistan, they do not have to fight for a job when they are coming home -- [cheers and applause] be part troops, we see that spirit, that common purpose and sense of mission and sacrifice. a and a at situation right for

us. i do not want to live in a country where we do this. where we are not thinking about future generations. when you make this argument, by the way, to the other side, what they will say is, "we are thinking about the future. that is why we have to do something about these." "out of control government spending." and i smile, and i say, "you are absolutely right." we have got to get federal spending and our deficits and our debt under control, which is why i signed a $2 trillion worth of tax cuts. it is the reason why government

spending has gone up at a slower rate in my administration than any administration since dwight eisenhower." [cheers and applause] a at looking at health care costs and health care and medicaid. to an making itself folks in their golden years, i am happy to work with you. but here is just one thing. i think some should pay more in

taxes because i do not think we should do this for a some people or in medicaid for a disabled child cut, or shortchanging our veterans for the care they need when they come home. i do not want that. i don't need that tax cut bad enough. and it turns at mcmillian there is an billionaires' do not need it either. they are doing just fine. their tax rates are lower than they have been in 50 years, and will be a purpose is let's go back to the rates and the last democratic administration when we created 22 million jobs. it did not seem to be a problem for a job creator as then, what should be a problem now? what happens?

-- happened? [applause] we can reduce our deficit in a balanced way and protect this for the middle-class. we have not gotten any takers so far. actually, there are a number of republicans who think it is a good idea to have a balanced approach like this, so do not tell me that you are not interested in the future. a little bit of modification of your ideology in order to secure that. and, you know, if you look at mr. romney's plan, he has got trillions of dollars on top of the bush tax cuts. when we asked him how he will pay for them, he says, "we will

close the loopholes." i asked him which ones, and he says, "i do not know." do not buy that song and dance about we are concerned about future generations. you do not think that warren buffett can pay one dime more in order to support that future? that is the debate we are going to be having over the next several months. it is a critical debate. it is about the economy. i believe we have got comprehensive immigration reform. a nation of laws and a nation of immigrants. my opponent has a different view. i believe we did the right thing in repealing do not ask do not tell, and we have to fight for a

future for fairness and equality under a law. my opponent has a different point of view. i think i did the right thing in ending the war in iraq and setting a timeline for getting us out of afghanistan. my opponent has a different view. [applause] there are going to be able budget issues to talk about, but the central one, about how we build an economy that works for everyone, that is what i want everyone to pay attention to. this is going to be a close race, and the reason it is going to be a close race is we have gone through a tough four years, on top of a tough decade for a lot of families before that, and folks feel worn out. and if you do not have a job,

you do not care that there are 4 million jobs created. you are still waiting for yours. your house is $100,000 under water. the fact that the housing market is beginning to stabilize is not satisfactory. you are still trying to figure out how to dig yourself out of a whole. that will make it tough, and, frankly, it makes it easier for the other guys, because the other side, all they have got to do is say, you know what, you are frustrated. things are not where they need to be, and it is obama's fault, and if they can spend hundreds of millions of dollars promoting that argument, then they do not have to come up with answers. they do not have to come up with a critical plan. they figure they can serve folks frustrations all the way to the white house. we have seen this game before.

which is debt not ever seen this much money behind the game. so the question then for us is going to end up being how badly do we believe and what we say we believe and? alhart are we willing to fight for the future that we say we want for our kids and our grandkids? the one thing i learned in 2008, families all across the country, starting in iowa, was for all the cynicism and negativity and phony issues and sometimes outright lies that pass for political campaigns, when a group of ordinary citizens say

we want to bring change to this country, make this work for everybody, when voters start talking to each other, not just to another candidate, but an idea -- that is what you showed me last time. and so, this time, we are going to have to be more determined, and we're going to have to make the same commitments. you know, i told people back in 2008, i said, "i am not a perfect man, and i will not be a perfect president, but i promise you this. i will always tell you what i think, and wi