US: Bill Clinton’s speech at Democratic Convention endorsing Obama’s candidature

We’re here to nominate a President, and I’ve got one in mind.

I want to nominate a man whose own life has known its fair share of adversity and uncertainty. A man who ran for President to change the course of an already weak economy and then just six weeks before the election, saw it suffer the biggest collapse since the Great Depression. A man who stopped the slide into depression and put us on the long road to recovery, knowing all the while that no matter how many jobs were created and saved, there were still millions more waiting, trying to feed their children and keep their hopes alive.

I want to nominate a man cool on the outside but burning for America on the inside. A man who believes we can build a new American Dream economy driven by innovation and creativity, education and cooperation. A man who had the good sense to marry Michelle Obama.

I want Barack Obama to be the next President of the United States and I proudly nominate him as the standard bearer of the Democratic Party.

In Tampa, we heard a lot of talk about how the President and the Democrats don’t believe in free enterprise and individual initiative, how we want everyone to be dependent on the government, how bad we are for the economy.

The Republican narrative is that all of us who amount to anything are completely self-made. One of our greatest Democratic Chairmen, Bob Strauss, used to say that every politician wants you to believe he was born in a log cabin he built himself, but it ain’t so.

We Democrats think the country works better with a strong middle class, real opportunities for poor people to work their way into it and a relentless focus on the future, with business and government working together to promote growth and broadly shared prosperity. We think “we’re all in this together” is a better philosophy than “you’re on your own.”

Who’s right? Well since 1961, the Republicans have held the White House 28 years, the Democrats 24. In those 52 years, our economy produced 66 million private sector jobs. What’s the jobs score? Republicans 24 million, Democrats 42 million!

One of the main reasons America should re-elect President Obama is that he is still committed to cooperation. He appointed Republican Secretaries of Defense, the Army and Transportation. He appointed a Vice President who ran against him in 2008, and trusted him to oversee the successful end of the war in Iraq and the implementation of the recovery act. And Joe Biden did a great job with both. He appointed Cabinet members who supported Hillary in the primaries. Heck, he even appointed Hillary! I’m so proud of her and grateful to our entire national security team for all they’ve done to make us safer and stronger and to build a world with more partners and fewer enemies. I’m also grateful to the young men and women who serve our country in the military and to Michelle Obama and Jill Biden for supporting military families when their loved ones are overseas and for helping our veterans, when they come home bearing the wounds of war, or needing help with education, housing, and jobs.

President Obama’s record on national security is a tribute to his strength, and judgment, and to his preference for inclusion and partnership over partisanship.

He also tried to work with Congressional Republicans on Health Care, debt reduction, and jobs, but that didn’t work out so well. Probably because, as the Senate Republican leader, in a remarkable moment of candour, said two years before the election, their number one priority was not to put America back to work, but to put President Obama out of work.

Senator, I hate to break it to you, but we’re going to keep President Obama on the job!

In Tampa, the Republican argument against the President’s re-election was pretty simple: we left him a total mess; he hasn’t cleaned it up fast enough, so fire him and put us back in.

I like the argument for President Obama’s re-election a lot better. He inherited a deeply damaged economy, put a floor under the crash began the long hard road to recovery, and laid the foundation for a modern, more well-balanced economy that will produce millions of good new jobs, vibrant new businesses, and lots of new wealth for the innovators.

Are we where we want to be? No. Is the President satisfied? No. Are we better off than we were when he took office, with an economy in free fall, losing 750,000 jobs a month. The answer is YES.

I understand the challenge we face. I know many Americans are still angry and frustrated with the economy. Though employment is growing, banks are beginning to lend and even housing prices are picking up a bit, too many people don’t feel it.

I experienced the same thing in 1994 and early 1995. Our policies were working and the economy was growing but most people didn’t feel it yet. By 1996, the economy was roaring, halfway through the longest peacetime expansion in American history.

President Obama started with a much weaker economy than I did. No President — not me or any of my predecessors — could have repaired all the damage in just four years. But conditions are improving and if you’ll renew the President’s contract, you will feel it.

I believe that with all my heart.

President Obama’s approach embodies the values, the ideas, and the direction America must take to build a 21st century version of the American Dream in a nation of shared opportunities, shared prosperity and shared responsibilities.

So back to the story. In 2010, as the President’s recovery program kicked in, the job losses stopped and things began to turn around.

The Recovery Act saved and created millions of jobs and cut taxes for 95% of the American people. In the last 29 months, the economy has produced about 4.5 million private sector jobs. But last year, the Republicans blocked the President’s jobs plan costing the economy more than a million new jobs. So here’s another jobs score: President Obama plus 4.5 million, Congressional Republicans zero.

Over that same period, more than 500,000 manufacturing jobs have been created under President Obama — the first time manufacturing jobs have increased since the 1990s. The auto industry restructuring worked. It saved more than a million jobs, not just at GM, Chrysler and their dealerships, but in auto parts manufacturing all over the country. That’s why even auto-makers that weren’t part of the deal supported it. They needed to save the suppliers too. Like I said, we’re all in this together.

Now there are 250,000 more people working in the auto industry than the day the companies were restructured. Governor Romney opposed the plan to save GM and Chrysler. So here’s another jobs score: Obama 250,000, Romney, zero.

The agreement the administration made with management, labour and environmental groups to double car mileage over the next few years is another good deal: it will cut your gas bill in half, make us more energy independent, cut greenhouse gas emissions, and add another 500,000 good jobs.

President Obama’s “all of the above” energy plan is helping too — the boom in oil and gas production combined with greater energy efficiency has driven oil imports to a near 20-year low and natural gas production to an all time high. Renewable energy production has also doubled.

We do need more new jobs, lots of them, but there are already more than three million jobs open and unfilled in America today, mostly because the applicants don’t have the required skills. We have to prepare more Americans for the new jobs that are being created in a world fueled by new technology. That’s why investments in our people are more important than ever. I know we’re better off because President Obama made these decisions.

That brings me to health care.

The Republicans call it Obamacare and say it’s a government takeover of health care that they’ll repeal. Are they right? Let’s look at what’s happened so far. Individuals and businesses have secured more than a billion dollars in refunds from their insurance premiums because the new law requires 80% to 85% of your premiums to be spent on health care, not profits or promotion. Other insurance companies have lowered their rates to meet the requirement. More than three million young people between 19 and 25 are insured for the first time because their parents can now carry them on family policies. Millions of seniors are receiving preventive care, including breast cancer screenings and tests for heart problems. Soon, the insurance companies, not the government, will have millions of new customers, many of them middle class people with pre-existing conditions. And for the last two years, health care spending has grown under 4%, for the first time in 50 years.

So are we all better off because President Obama fought for it and passed it? You bet we are.

At least on this one, Governor Romney’s been consistent. He wants to repeal the savings and give the money back to the insurance companies, re-open the donut hole and force seniors to pay more for drugs, and reduce the life of the Medicare Trust Fund by eight years. So now, if he’s elected and does what he promised, Medicare will go broke by 2016. If that happens, you won’t have to wait until their voucher program begins in 2023 to see the end of Medicare as we know it.

Let’s talk about the debt. We have to deal with it or it will deal with us. President Obama has offered a plan with $4trn in debt reduction over a decade, with two and a half dollars of spending reductions for every one dollar of revenue increases, and tight controls on future spending. It’s the kind of balanced approach proposed by the bipartisan Simpson-Bowles commission.

I think the President’s plan is better than the Romney plan, because the Romney plan fails the first test of fiscal responsibility: The numbers don’t add up.

It’s supposed to be a debt reduction plan, but it begins with $5trn in tax cuts over a 10-year period. That makes the debt hole bigger before they even start to dig out. They say they’ll make it up by eliminating loopholes in the tax code. When you ask “which loopholes and how much?” they say “See me after the election on that.”

President Obama’s plan cuts the debt, honours our values, and brightens the future for our children, our families and our nation.

My fellow Americans, you have to decide what kind of country you want to live in. If you want a ‘you’re on your own, winner-takes-all society,’ you should support the Republican ticket. If you want a country of shared opportunities and shared responsibilities — a “we’re all in it together” society, you should vote for Barack Obama and Joe Biden. If you want every American to vote and you think it’s wrong to change voting procedures just to reduce the turnout of younger, poorer, minority and disabled voters, you should support Barack Obama. If you think the President was right to open the doors of American opportunity to young immigrants brought here as children who want to go to college or serve in the military, you should vote for Barack Obama. If you want a future of shared prosperity, where the middle class is growing and poverty is declining, where the American Dream is alive and well, and where the United States remains the leading force for peace and prosperity in a highly competitive world, you should vote for Barack Obama.

I love our country — and I know we’re coming back. For more than 200 years, through every crisis, we’ve always come out stronger than we went in. And we will again as long as we do it together. We champion the cause for which our founders pledged their lives, their fortunes, their sacred honour — to form a more perfect union.

If that’s what you believe, if that’s what you want, we have to re-elect President Barack Obama.

God Bless You. God Bless America.

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