Job Growth, Tax Reform at Forefront of Obama's Economic Plan

President Obama outlines his plan to strengthen the middle class and build new ladders of opportunity.
3:00 | 01/28/14

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Transcript for Job Growth, Tax Reform at Forefront of Obama's Economic Plan
And in the coming months. In the coming months let's see anywhere else we can make progress together. Let's make this a year of action. That's what most Americans want. For all of us in this chamber to focus on their lives. Their hopes. Their aspirations. What I believe unites the people of this nation regardless of race or region or party. Young or old rich -- poor. Is the simple profound belief -- opportunity for all. The notion that if you work hard and take responsibility. You can get ahead in America. -- -- That belief has suffered some serious -- Or more than three decades even before the Great Recession had. Massive shifts in technology and global competition had eliminated a lot of good middle class jobs. And weakened the economic foundations the families depend not. Today after four years of economic growth corporate profits and stock prices have rarely been higher. And those of the top have never done better. But average wages have barely -- And equality has -- Upper mobility has stall. The cold hard fact is that even in the midst of -- coverage to many Americans are working more than ever just to get -- let alone to get ahead. And demanding. Still are working at all. So. Our job. Is to reverse these trends. You won't happen right away and we won't agree on everything. What I -- Knight is a set of concrete practical proposals to speed up growth. Strengthen the middle class and build new ladders of opportunity into the middle class. Some require congressional action. And I'm eager to work -- all of the. What America does not stand still and neither will -- so wherever and whenever I can take steps. Without legislation to expand opportunity for more American families. That's what I'm gonna do. As usual. Our First Lady sets a good example. -- -- -- let's move partnership with schools businesses local leaders this helped bring down childhood obesity rates for the first time in thirty years. And that's an achievement. How will improve lives and reduce health care cost for decades to come. The joining forces -- -- Michelle and Joseph Biden launched his -- encouraged employers to hire or train nearly 400000. Veterans and military spouses. Taking a page from -- playbook the White House just organized a college opportunity summit where already. A 150 universities businesses nonprofits. Have made concrete commitments to reduce inequality in access to higher education. And to help every hardworking kid go to college and succeed when they get to campus. And across the country. We're partnering -- mayors governors. And state legislatures on issues from homelessness to marriage equality. The point is there are millions of Americans outside of Washington. Who are tired of stale political arguments and are moving this country full. They believe. And I've only. -- here in America our success. Should depend not on accident Burke. But the strength of our work ethic. And the scope -- our -- That's what draw our forebears who. That's -- the daughter of -- factory worker is CEO of America's largest auto maker. Other side of the marquee distributor of the house. -- the son of a single mom. Can be president of the greatest nation on -- It. -- Opportunity. It's who we are. And defining project of our generation. Must lead to restore that promise. We know where to start. The best measure of opportunity is access to a good job. With the economy picking up speed companies say they -- -- hire more people this year. And over half -- big manufacturers say they're thinking of in sourcing jobs number. So let's make that decision easier for more problems. Both Democrats and Republicans. Have argued that our tax code is riddled -- wasteful complicated loopholes. That punish businesses investing here and reward companies that keep profits of -- Let's put that equation. Let's work together to close those loopholes. And those incentives to ship jobs overseas and lower tax rates for business -- the create jobs. Right here at home. Moreover we can take the money we saved from this transition to tax reform. To create jobs rebuilding our roads upgrading our ports. And clogging our commutes. Because in today's global economy first class jobs gravitate to first class infrastructure. -- -- Congress to protect more than three million jobs by finishing transportation and waterways bills. This summer. But all -- all my old. To slash bureaucracy and streamline the permitting process -- key projects so. We can get more construction workers on the job as -- as possible. We also have the chance right now. To beat other countries in the race for the next wave of high tech manufacturing jobs. In my administration's launched two hubs for high tech manufacturing in Raleigh, North Carolina and Youngstown Ohio. -- -- connected businesses to research universities -- can help. America lead the world in advance technologies. Tonight I'm announcing will launch six more this year. Bipartisan bills in both houses could double. The number of these -- and the jobs they create so get those bills to my desk put more Americans back to work. Let's do more to help -- entrepreneurs and small business owners who create most new jobs in America. Over the past five years my administration has made more loans to small business owners that any other. And -- 98%. Of our exporters. Are small businesses. New trade partnerships with -- Europe and Asia the Asia Pacific -- help them -- even more jobs. We need to work together. On tools like bipartisan Trade Promotion Authority to protect our workers protect our environment and open new markets to new goods stamped. Made in the US side. Wasn't China and Europe are standing on the sidelines. -- -- neither should wait. We know that the nation the goes all in on animation today will own that the global economy tomorrow. This is -- -- America cannot surrender. Federally funded research. Helped lead to the ideas and inventions behind Google and Smartphones. And that's why congress should undo the damage done by last year's cuts to basically search. So we can unleash the next great. American discover. -- entire industries to be belt. Based on vaccines that stay ahead of drug resistant bacteria. -- paper thin material that stronger than steel. And let's pass a patent reform bill that allows our businesses to stay focused on animation. Not costly and needless litigation.

This transcript has been automatically generated and may not be 100% accurate.

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