Transcript: Bill Clinton's Democratic Convention Speech

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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 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 two hundred and fifty thousand, Romney, zero.

The agreement the administration made with management, labor 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.

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