Transcript: Bill Clinton's Democratic Convention Speech

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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. The President has supported community colleges and employers in working together to train people for open jobs in their communities. And, after a decade in which exploding college costs have increased the drop-out rate so much that we've fallen to 16th in the world in the percentage of our young adults with college degrees, his student loan reform lowers the cost of federal student loans and even more important, gives students the right to repay the loans as a fixed percentage of their incomes for up to 20 years. That means no one will have to drop-out of college for fear they can't repay their debt, and no one will have to turn down a job, as a teacher, a police officer or a small town doctor because it doesn't pay enough to make the debt payments. This will change the future for young Americans.

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 3 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.

There were two other attacks on the President in Tampa that deserve an answer. Both Governor Romney and Congressman Ryan attacked the President for allegedly robbing Medicare of 716 billion dollars. Here's what really happened. There were no cuts to benefits. None. What the President did was save money by cutting unwarranted subsidies to providers and insurance companies that weren't making people any healthier. He used the saving to close the donut hole in the Medicare drug program, and to add eight years to the life of the Medicare Trust Fund. It's now solvent until 2024. So President Obama and the Democrats didn't weaken Medicare, they strengthened it.

When Congressman Ryan looked into the TV camera and attacked President Obama's "biggest coldest power play" in raiding Medicare, I didn't know whether to laugh or cry. You see, that 716 billion dollars is exactly the same amount of Medicare savings Congressman Ryan had in his own budget.

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