Transcript: President Obama's DNC Speech

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I ran for President because I saw that basic bargain slipping away. I began my career helping people in the shadow of a shuttered steel mill, at a time when too many good jobs were starting to move overseas. And by 2008, we had seen nearly a decade in which families struggled with costs that kept rising but paychecks that didn't; racking up more and more debt just to make the mortgage or pay tuition; to put gas in the car or food on the table. And when the house of cards collapsed in the Great Recession, millions of innocent Americans lost their jobs, their homes, and their life savings – a tragedy from which we are still fighting to recover.

Now, our friends at the Republican convention were more than happy to talk about everything they think is wrong with America, but they didn't have much to say about how they'd make it right. They want your vote, but they don't want you to know their plan. And that's because all they have to offer is the same prescription they've had for the last thirty years:

"Have a surplus? Try a tax cut."

"Deficit too high? Try another."

"Feel a cold coming on? Take two tax cuts, roll back some regulations, and call us in the morning!"

Now, I've cut taxes for those who need it – middle-class families and small businesses. But I don't believe that another round of tax breaks for millionaires will bring good jobs to our shores, or pay down our deficit. I don't believe that firing teachers or kicking students off financial aid will grow the economy, or help us compete with the scientists and engineers coming out of China. After all that we've been through, I don't believe that rolling back regulations on Wall Street will help the small businesswoman expand, or the laid-off construction worker keep his home. We've been there, we've tried that, and we're not going back. We're moving forward.

I won't pretend the path I'm offering is quick or easy. I never have. You didn't elect me to tell you what you wanted to hear. You elected me to tell you the truth. And the truth is, it will take more than a few years for us to solve challenges that have built up over decades. It will require common effort, shared responsibility, and the kind of bold, persistent experimentation that Franklin Roosevelt pursued during the only crisis worse than this one. And by the way – those of us who carry on his party's legacy should remember that not every problem can be remedied with another government program or dictate from Washington.

But know this, America: Our problems can be solved. Our challenges can be met. The path we offer may be harder, but it leads to a better place. And I'm asking you to choose that future. I'm asking you to rally around a set of goals for your country – goals in manufacturing, energy, education, national security, and the deficit; a real, achievable plan that will lead to new jobs, more opportunity, and rebuild this economy on a stronger foundation. That's what we can do in the next four years, and that's why I'm running for a second term as President of the United States.

We can choose a future where we export more products and outsource fewer jobs. After a decade that was defined by what we bought and borrowed, we're getting back to basics, and doing what America has always done best:

We're making things again.

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