President Supports Minimum Wage Increase

The president urges a raise in minimum wage and reform of retirement savings plans.
3:00 | 01/28/14

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Transcript for President Supports Minimum Wage Increase
In the -- since I ask this congress to raise the minimum wage five states have passed laws to raise -- Many businesses have done on the wrong. -- -- -- -- -- -- his boss John Serrano. And Johnson and owner punch -- Minneapolis. And make it helps make an -- Only now he makes more of it. John does gave his employees a raise to ten bucks an hour. And that's a decision that has -- their financial stress and boosted their morale. Tonight I ask more of America's business leaders to follow John's late. Do what you can to raise your employees' wages. -- -- -- -- Dublin mayor and governor. State legislator in America I say you don't have to wait for congress -- Americans will support you if you take the song. And as the chief executive I intend to lead by example. Profitable corporations like costs go see higher wages as the Smart way to boost productivity. Number -- turnover. We should -- In the coming weeks I will issue an executive order requiring. Federal contractors to paid their federally funded employs a fair wage of at least ten dollars and ten cents an hour because if you cook. Our troops -- or wash their dishes. You should not have. Of course. To reach millions more. Congress does need to get on board. Today the federal minimum wage is worth about 20% less. Than it was when Ronald Reagan first earlier. The Tom Harkin and George Miller have a bill to fix that by lifting the minimum wage to ten dollars and ten cents a -- murmured Tencent. This will help families. -- give businesses customers want more money to spend. It does not involve any new bureaucratic program. To join the rest of the country. So let's give America RA. Okay. There other steps we can take to help families make ends meet. And -- more effective at reducing inequality and helping families pull themselves up through hard work than the earned income tax credit. Right now it helps about half of all parents at some point think about that. It helps about half of all parents in America at some point in their lives. But I agree -- Republicans like senator -- -- -- it doesn't do enough for single workers who don't have kids. So let's work together to strengthen the credit reward work help more Americans get ahead. Let's do more to help Americans save for retirement. Today most workers don't have a pension. The Social Security check often isn't enough on its own. And while the stock market is doubled over the last five years that doesn't help folks who don't have 41 case. That's why tomorrow I will direct the treasury to create a new way. For working Americans to start their own retirement six. -- higher -- -- It's -- it's a new savings mom and encourages folks. To build an aspect. My IRA guarantees a decent return would no risk of losing what you put in. And -- this congress wants to help work with me. To fix them upside down tax code that gives big tax breaks to help. The well be safe but does little or nothing for middle class Americans. Offer every American access to an automatic and I area on the job to a concerted work -- like her body in this chamber can't. And since the most important investment many families make is their home. Send me legislation that protects taxpayers from footing the bill free housing crisis ever again and keeps the dream of homeownership alive for future generations.

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

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