3 Requirements of Successful Middle-Class Economy

President Obama seeks a middle class that feels more financially secure and has greater career and training opportunities.
11:04 | 01/21/15

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Transcript for 3 Requirements of Successful Middle-Class Economy
So what does middle class economics were choir in our time. First. Middle class economics means helping working families feel more secure. In a world of constant change. Means helping folks support child care college health care. A home. Retirement. My budget will address each of these issues lowering the taxes on working families and putting thousands of dollars back into their pockets each year. Here's here's one exempt. During World War II when men like my grandfather went off to war. Having women like my grandmother in the workforce. With a national security priority. So this country provided universal child care. In today's economy one having both parents in the work force is an economic necessity for many families. We need affordable high quality child care more than ever. It's not a nice to have. As a monster. So it's time we stop treating child care as a side issue. Or as a women's issue and treated like the national economic priority that it is for all of us. That's why my plan will make quality child care more available and more affordable for every middle class and low income family with young children in America. McGrady more slots and a new tax cut of up to 3000 dollars. Per child per year. Here's another example. Not today we are the only advanced country on earth that doesn't guarantee paid sick leave for paid maternity leave to our workers. 43 million workers have no paid sick with a 43 million. Think about that. And that forces too many parents to make the gut wrenching choice between a paycheck. And a secular law. So I'll be taking new action to help states adopt paid leave walls of their own and since basically one. Ware was on the ballot last November let's put it to a vote right here in Washington. Send the bill. Of course. Nothing helps families make ends meet like higher wages. That's why this congress still needs to pass a law that make sure woman has paid the same. As a man for doing the same work. Masks this development very brink. It's time. We still made to make sure employees get the overtime they've earned. In this congress and who still refuse to raise the minimum wage I say that's. If you truly believe you could work full time and support a family on less than 151000 dollars a year. Try it. These ideas won't make. Everybody rich. More relieve every hardship. That's up to double government. To give working families a fair shot. We still need more employers to see beyond next quarter's earnings and recognize that investing in the workforce is in their company's long term interest. We still need laws that strengthen rather than weaken unions and give American workers a voice. There's like child care. And sickly. An equal pay. Things like lower mortgage premiums now higher minimum wage. These ideas won't make any meaningful difference in the lives of millions of families. That's a fact. And that's what all of us Republicans and Democrats alike were sent here to do. The second to make sure folks keep running higher wages down the road. We have to do more to help Americans upgrade their skills. I'm not. Drive in the twentieth century because we made high school free. Senate generation GIS to college. Train the best workforce in the world. We were ahead of the curve. But other countries caught on an N 821 century economy that rewards knowledge like never before. We need up our game we need to do more. By the end of this decade or two in three job openings will require some higher education. To a three. And yet we still live in a country where too many bright striving Americans are priced out of the education they need. It's not fair to them. Is sure not Smart for our future. That's why I'm sending this congress a bold new plan to lower the cost of community college. 20. Keep in mind 40% of our college students choose. Community college. Some are young and starting up. Some are older and looking for a better job. Some are veterans. He single parents try to transition back and of the job market. Whoever you are wrong. This plan is your chance to graduate ready for the new economy without a load of debt. Understand you've got to Vernon. You gotta keep your grades up and graduate on time. Tennessee. A state with the Republican leadership. And Chicago. A city with a democratic leadership. Are showing that free community college is possible. I want to spread that idea all across America. Took two years of college becomes as free and universal in America. As high school is today. Let's say. Lower for this congress to make sure those already burdened with student loans can reduce their monthly payments so that student debt doesn't do rail. Anyone's great. Thanks to vice president Biden's great work to update our job training system. We're connecting Community Colleges would local employers to train workers to fill high paying jobs like coding and nursing and robotics. Tonight I'm also asking more businesses to follow the lead of companies like CBS and UPS. And offer more educational benefits and paid apprenticeships. Opportunities we give workers the chance to earn higher paying jobs even if they don't have a higher education. And as the new generation of veterans come song. We owe them every opportunity to live the American dream they help defense. Already we've makes strides towards ensuring that every veteran has access to the highest quality care. We're slashing the backlog but had too many veterans waiting years to get the benefits they need. And we're making it easier for bats to translate the training and experience. In the civilian jobs. And joining forces. The national campaign launched by Michelle and Joseph Biden. So every CEO and America. Let me repeat. If you want somebody who's going to get the job done. And done right. Hire about. As we better train our workers we need the new economy to keep churning out high wage jobs for workers to fill. Since 2010 America has put more people back to work than Europe. Japan and all advanced economies combined. Our manufacturers batted almost 800000 new jobs. Some are bedrock sectors like our auto industry are booming. But there are also millions of Americans work and job have been even exist ten or twenty years ago jobs companies like Google and eBay and Tesla. So no one knows for certain which industries will generate the jobs of the future. Oh we do know we want them here in America. And that's why the third part of middle class economics is all about building the most competitive economy anyway. The place where business is a lot to locate and hire.

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

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