Obama Mocks Republicans for Predicting His Policies Would Hurt Economy
"It's important to note that at every step that we've taken over the past six years, we were told our goals were misguided, they were too ambitious, that my administration's policies would crush jobs and explode deficits, and destroy the economy forever. Remember that? Because sometimes, yeah, we don't do the instant replay. We don't run the tape back. And then we end up having the same argument going forward.
One Republican in Congress warned our policies would diminish employment and diminish stock prices. Diminish stock prices! The stock market has doubled since I came into office. Corporate profits are -- corporate balance sheets are stronger than they have ever been because of my terrible business policies. (Laughter)
One Republican Senator claimed we faced trillion dollar deficits as far as the eye can see. Another predicted my reelection would spike gas prices to $6.60 a gallon. (Laughter) I don't know how he came up with that figure --$6.60. My opponent in that last election pledged that he could bring down the unemployment rate to 6 percent by 2016! Next year! At the end of next year. It's 5.5 now! (Applause)
And right here in Cleveland, the leader of the House Republicans, a good friend of mine -- (Laughter) -- you know, he captured his party's economic theories by critiquing mine with a very simple question. 'Where are the jobs,' he said. 'Where are the jobs?' I'm sure there was a headline in The Plain Dealer or one of the papers --'Where's the jobs?'
Well, after 12 million new jobs, stock market that has more than doubled, deficits that have been cut by two thirds, health care inflation the lowest rate in nearly 50 years, manufacturing coming back, auto industry coming back, clean energy doubled, I can not only to answer that question but I want to return to the debate that is central to this country and the alternative economic theory that's presented by the other side, because their theory does not change. It really doesn't.
It's a theory that says if we do little more than just cut taxes for those at the very top, if we strip out regulations and let special interests write their own rules, prosperity trickles down to the rest of us. And I take the opposite view. And I take it not for ideological reasons but for historic reasons, because of the evidence.
We know from the facts that they are there for all to see, that America does better, our economy does better, everybody does better when the middle class does better and we've got more ladders for people to get into middle class if they are willing to work hard.
We do better when everyone grows together- top, middle, bottom."
