we've gone from losing 9 million jobs during the financial crisis to creating 10 million jobs. we've reduced the unemployment rate from 10% in october of to 6.1% today. and for the first time since the 1990s, american manufacturing is steadily5 adding jobs-over 700,000 since . and surveys of both american and foreign business leaders confirm that america once again is viewed as the best place in the world to build and invest.
that's all good news.
but an awful lot of middle class americans are still not feeling the effects of this recovery. since the year , gross domestic product-our gdp - has risen by 25%. and productivity in america is up by 30%. but middle class wages during that same time period have gone up by only fourteen cents.
folks, it's long past time to cut the middle class back into the deal, so they can benefit from the economic growth they helped create. folks, there used to be a bargain in this country supported by democrats6 and republicans, business and labor7. the bargain was simple. if an employee contributed to the growth and profitability of the company, they got to share in the profits and the benefits as well. that's what built the middle class. it's time to restore the bargain, to deal the middle class back in. because, folks, when the middle class does well, everybody does well-the wealthy get wealthier and the poor have a way up.
you know, the middle class is not a number. it's a value set. it means being able to own your home; raise your children in a safe neighborhood; send them to a good school where if they do well they can qualify to go to college and if they get accepted you'd be able to find a way to be able to send them to college. and in the meantime, if your parents need help, being able to take care of them, and hope to put aside enough money so that your children will not have to take care of you.
that's the american dream. that's what this country was built on. and that's what we'redetermined8 to restore.
in order to do that, it's time to have a fair tax structure, one that values paychecks as much as unearned income and inherited wealth, to take some of the burden off of the middle class. it's time to close tax loopholes so we can reduce the deficit9, and invest in rebuilding america - our bridges, our ports, our highways, rails, providing good jobs.
with corporate10 profits at near record highs, we should encourage corporations to invest more in research and development and the salaries of their employees. it's time for us to invest in educational opportunity to guarantee that we have the most highly skilledworkforce11 in the world, for 6 out of every 10 jobs in the near term is going to require some education beyond high school. folks, it's long past due to increase the minimum wage that will lift millions of hardworking families out of poverty target poverty and in the process produce a ripple12 effect that boosts wages for the middle class and spurs economic growth for the united states of america. economists13 acknowledge that if we do these and other things, wages will go up and we'll increase the gross domestic product of the united states.
my fellow americans, we know how to do this. we've done it before. it's the way we used to do business and we can do it that way again. all the middle class in this country want is a chance. no guarantee, just a chance.
americans want to work. and when given a fair shot, the american worker has never, ever, ever, let his country down. folks, it's never a good bet to bet against the american people.
thanks for listening.
it is obvious today that america has defaulted on this promissory note insofar as her citizens of color are concerned. instead of honoring this sacred obligation, america has given the negro people a bad check which has come back marked "insufficient funds." but we refuse to believe that the bank of justice is bankrupt. we refuse to believe that there are insufficient funds in the great vaults of opportunity of this nation.
so we have come to cash this check -- a check that will give us upon demand the riches of freedom and the security of justice.
we have also come to this hallowed spot to remind america of the fierce urgency of now. this is no time to engage in the luxury of cooling off or to take the tranquilizing drug of gradualism. now is the time to rise from the dark and desolate valley of segregation to the sunlit path of racial justice. now is the time to open the doors of opportunity to all of god's children. now is the time to lift our nation from the quicksands of racial injustice to the solid rock of brotherhood.
it would be fatal for the nation to overlook the urgency of the moment and to underestimate the determination of the negro. this sweltering summer of the negro's legitimate discontent will not pass until there is an invigorating autumn of freedom and equality. nineteen sixty-three is not an end, but a beginning.
those who hope that the negro needed to blow off steam and will now be content will have a rude awakening if the nation returns to business as usual. there will be neither rest nor tranquility in america until the negro is granted his citizenship rights. the whirlwinds of revolt will continue to shake the foundations of our nation until the bright day of justice emerges.
but there is something that i must say to my people who stand on the warm threshold which leads into the palace of justice. in the process of gaining our rightful place we must not be guilty of wrongful deeds. let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred.