In fact, most Americans who've known economic hardship these past several years, they don't think about the collapse of Lehman Brothers when they think about the recession. Instead, they recall the day they got the gut punch of a pink slip. Or the day a bank took away their home. The day they got sick but didn't have health insurance. Or the day they had to sit their daughter or son down and tell him or her that they couldn't afford to send their child back to college the next semester.
And so those are the stories that guided everything we've done. It's what in those earliest days of the crisis caused us to act so quickly through the Recovery Act to arrest the downward spiral and put a floor under the fall. We put people to work repairing roads and bridges, to keep teachers in our classrooms, our first responders on the streets. We helped responsible homeowners modify their mortgages so that more of them could keep their homes. We helped jumpstart the flow of credit to help more small businesses keep their doors open. We saved the American auto industry.
And as we worked to stabilize the economy and get it growing and creating jobs again, we also started pushing back against the trends that have been battering the middle class for decades. So we took on a broken health care system. We invested in new American technologies to end our addiction to foreign oil. We put in place tough new rules on big banks -- rules that we need to finalize before the end of the year, by the way, to make sure that the job is done -- and we put in new protections that cracked down on the worst practices of mortgage lenders and credit card companies. We also changed a tax code that was too skewed in favor of the wealthiest Americans. We locked in tax cuts for 98 percent of Americans. We asked those at the top to pay a little bit more.
So if you add it all up, over the last three and a half years, our businesses have added 7.5 million new jobs. The unemployment rate has come down. Our housing market is healing. Our financial system is safer. We sell more goods made in America to the rest of the world than ever before. We generate more renewable energy than ever before. We produce more natural gas than anybody.
Health care costs are growing at the slowest rate in 50 years -- and just two weeks from now, millions of Americans who've been locked out of buying health insurance just because they had a preexisting condition, just because they had been sick or they couldn't afford it, they're finally going to have a chance to buy quality, affordable health care on the private marketplace.
And what all this means is we've cleared away the rubble from the financial crisis and we've begun to lay a new foundation for economic growth and prosperity.
And in our personal lives, I think a lot of us understand that people have tightened their belts, shed debt, refocused on the things that really matter. All of this happened because ultimately of the resilience and the grit of the American people. And we should be proud of that. And on this five-year anniversary we should take note of how far we've come from where we were five years ago.
But that's not the end of the story. As any middle-class family will tell you, or anybody who's striving to get into the middle class, we are not yet where we need to be. And that's what we've got to focus on -- all the remaining work that needs to be done to strengthen this economy.
We need to grow faster. We need more good-paying jobs. We need more broad-based prosperity. We need more ladders of opportunity for people who are currently poor but want to get into the middle class. Because even though our businesses are creating new jobs and have broken record profits, the top 1 percent of Americans took home 20 percent of the nation's income last year, while the average worker isn't seeing a raise at all. In fact, that understates the problem. Most of the gains have gone to the top one-tenth of 1 percent.
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