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My grandparents served during World War II. He was a soldier in Patton鈥檚 Army; she was a worker on a bomber assembly line.¹ And together, they shared the optimism of a nation that triumphed over the Great Depression and over fascism. They believed in an America where hard work paid off, and responsibility was rewarded, and anyone could make it if they tried鈥攏o matter who you were, no matter where you came from, no matter how you started out.

And these values gave rise to the largest middle class and the strongest economy that the world has ever known. It was here in America that the most productive workers, the most innovative companies turned out the best products on Earth. And you know what? Every American shared in that pride and in that success鈥攆rom those in the executive suites to those in middle management to those on the factory floor. So you could have some confidence that if you gave it your all, you鈥檇 take enough home to raise your family and send your kids to school and have your health care covered, put a little away for retirement.

Today, we鈥檙e still home to the world鈥檚 most productive workers. We鈥檙e still home to the world鈥檚 most innovative companies. But for most Americans, the basic bargain that made this country great has eroded. Long before the recession hit,² hard work stopped paying off for too many people. Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success. Those at the very top grew wealthier from their incomes and their investments鈥攚ealthier than ever before. But everybody else struggled with costs that were growing and paychecks that weren鈥檛鈥攁nd too many families found themselves racking up more and more debt just to keep up.

And ever since [the recession], there鈥檚 been a raging debate over the best way to restore growth and prosperity, restore balance, restore fairness. Throughout the country, it鈥檚 sparked protests and political movements鈥攆rom the Tea Party to the people who鈥檝e been occupying the streets of New York and other cities.³ It鈥檚 left Washington in a near-constant state of gridlock. It鈥檚 been the topic of heated and sometimes colorful discussion among the men and women running for president.

But, Osawatomie, this is not just another political debate. This is the defining issue of our time. This is a make-or-break moment for the middle class, and for all those who are fighting to get into the middle class. Because what鈥檚 at stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home, secure their retirement.

Now, in the midst of this debate, there are some who seem to be suffering from a kind of collective amnesia. After all that鈥檚 happened, after the worst economic crisis, the worst financial crisis since the Great Depression, they want to return to the same practices that got us into this mess. In fact, they want to go back to the same policies that stacked the deck against middle-class Americans for way too many years. And their philosophy is simple: We are better off when everybody is left to fend for themselves and play by their own rules.

I am here to say they are wrong. I鈥檓 here in Kansas to reaffirm my deep conviction that we鈥檙e greater together than we are on our own. I believe that this country succeeds when everyone gets a fair shot, when everyone does their fair share, when everyone plays by the same rules. These aren鈥檛 Democratic values or Republican values. These aren鈥檛 1 percent values or 99 percent values.⁴ They鈥檙e American values. And we have to reclaim them.

You see, this isn鈥檛 the first time America has faced this choice. At the turn of the last century, when a nation of farmers was transitioning to become the world鈥檚 industrial giant, we had to decide: Would we settle for a country where most of the new railroads and factories were being controlled by a few giant monopolies that kept prices high and wages low? Would we allow our citizens and even our children to work ungodly hours in conditions that were unsafe and unsanitary? Would we restrict education to the privileged few? Because there were people who thought massive inequality and exploitation of people was just the price you pay for progress.

Theodore Roosevelt disagreed. He was the Republican son of a wealthy family. He praised what the titans of industry had done to create jobs and grow the economy. He believed then what we know is true today, that the free market is the greatest force for economic progress in human history. It鈥檚 led to a prosperity and a standard of living unmatched by the rest of the world.

But Roosevelt also knew that the free market has never been a free license to take whatever you can from whomever you can. He understood the free market only works when there are rules of the road that ensure competition is fair and open and honest. And so he busted up monopolies, forcing those companies to compete for consumers with better services and better prices. And today, they still must. He fought to make sure businesses couldn鈥檛 profit by exploiting children or selling food or medicine that wasn鈥檛 safe. And today, they still can鈥檛.

And in 1910, Teddy Roosevelt came here to Osawatomie and he laid out his vision for what he called a New Nationalism. 鈥淥ur country,鈥� he said, 鈥�. . . means nothing unless it means the triumph of a real democracy . . . of an economic system under which each man shall be guaranteed the opportunity to show the best that there is in him.鈥�⁵

Now, for this, Roosevelt was called a radical. He was called a socialist, even a communist. But today, we are a richer nation and a stronger democracy because of what he fought for in his last campaign: an eight-hour workday and a minimum wage for women, insurance for the unemployed and for the elderly, and those with disabilities; political reform and a progressive income tax.

Today, over one hundred years later, our economy has gone through another transformation. Over the last few decades, huge advances in technology have allowed businesses to do more with less, and it鈥檚 made it easier for them to set up shop and hire workers anywhere they want in the world. And many of you know firsthand the painful disruptions this has caused for a lot of Americans.

Factories where people thought they would retire suddenly picked up and went overseas, where workers were cheaper. Steel mills that needed one thousand employees are now able to do the same work with one hundred employees, so layoffs too often became permanent, not just a temporary part of the business cycle. And these changes didn鈥檛 just affect blue-collar workers. If you were a bank teller or a phone operator or a travel agent, you saw many in your profession replaced by ATMs and the Internet.

Today, even higher-skilled jobs like accountants and middle management can be outsourced to countries like China or India. And if you鈥檙e somebody whose job can be done cheaper by a computer or someone in another country, you don鈥檛 have a lot of leverage with your employer when it comes to asking for better wages or better benefits, especially since fewer Americans today are part of a union.

Now, just as there was in Teddy Roosevelt鈥檚 time, there is a certain crowd in Washington who, for the last few decades, have said, let鈥檚 respond to this economic challenge with the same old tune. 鈥淭he market will take care of everything,鈥� they tell us. If we just cut more regulations and cut more taxes鈥攅specially for the wealthy鈥攐ur economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn鈥檛 trickle down, well, that鈥檚 the price of liberty.

Now, it鈥檚 a simple theory. And we have to admit, it鈥檚 one that speaks to our rugged individualism and our healthy skepticism of too much government. That鈥檚 in America鈥檚 DNA. And that theory fits well on a bumper sticker. But here鈥檚 the problem: It doesn鈥檛 work. It has never worked. It didn鈥檛 work when it was tried in the decade before the Great Depression. It鈥檚 not what led to the incredible postwar booms of the 鈥�50s and 鈥�60s. And it didn鈥檛 work when we tried it during the last decade. I mean, understand, it鈥檚 not as if we haven鈥檛 tried this theory. . . .

We simply cannot return to this brand of 鈥測ou鈥檙e on your own鈥� economics if we鈥檙e serious about rebuilding the middle class in this country. We know that it doesn鈥檛 result in a strong economy. It results in an economy that invests too little in its people and in its future. We know it doesn鈥檛 result in a prosperity that trickles down. It results in a prosperity that鈥檚 enjoyed by fewer and fewer of our citizens. . . .

Now, this kind of inequality鈥攁 level that we haven鈥檛 seen since the Great Depression鈥攈urts us all. When middle-class families can no longer afford to buy the goods and services that businesses are selling, when people are slipping out of the middle class, it drags down the entire economy from top to bottom. America was built on the idea of broad-based prosperity, of strong consumers all across the country. That鈥檚 why a CEO like Henry Ford made it his mission to pay his workers enough so that they could buy the cars he made. It鈥檚 also why a recent study showed that countries with less inequality tend to have stronger and steadier economic growth over the long run. . . .

. . .[G]aping inequality gives lie to the promise that鈥檚 at the very heart of America: that this is a place where you can make it if you try. We tell people鈥攚e tell our kids鈥攖hat in this country, even if you鈥檙e born with nothing, work hard and you can get into the middle class. We tell them that your children will have a chance to do even better than you do. That鈥檚 why immigrants from around the world historically have flocked to our shores. . . .

. . . But the idea that . . . children might not have a chance to climb out of that situation and back into the middle class, no matter how hard they work? That鈥檚 inexcusable. It is wrong. It flies in the face of everything that we stand for.

Now, fortunately, that鈥檚 not a future that we have to accept, because there鈥檚 another view about how we build a strong middle class in this country鈥攁 view that鈥檚 truer to our history, a vision that鈥檚 been embraced in the past by people of both parties for more than 200 years.

It鈥檚 not a view that we should somehow turn back technology or put up walls around America. It鈥檚 not a view that says we should punish profit or success or pretend that government knows how to fix all of society鈥檚 problems. It is a view that says in America we are greater together鈥攚hen everyone engages in fair play and everybody gets a fair shot and everybody does their fair share.

So what does that mean for restoring middle-class security in today鈥檚 economy? Well, it starts by making sure that everyone in America gets a fair shot at success. . . .It starts by making education a national mission鈥攁 national mission. Government and businesses, parents and citizens. In this economy, a higher education is the surest route to the middle class. The unemployment rate for Americans with a college degree or more is about half the national average. And their incomes are twice as high as those who don鈥檛 have a high school diploma. . . .

In today鈥檚 innovation economy, we also need a world-class commitment to science and research, the next generation of high-tech manufacturing.

. . . We should be giving people the chance to get new skills and training at community colleges so they can learn how to make wind turbines and semiconductors and high-powered batteries. And by the way, if we don鈥檛 have an economy that鈥檚 built on bubbles and financial speculation, our best and brightest won鈥檛 all gravitate towards careers in banking and finance. . . .

Today, manufacturers and other companies are setting up shop in the places with the best infrastructure to ship their products, move their workers, communicate with the rest of the world. And that鈥檚 why the over 1 million construction workers who lost their jobs when the housing market collapsed, they shouldn鈥檛 be sitting at home with nothing to do. They should be rebuilding our roads and our bridges, laying down faster railroads and broadband, modernizing our schools鈥攁ll the things other countries are already doing to attract good jobs and businesses to their shores.

Yes, business, and not government, will always be the primary generator of good jobs with incomes that lift people into the middle class and keep them there. But as a nation, we鈥檝e always come together, through our government, to help create the conditions where both workers and businesses can succeed. And historically, that hasn鈥檛 been a partisan idea. Franklin Roosevelt worked with Democrats and Republicans to give veterans of World War II鈥攊ncluding my grandfather, Stanley Dunham鈥攖he chance to go to college on the G.I. Bill. It was a Republican president, Dwight Eisenhower, a proud son of Kansas, who started the Interstate Highway System and doubled down on science and research to stay ahead of the Soviets.

Of course, those productive investments cost money. They鈥檙e not free. And so we鈥檝e also paid for these investments by asking everybody to do their fair share. . . .

In the long term, we have to rethink our tax system more fundamentally. We have to ask ourselves: Do we want to make the investments we need in things like education and research and high-tech manufacturing鈥攁ll those things that helped make us an economic superpower? Or do we want to keep in place the tax breaks for the wealthiest Americans in our country? Because we can鈥檛 afford to do both. That is not politics. That鈥檚 just math. . . .

Investing in things like education that give everybody a chance to succeed. A tax code that makes sure everybody pays their fair share. And laws that make sure everybody follows the rules. That鈥檚 what will transform our economy. That鈥檚 what will grow our middle class again. In the end, rebuilding this economy based on fair play, a fair shot, and a fair share will require all of us to see that we have a stake in each other鈥檚 success. And it will require all of us to take some responsibility. . . .

And it will require American business leaders to understand that their obligations don鈥檛 just end with their shareholders. . . . This broader obligation can take many forms. At a time when the cost of hiring workers in China is rising rapidly, it should mean more CEOs deciding that it鈥檚 time to bring jobs back to the United States, not just because it鈥檚 good for business, but because it鈥檚 good for the country that made their business and their personal success possible. . . .

. . . Our success has never just been about survival of the fittest. It鈥檚 about building a nation where we鈥檙e all better off. We pull together. We pitch in. We do our part. We believe that hard work will pay off, that responsibility will be rewarded, and that our children will inherit a nation where those values live on. . . .

鈥淲e are all Americans,鈥� Teddy Roosevelt told [an earlier audience in Osawatomie]. 鈥淥ur common interests are as broad as the continent.鈥� In the final years of his life, Roosevelt took that same message all across this country, from tiny Osawatomie to the heart of New York City, believing that no matter where he went, no matter who he was talking to, everybody would benefit from a country in which everyone gets a fair chance.

And well into our third century as a nation, we have grown and we鈥檝e changed in many ways since Roosevelt鈥檚 time. The world is faster and the playing field is larger and the challenges are more complex. But what hasn鈥檛 changed鈥攚hat can never change鈥攁re the values that got us this far. We still have a stake in each other鈥檚 success. We still believe that this should be a place where you can make it if you try. And we still believe, in the words of the man who called for a New Nationalism all those years ago, 鈥淭he fundamental rule of our national life,鈥� he said, 鈥渢he rule which underlies all others鈥攊s that, on the whole, and in the long run, we shall go up or down together.鈥� And I believe America is on the way up.

Thank you. God bless you. God bless the United States of America