The 2014 Economic Report of the President

This morning, the Council of Economic Advisers is releasing the 2014 Economic Report of the President, which discusses the progress that has been made in recovering from the worst recession since the Great Depression, and President Obama’s agenda to build on this progress by creating jobs and expanding economic opportunity. This year’s report highlights steps the Obama Administration is taking to address three key imperatives: continuing to restore the economy to its full potential, expanding the economy’s potential over the long-run, and ensuring that all Americans have the opportunity to realize their full individual potential.

Below are seven highlights from each of the seven chapters in this year’s Report:

Chapter 1 introduces the Report and highlights several key areas where progress has been made, but it also lays out the areas where much more work remains to be done. In particular, recoveries from financial crises are uniquely challenging because heavy household debt burdens and tight credit conditions can linger for years, depressing spending and investment. However, as shown in Figure 1-4 of the Report, among the 12 countries that experienced a systemic financial crisis in 2007 and 2008, the United States is one of just two in which output per working-age person has returned to pre-crisis levels. The fact that the United States has been one of the best performing economies in the wake of the crisis supports the view that the full set of policy responses in the United States made a major difference in averting a substantially worse outcome—although it in no way changes the fact that more work remains to be done.

The White House

Office of the Press Secretary

Readout of the President’s Call with President Xi of China

The President spoke to Chinese President Xi Jinping on the evening of March 9 regarding the situation in Ukraine.  The two leaders agreed on the fundamental importance of focusing on common interests and deepening practical cooperation to address regional and global challenges for the development of bilateral relations. In that context, they affirmed their shared interest in reducing tensions and identifying a peaceful resolution to the dispute between Russia and Ukraine.  The two leaders agreed on the importance of upholding principles of sovereignty and territorial integrity, both in the context of Ukraine and also for the broader functioning of the international system.  The President noted his overriding objective of restoring Ukraine’s sovereignty and territorial integrity and ensuring the Ukrainian people are able to determine their own future without foreign interference.  The two leaders committed to stay in touch as events unfold. 

The White House

Office of the Press Secretary

Statement by NSC Spokesperson Caitlin Hayden on Assistant to the President for Homeland Security and Counterterrorism Lisa Monaco’s Travel to Turkey, Yemen and Saudi Arabia

Assistant to the President for Homeland Security and Counterterrorism Lisa Monaco traveled to Turkey, Yemen and Saudi Arabia March 6-9 as a part of our regular consultations with three of the United States’ key partners.

In Ankara on March 6-7, Ms. Monaco  met with her Turkish Government counterparts as part of the United States’ ongoing engagement with Turkey to strengthen our joint counterterrorism efforts. In these meetings, Ms. Monaco and Turkish Government officials discussed how we can continue to work together most effectively on a range of issues, particularly with respect to  countering the growing terrorist presence in Syria.

In Sana’a on March 8,  Ms. Monaco underscored the United States’ commitment to supporting Yemen’s political transition and reaffirmed our strong security partnership with President Hadi and the Yemeni government, focused on the mutual goal of countering the threat from al-Qa’ida in the Arabian Peninsula (AQAP). These meetings were an opportunity for Ms. Monaco to hear from Yemeni government and civil society leaders about their plans for moving forward with the transition, including the implementation of the National Dialogue’s recommendations on  the devolution of power and guarantees for the participation of women in the political process, in order to enable the government to better serve and represent its citizens.  Ms. Monaco emphasized that the United States will stand with Yemen as it continues to implement the Gulf Cooperation Council-brokered political transition initiative in a timely, inclusive manner.  She also encouraged President Hadi and Yemen’s transitional government to continue enacting the meaningful economic and security sector reforms critical to setting Yemen on the path to stability and prosperity.

On March 9 in Riyadh, Ms. Monaco met with her Saudi counterparts to consult on issues of importance in the strategic relationship between the United States and Saudi Arabia, including our robust security cooperation, ways to promote regional stability, and efforts to address violent extremism and counter terrorism across the Middle East.  Ms. Monaco reiterated the United States’ commitment to continuing to strengthen our cooperation on a range of common interests.  Her visit  follows on the heels of her recent conversation with His Royal Highness Prince Mohammed bin Nayef bin Abd al Aziz al Saud, Minister of Interior of the Kingdom of Saudi Arabia, in Washington, and comes ahead of the President’s visit to Saudi Arabia at the end of March. 

The White House

Office of the Press Secretary

Weekly Address: Time for Congress to Raise the Minimum Wage for the American People

WASHINGTON, DC—In this week’s address, President Obama highlighted the momentum building across the country to give Americans a raise and reiterated his call for Congress to increase the minimum wage from $7.25 to $10.10. The President has already signed an executive order to raise the minimum wage for people working under new federal contracts. Companies large and small are choosing to give workers a raise because they know it’s good business. And Governors across the country are answering the President’s call by working to raise their states’ minimum wages. Now, it’s time for Congress to get the job done and restore opportunity for all Americans by raising the minimum wage to “ten-ten.”

The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, Saturday, March 8, 2014.

Remarks of President Barack Obama

Weekly Address

The White House

March 8, 2014

Hi, everybody.  This week, I traveled to New England, where I was joined by four governors who are working to raise the minimum wage in each of their states.  And they’ve also joined me in calling on Congress to raise the minimum wage from $7.25 to $10.10 an hour.  Because it would give nearly 800,000 Americans in their states a raise – and lift wages for about 28 million across the country.

So these governors aren’t waiting for Congress to make up its mind.  And in my State of the Union Address, I asked America’s business leaders to go ahead and do what they could to raise their employees’ wages, too.  And increasingly, it’s not just large companies like Costco or the Gap that choose to pay their employees higher starting wages. 

It’s smaller businesses like Jaxson’s, a family-owned ice cream parlor in South Florida.  They answered the call and raised their wages so that more than 70 employees would earn at least $10.10 an hour, without cutting back on hiring.

And two weeks ago, an Atlanta small business owner named Darien Southerland [SUTH-er-lind] wrote me to share a lesson his grandmother taught him – that if you treat your employees right, they’ll treat you right.  And Vice President Biden paid him a visit this week.

I agree with these business owners, which is why I issued an executive order requiring federal contractors to pay their employees a fair wage of at least $10.10 an hour.  It’s good for our bottom line.  And working Americans have struggled through stagnant wages for far too long.

A clear majority of Americans support raising the minimum wage, because we believe that nobody who works full-time should have to live in poverty.  About half of all Republicans support raising the minimum wage, too.  It’s just too bad they don’t serve in Congress.  Because the Republicans who do serve in Congress don’t want to vote on the minimum wage at all.  Some even want to get rid of it completely.  Seriously.

That’s why what business leaders and everyday Americans are doing to raise wages is so important.  Because change doesn’t come from Washington – change comes to Washington.  I’ve always believed that, and it’s true in this case, too.  Outside Washington, Americans are ready to put aside old political arguments and move this country forward.  The American people are way ahead of Congress on this issue, and we’ve just got to let Congress know that.  It’s time for “ten-ten.”  It’s time to give America a raise.  And it’s time to restore opportunity for all.

Thanks, and have a great weekend. 

Weekly Address: Time for Congress to Raise the Minimum Wage for the American People

In this week's address, President Obama highlighted the momentum building across the country to give Americans a raise and reiterated his call for Congress to increase the minimum wage from $7.25 to $10.10. The President has already signed an executive order to raise the minimum wage for people working under new federal contracts. Companies large and small are choosing to give workers a raise because they know it's good business. And Governors across the country are answering the President's call by working to raise their states' minimum wages. Now, it's time for Congress to get the job done and restore opportunity for all Americans by raising the minimum wage to "ten-ten."

Transcript | mp4 | mp3

Related Topics: Economy

Weekly Address: Time for Congress to Raise the Minimum Wage for the American People

March 08, 2014 | 2:44 | Public Domain

In this week’s address, President Obama highlights the momentum building across the country to give Americans a raise and reiterates his call for Congress to increase the minimum wage from $7.25 to $10.10.

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A World-Class Education for Every Student in America

President Barack Obama and First Lady Michelle Obama talks with students in a classroom at Coral Reef Senior High School, Florida,

President Barack Obama and First Lady Michelle Obama acknowledge the crowd after the President spoke at Coral Reef Senior High School, Fla., March 7, 2014. (Official White House Photo by Pete Souza)

Today, President Obama and the First Lady visited Coral Reef High School in Miami to discuss the President's plan to equip all Americans with the education they need to compete in the 21st century economy.

“By working hard every single day, every single night, you are making the best investment there is in your future,” President Obama told the students. “And we want to make sure you’ve got everything, all the tools you need to succeed.” 

President Obama talked about one tool that’s helping give more students the opportunity to afford, attend, and graduate from college: the Free Application for Student Aid or FAFSA.

It is a simple form. It used to be complicated; we made it simple. It doesn’t cost anything -- that’s why the word “free” is right there in the name. It does not take a long time to fill out. Once you do, you’re putting yourself in the running for all kinds of financial support for college -- scholarships, grants, loans, work-study jobs. 

Over the last five years, the Obama administration has been working to make college more affordable for more students. And today, more young people are earning college degrees than ever before. But we have to do more, President Obama said.

President Obama Visits a Florida Classroom

March 07, 2014 | 3:26 | Public Domain

President Obama visits a Florida high school that's helping more of its students fill out the Free Application for Federal Student Aid, or FAFSA.

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Remarks by the President to Travel Pool

Classroom in Coral Reef Senior High School
Miami, Florida

2:47 P.M. EST

THE PRESIDENT:  One of the reasons we're down here, Michelle and I are both working on encouraging school districts to adopt some terrific stuff that's being done down here in order for young people to know if they’ve done the work, if they’re being responsible, they’re outstanding students, then financing should not be a barrier for them being able to go to college.  And we just don't have enough information that's getting out there about how easy it is now to fill out the FAFSA form and other scholarships that are available.  But this school district is doing some great work on it.  So this is an example of where we want all our young people to be.

So, great job. 

END              
2: 48 P.M. EST

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The White House

Office of the Press Secretary

President Obama to Host NCAA Champion Student Athletes at the White House

WASHINGTON – On Monday, March 10, the President will host the 2012-2013 NCAA Division I Men’s and Women’s Champions at the White House for an event on the South Lawn.  The President will welcome student athletes from schools across the country to congratulate them on their accomplishments in the classroom and on the playing field.

The event will be open press and streamed live on www.whitehouse.gov/live.

The following teams are expected to attend this event:

Duke University: Men’s Lacrosse

Indiana University: Men’s Soccer

Oklahoma State University: Men’s Cross Country

Princeton University: Fencing

Princeton University: Field Hockey

Stanford University: Women’s Tennis

University of Alabama: Men’s Golf

University of California, Irvine: Men’s Volleyball

University of Colorado, Boulder: Men’s Cross Country

University of Kansas: Women’s Outdoor Track and Field

University of Minnesota: Women’s Hockey

University of North Carolina: Women’s Lacrosse

University of North Carolina: Women’s Soccer

University of Oklahoma: Softball

University of Southern California: Men’s Water Polo

University of Southern California: Women’s Water Polo

University of Virginia: Men’s Tennis

West Virginia University: Rifle

Yale University: Men’s Hockey

President Obama Speaks on College Opportunity

March 07, 2014 | 21:34 | Public Domain

President Obama discusses his plan to equip all Americans with the education and skills they need to compete in today’s economy and announces a new FAFSA Completion Initiative to give more Americans the opportunity to afford, attend and graduate from college.

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Remarks by the President on Preparing for College

Coral Reef Senior High School
Miami, Florida

3:05 P.M. EST

THE PRESIDENT:  Hello, Miami!  (Applause.)  Hello, Cuda Nation!  (Applause.)  Hello!  It is good to be here at Coral Reef Senior High.  (Applause.)  You guys are just happy because it’s warm down here all the time.  (Laughter.)  I don’t know if you’re aware of this, but the rest of the country is cold.  (Laughter.)  Listen, Michelle and I are so grateful for the warm welcome.  It is great to be here.  I want to thank some people who are doing outstanding work.

First of all, your superintendent, Superintendent Carvalho, is doing great work.  We’re really proud of him.  (Applause.)  Your principal, Principal Leal, is doing great work.  (Applause.)  All the Coral Reef teachers and staff, you guys are all doing a great job.  (Applause.)  And you’re doing what is necessary to help young people get ready for college and careers.  So that’s why we’re here.  We are proud of what’s being done at this school.

I want to mention a few other folks who are here who are fighting on behalf of the people of South Florida every day.  We’ve got Congressman Joe Garcia is here.  (Applause.)  We’ve got Congresswoman Frederica Wilson here.  (Applause.)  We’ve got Miami-Dade County Mayor Carlos Gimenez.  Your former Governor Charlie Crist is here.  (Applause.)  

And most of all, I want to thank the people that Michelle and I came all the down here to see, and that is the students of Coral Reef.  (Applause.)  We had heard great things about your school.  We had heard great things about the students.  We wanted to come down here and just see what was going on.  (Applause.)  And Michelle and I just had a chance to visit with some of your classmates who are going through some of the scholarship applications, and we had a chance to talk to them and hear what their plans were.  And first of all, Michelle and I looked and we said, these must be actors playing students, because they were all smart and good-looking and organized.  (Laughter.)  And I asked them, what are you going to do?  And they’re -- well, I’m going to be applying to business school, and then I’m going to start a company, and then I -- when I was your age, I didn’t know what I was doing.  I was lucky if I had gotten out of bed on time.  (Laughter.)  So you guys are ahead of the game. 

And we’re here to tell you that you’ve got to keep up the good work, because by working hard every single day, every single night, you are making the best investment there is in your future.  And we want to make sure you’ve got everything, all the tools you need to succeed.  We want every young person to have the kinds of teachers and the kind of classes and the kind of learning experiences that are available to you here at Coral Reef.  (Applause.)  Because that’s the best investment we can make in America’s future.  (Applause.) 

Now, keep in mind, Michelle and I, we’re only here today because of the kind of education that we got.  That was our ticket to success.  We grew up a lot like many of you.  I was raised by a single mom; she was a teenager when I was born.  We moved around a lot, we did not have a lot of money, but the one thing she was determined to see was that my sister and I would get the best education possible. 

And she would press me.  Sometimes she’d make me wake up, do my lessons before I even went to school.  She was not going to let me off the hook.  And at the time, I wasn’t happy about it, but now I’m glad she pressed me like that.  Because, thanks to my mother and my grandparents, and then great teachers and great counselors who encouraged me, and a country that made it possible for me to afford a higher education, I was able to go to college and law school. 

And then when I met Michelle, I saw that -- (applause) --there were a couple of things I noticed.  I noticed she was smart.  (Applause.)  I noticed she was funny -- she’s funny, she’s funnier than I am.  (Laughter.)  Obviously, I noticed she was cute, yes.  (Applause.)  But one of the things I also realized was, even though we had grown up in very different places, her story was a lot like mine.  Her dad worked at a city water plant.  He didn’t go to college.  He was a blue-collar worker.  Michelle’s mom -- my mother-in-law, who I love to death -- she was a secretary.  No one in her family had gone to college.  But because she had worked hard and her parents understood the value of education, and she had great teachers and great opportunities, and because the country was willing to invest to make sure that she was able to pay for college, she ended up going to some of the best universities in the country.  (Applause.)

So the point is she and I have been able to achieve things that our parents, our grandparents would have never dreamed of.  And that’s the chance this country should give every young person.  That’s the idea at the heart of America.  (Applause.)

What makes this country great, what makes it special when you look around, and Miami is a great example of it, you’ve got people coming from everywhere, every background, every race, every faith.  But what binds us together is this idea that if you work hard, you can make it -- that there’s opportunity for all.  The belief that no matter who you are, no matter where you come from, no matter what your last name is, if you are responsible and put in the effort, you can succeed.  There’s no limit to what you can do.  That’s what America is all about.  (Applause.)

Opportunity is what drew many of your parents and grandparents to America.  And we’ve got to restore that idea for your generation, so that everybody has the same chance Michelle and I did.  That’s why we’re working on what we call an opportunity agenda to create more jobs and train more workers with new skills; to make sure hard work is rewarded with a paycheck that supports a family; to make sure that everybody can get health care when they need it, so that nobody has to get into financial trouble because somebody in the family gets sick.  (Applause.) 

And for the students here, a lot of you, you may not think about these issues all the time.  You’re spending a lot of time on homework and sports, and this and that.  But you also oftentimes see your own family struggling and you worry about it.  And one of the single-most important parts of our opportunity agenda is making sure that every young person in America has access to a world-class education -- a world-class education.  (Applause.)  So that’s why we are here. 

I believe we should start teaching our kids at the earliest ages.  So we’re trying to help more states make high-quality preschool and other early learning programs available to the youngest kids.  (Applause.)  I believe that our K-12 system should be the best in the world.  So we started a competition called Race to the Top, to encourage more states like Florida to raise expectations for students like you, because when we set high expectations, every single one of you can meet them.  (Applause.)  You’re recruiting and preparing the best teachers.  You are turning around low-performing schools.  You’re expanding high-performing ones.  You’re making sure every student is prepared for college or a career. 

I believe that every student should have the best technology.  So we launched something we called ConnectED to connect our schools to high-speed Internet.  And I want to congratulate Miami-Dade and your superintendent, because you have achieved your goal of installing wi-fi in every single one of your schools.  (Applause.)

So the good news is, in part because of some of these reforms we’ve initiated, when you add it all up our nation’s high school graduation rate is the highest on record.  The drop-out rate has been dropping, and among Latino students has been cut in half since 2000.  (Applause.)  Miami-Dade’s graduation rate is higher than it’s ever been.  That’s all because of the efforts of so many people, including the parents and students who have been putting in the effort.  It’s because of the teachers and administrators and staff who are doing such a great job.  You should be proud.  We’re making progress -- we’re making progress.  (Applause.)

Yes, you guys -- by the way, you can all sit down.  I didn’t realize everybody was still standing up.  Sit down.  Take a load off.  You guys can’t sit down though, because you don’t have chairs, although bend your knees so you don’t faint.  (Laughter.)   

But here’s the key thing, Coral Reef:  We still have more work to do, all of us -- elected officials, principals, teachers, parents, students.  Because, as Michelle says, education is a two-way street.  Folks like us have to work hard to give you the best schools and support that you need.  But then, you’ve got to hold up your end of the bargain by committing to your education.  That means you’ve got to stretch your minds.  You’ve got to push through subjects that aren’t always easy.  And it means continuing your education past high school, whether that’s a two-year or a four-year college degree or getting some professional training. 

So I want to talk about an easy step that high school students like you can take to make college a reality.  And it’s something you already know here at Coral Reef, but I’m speaking to all the young people out there who may be watching.  It’s called FAFSA, the Free Application for Federal Student Aid. 

It is a simple form.  It used to be complicated; we made it simple.  It doesn’t cost anything -- that’s why the word “free” is right there in the name.  (Laughter.)  It does not take a long time to fill out.  Once you do, you’re putting yourself in the running for all kinds of financial support for college -- scholarships, grants, loans, work-study jobs. 

For the past five years, we’ve been working to make college more affordable.  We took on a college loan system that gave billions of dollars of taxpayer money to big banks to manage the student loan system.  We said, we don’t need the banks, let’s give the money directly to students, we can help more students.  (Applause.)  We can help more students that way.  So we expanded the grants that help millions of students from low-income backgrounds pay for college.  We’re offering millions of people the chance to cap their student loan payments at 10 percent of their incomes once they graduate. 

Today, more young people are earning college degrees than ever before.  That’s a great thing.  (Applause.)  That is a great thing.  But we still need to do more to help rein in the rising cost of tuition.  We need to do more to help Americans who feel trapped by student loan debt -- because no striving, hardworking, ambitious, young American should ever be denied a college education just because they can’t afford it -- nobody.  (Applause.)

Unfortunately, there are still a lot of young people all across the country who say the cost of college is holding them back.  Some of you may have sat around the kitchen table with your parents wondering about whether you’ll be able to afford it.  So FAFSA is by far the easiest way to answer that question.  And I know the Barracudas know all about FAFSA.  (Applause.)  Last year, you had the second-highest completion rate of any large high school in the state.  (Applause.)  You should be proud of that.  Your teachers and parents should be proud of that. 

But last year, almost half of high school graduates in Florida didn’t fill out the FAFSA form.

AUDIENCE:  Booo --

THE PRESIDENT:  That ain’t right.  (Laughter.)  Not only is it not right, but it also ain’t right.  (Laughter.)  And as a result, they lost out on over $100 million in Pell grants.  Think about that -- $100 million that could have helped Florida students help pay for college was just left on the table.  That’s just in Florida.  Nationwide, over one million high school students did not fill out the FAFSA form.  That happens every year.

So my challenge today to every high school student in America:  Fill out the form.  Even if you think you might not qualify for financial aid, fill out the form.  You might qualify.

And we’re making it easier than ever.  We put the FAFSA form online.  We made it shorter.  It takes about half an hour to fill out.  And it could change the rest of your life.  We’ve updated it to save your parents a lot of hassle as well.  And today, I’m announcing another improvement. 

Today, I’m directing the Department of Education to tell every governor that, starting today, they can, if they choose, confidentially let high school administrators know which students have filled out the FAFSA form and which haven’t.  So that way, if Principal Leal wants to check in with the seniors --

AUDIENCE:  Wooo --

THE PRESIDENT:  I know, everybody is like, wow.  (Laughter.)  I know she’s already on top of stuff, but this way, she could check and seniors who had not filled it out, she could then help them answer the questions and figure out what’s holding her back -- what’s holding them back. 

Anybody will be able to go online and find out the number of students who have filled out the form at each high school, so we can track it.  So if you want to have a friendly competition with Palmetto High or Miami Killian -- (applause) -- to see who can get a higher completion rate on your FAFSA, you can do that.  (Applause.)  You achieved the second-highest rate in the state, but I mean if you want to settle for number two, that's okay --  you might be able to get number one.  (Applause.)  Huh?  I’m just saying you could go for number one.  (Applause.)

So these are things I can do on my own, but I’m here to also tell you I need -- I could use some help from folks in Washington.  There are some things I don’t need Congress’s permission for, and in this year of action, whenever I see a way to act to help expand opportunity for young people I’m just going to go ahead and take it.  I’m just going to go ahead and do it.  (Applause.)

So earlier this year, Michelle and I hosted a College Opportunity Summit, where over 150 colleges and universities and nonprofits made commitments to help more low-income students get to college and graduate from college.  (Applause.)  But I’m also willing to work with anybody in Congress -- Democrat, Republican, don't matter -- to make sure young people like you have a shot to success. 

So a few days ago, I sent my budget to Congress.  And budgets are pretty boring -- but the stuff inside the budgets are pretty important.  And my budget focuses on things like preschool for all; like redesigning high schools so students like you can learn real-world skills that businesses want -- (applause) -- like preparing more young people for careers in some of the fields of the future -- in science and technology and engineering and math to discover new planets and invent robots and cure diseases -- all the cool stuff that we adults haven’t figured out yet.  (Laughter.)

These are not just the right investments for our schools; they’re the right priorities for our country.  You are our priority.  We’ve got to make sure we have budgets that reflect that you are the most important thing to this country’s success. If you don't succeed, we don't succeed.  (Applause.)

We’ve got to make sure all of you are prepared for the new century, and we’ve got to keep growing our economy in other ways:  attracting new high-tech jobs, reforming our immigration system -- something Congressman Garcia is fighting for.  (Applause.)   And the rest of Congress needs to stop doing nothing, do right by America’s students, America’s teachers, America’s workers.  Let’s get to work.  Let’s get busy.  (Applause.)  We’ve got work to do. All of us have work to do -- teachers, school counselors, principals, superintendents, parents, grandparents. 

We all have work to do, because we want to see you succeed, because we’re counting on you, Barracudas.  (Applause.)  And if you keep reaching for success -- and I know you will, just based on the small sampling we saw of students here -- if you keep working as hard as you can and learning as much as you can, and if you’ve got big ambitions and big dreams, if you don’t let anybody tell you something is out of your reach, if you are convinced that you can do something and apply effort and energy and determination and persistence to that vision, then not only will you be great but this country will be great.  (Applause.)  Our schools will be great.  (Applause.)

I want us to have the best-educated workforce in America.  And I want it to be the most diverse workforce in the world.  That’s what I’m fighting for.  That’s what your superintendent and your principal are fighting for, and I hope that’s what you fight for yourselves.  (Applause.)  Because when I meet the students here at Coral Reef, I am optimistic about the future.  Michelle and I walked out of that classroom, and we said, you know what, we’re going to be in good hands, we’re going to do okay.  (Applause.)  Because these young people are coming, and nobody is going to stop them. 

Thank you, everybody.  God bless you.  God bless America.  (Applause.)

END
3:25 P.M EST

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