U.S. STATE OF THE UNION: BUSINESS PERSPECTIVE

"Tonight, after a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999. Our unemployment rate is now lower than it was before the financial crisis. More of our kids are graduating than ever before; more of our people are insured than ever before; we are as free from the grip of foreign oil as we've been in almost 30 years. The shadow of crisis has passed, and the State of the Union is strong.

At this moment -- with a growing economy, shrinking deficits, bustling industry, and booming energy production -- we have risen from recession freer to write our own future than any other nation on Earth. It's now up to us to choose who we want to be over the next fifteen years, and for decades to come.

Over the past five years, our businesses have created more than 11 million new jobs. Today America is number one in oil and gas. America is number one in wind power.

We have seen the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled, and health care inflation at its lowest rate in fifty years.

Middle-class economics is -- the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules. We don't just want everyone to share in America's success -- we want everyone to contribute to our success.

As we better train our workers, we need the new economy to keep churning out high-wage jobs for our workers to fill. Since 2010, America has put more people back to work than Europe, Japan, and all advanced economies combined. Our manufacturers have added almost 800,000 new jobs. Some of our bedrock sectors, like our auto industry, are booming. But there are also millions of Americans who work in jobs that didn't even exist ten or twenty years ago -- jobs at companies like Google, and eBay, and Tesla.

No one knows for certain which industries will generate the jobs of the future. But we do know we want them here in America. That's why the third part of middle-class economics is about building the most competitive economy anywhere, the place where businesses want to locate and hire.

21st century businesses need 21st century infrastructure -- modern ports, stronger bridges, faster trains and the fastest internet. Let's pass a bipartisan infrastructure plan that could create more than thirty times as many jobs per year, and make this country stronger for decades to come. 21st century businesses, including small businesses, need to sell more American products overseas. Today, our businesses export more than ever, and exporters tend to pay their workers higher wages. But as we speak, China wants to write the rules for the world's fastest-growing region. That would put our workers and businesses at a disadvantage. Why would we let that happen? We should write those rules. We should level the playing field. That's why I'm asking both parties to give me trade promotion authority to protect American workers, with strong new trade deals from Asia to Europe that aren't just free, but fair.

Look, I'm the first one to admit that past trade deals haven't always lived up to the hype, and that's why we've gone after countries that break the rules at our expense. But ninety-five percent of the world's customers live outside our borders, and we can't close ourselves off from those opportunities. More than half of manufacturing executives have said they're actively looking at bringing jobs back from China. Let's give them one more reason to get it done.

21st century businesses will rely on American science, technology, research and development. I want the country that eliminated polio and mapped the human genome to lead a new era of medicine -- one that delivers the right treatment at the right time. In some patients with cystic fibrosis, this approach has reversed a disease once thought unstoppable. Tonight, I'm launching a new Precision Medicine Initiative to bring us closer to curing diseases like cancer and diabetes -- and to give all of us access to the personalized information we need to keep ourselves and our families healthier.

I intend to protect a free and open internet, extend its reach to every classroom, and every community, and help folks build the fastest networks, so that the next generation of digital innovators and entrepreneurs have the platform to keep reshaping our world.

I want Americans to win the race for the kinds of discoveries that unleash new jobs -- converting sunlight into liquid fuel; creating revolutionary prosthetics, pushing out into the Solar System not just to visit, but to stay.

Now, the truth is, when it comes to issues like infrastructure and basic research, I know there's bipartisan support in this chamber. Members of both parties have told me so. Where we too often run onto the rocks is how to pay for these investments. As Americans, we don't mind paying our fair share of taxes, as long as everybody else does, too. But for far too long, lobbyists have rigged the tax code with loopholes that let some corporations pay nothing while others pay full freight. They've riddled it with giveaways the superrich don't need, denying a break to middle class families who do.

This year, we have an opportunity to change that. Let's close loopholes so we stop rewarding companies that keep profits abroad, and reward those that invest in America. Let's use those savings to rebuild our infrastructure and make it more attractive for companies to bring jobs home. Let's simplify the system and let a small business owner file based on her actual bank statement, instead of the number of accountants she can afford. And let's close the loopholes that lead to inequality by allowing the top one percent to avoid paying taxes on their accumulated wealth. We can use that money to help more families pay for childcare and send their kids to college. We need a tax code that truly helps working Americans trying to get a leg up in the new economy, and we can achieve that together.

Helping hardworking families make ends meet. Giving them the tools they need for good-paying jobs in this new economy. Maintaining the conditions for growth and competitiveness. This is where America needs to go. I believe it's where the American people want to go. It will make our economy stronger a year from now, fifteen years from now, and deep into the century ahead.