This single step would raise the incomes of millions of working families. It could mean the difference between groceries or the food bank; rent or eviction; scraping by or finally getting ahead. For businesses across the country, it would mean customers with more money in their pockets. And a whole lot of folks out there would probably need less help from government. In fact, working folks shouldn’t have to wait year after year for the minimum wage to go up while CEO pay has never been higher. So here’s an idea that Governor Romney and I actually agreed on last year -- let’s tie the minimum wage to the cost of living, so that it finally becomes a wage you can live on.
Tonight, let’s also recognize that there are communities in this country where no matter how hard you work, it is virtually impossible to get ahead. Factory towns decimated from years of plants packing up. Inescapable pockets of poverty, urban and rural, where young adults are still fighting for their first job. America is not a place where the chance of birth or circumstance should decide our destiny. And that’s why we need to build new ladders of opportunity into the middle class for all who are willing to climb them.
Let’s offer incentives to companies that hire Americans who’ve got what it takes to fill that job opening, but have been out of work so long that no one will give them a chance anymore. Let’s put people back to work rebuilding vacant homes in run-down neighborhoods. And this year, my administration will begin to partner with 20 of the hardest-hit towns in America to get these communities back on their feet. We’ll work with local leaders to target resources at public safety, and education, and housing.
We’ll give new tax credits to businesses that hire and invest. And we’ll work to strengthen families by removing the financial deterrents to marriage for low-income couples, and do more to encourage fatherhood -- because what makes you a man isn’t the ability to conceive a child; it’s having the courage to raise one. And we want to encourage that. We want to help that
Stronger families. Stronger communities. A stronger America. It is this kind of prosperity -- broad, shared, built on a thriving middle class -- that has always been the source of our progress at home. It’s also the foundation of our power and influence throughout the world.