Over the last few decades, middle-class security had been slipping away for families who worked hard and played by the rules. Wages stagnated while costs soared. Fewer employers offered retirement and health benefits. College tuition costs skyrocketed. Then the Wall Street and housing market crashes cost 8.8 million jobs and sent the economy into a deep recession.

From day one, President Obama took immediate action to put Americans back to work. We've now seen 24 straight months of private-sector job growth and 4 million jobs. He also began laying the foundation for a real recovery that has strong roots and a job-creating economy that's built to last.

We are now at a make-or-break moment for the middle-class, and the President knows that we must repsond by restoring the basic values of balance and fairness that made our country great.

The President believes Americans should be able to earn enough to raise a family, send their kids to school, own a home and put enough away to retire. That can happen only when hard work pays off, responsibility is rewarded, and when everybody plays by the same rules, does their fair share and has a fair shot at success.

We can't just cut our way to prosperity. We need an economy that's built to last — one that makes things the rest of the world buys.

As the President has led, he has held fast to these values and has delivered on his promises.