From Me:

There is on the table the question of raising minimum wage. President Clinton had a plan to make overtime pay tax-free, stating that Americans work overtime for themselves and their families, not for the government.

Thank you for writing. Every day, I hear from people who feel like the odds are stacked against them in a changing economy. As President, my top priority is building a better bargain for the middle class and those striving to get into the middle class—one where everyone who works hard can get ahead.

We have already started on that path. America has fought its way back from the worst recession of our lifetimes. Our businesses have created millions of new jobs. We produce more renewable energy than ever, and more natural gas than anyone. Health care costs are growing at the slowest rate in 50 years. Our deficits are falling at the fastest rate in 60 years.

Thanks to the grit and resilience of the American people, we have cleared away the rubble of crisis and begun to lay a new foundation for stronger, more durable economic growth.

But as any middle-class family will tell you, we are not where we need to be. Growing inequality, technology that makes some jobs obsolete, and global competition have been eroding middle-class security for decades. In some ways, the recession made these trends worse.

Reversing them must be Washington’s highest priority. It certainly is mine. That is why I have laid out a strategy that builds on the cornerstones of what it means to be middle class in America, and what it takes to work your way into the middle class.

The first cornerstone must be an economy that generates more good jobs in durable, growing industries. Here, we are already making progress: over the past 4 years, the number of American manufacturing jobs has gone up for the first time in over a decade. But we can do more. I am going to keep pushing for initiatives and tax reforms to help more manufacturers bring jobs back to the United States. And I will keep fighting for the infrastructure upgrades that will put people back to work and help America lead the global economy.

The second cornerstone is an education that prepares our children and our workers for the global competition they are going to face. That has to start early—which is why I am committed to making high-quality preschool available for every 4-year-old and high-speed Internet available for every school. We also need to find better ways to train workers for changing jobs, especially those who have been laid off.

And at a time when a college degree has never been more important, we need to tackle the soaring cost of higher education. I was proud to sign legislation that reformed the student loan system and stopped loan rates from doubling. I have also proposed an aggressive plan to make college more affordable by providing better value for students, encouraging innovation that keeps tuition down, and helping borrowers manage their debt responsibly.

The third cornerstone of a strong middle class is homeownership based on a solid foundation, where buyers and lenders play by the same set of rules. Already, I have asked Congress to pass a bipartisan bill that would give every homeowner the chance to refinance their mortgage while rates are still low. I am also acting on my own to cut red tape for responsible families who are having trouble taking out a mortgage.

The fourth cornerstone is a secure retirement. Each day, I hear from people who feel like retirement is receding from their grasp, even as a rising stock market has millions of retirement balances going up. We need a tax code that makes it easier for hardworking Americans to put away money, and frees middle-class families from the fear that they will never retire.

Fifth, I am going to keep focusing on health care. Middle-class families and small business owners deserve the security of knowing their life’s work is no longer one illness or accident away from being wiped out. So we will keep implementing the Affordable Care Act, which already provides new benefits and better protections for the 85 percent of Americans who have health insurance. And if you do not have insurance, you now have the chance to buy a plan that is right for you at www.HealthCare.gov.

Finally, as we work to strengthen the cornerstones of middle-class security, we need to rebuild ladders of opportunity for Americans who are working hard but suffering poverty wages, or cannot get full-time work. We need a new push to get rundown neighborhoods and hard-hit towns back on their feet. I will also keep making the case for raising the minimum wage, because no one who works full-time should have to live in poverty.

Job security, a good education, your own home, affordable health care, a secure retirement, and growing opportunity—these are the cornerstones of a better bargain for the middle class and those striving to reach it. These are basic American promises I will use every remaining day of my Presidency to restore.

In this effort, I will work with Republicans and Democrats wherever I can, but I will not allow gridlock, inaction, or willful indifference to get in our way. The stakes are too high. The choices we make right now will determine whether or not every American has a fighting chance in the 21st century. And together, I know we can do what it takes to build an economy where everyone who works hard can get ahead.

Thank you, again, for writing. To learn more about my economic vision, visit www.WhiteHouse.gov/a-Better-Bargain. For information on jobs, health benefits, housing assistance, and other public resources, call 1‑800‑FED‑INFO or visit www.USA.gov.

Sincerely,

Barack Obama