At every step, we were told our goals were misguided or too ambitious, that we would crush jobs and explode deficits. Instead, we've 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 50 years. This is good news, people. [Laughter]
So the verdict is clear. Middle class economics works. Expanding opportunity works. And these policies will continue to work as long as politics don't get in the way. We can't slow down businesses or put our economy at risk with Government shutdowns or fiscal showdowns. We can't put the security of families at risk by taking away their health insurance or unraveling the new rules on Wall Street or refighting past battles on immigration when we've got to fix a broken system. And if a bill comes to my desk that tries to do any of these things, I will veto it. It will have earned my veto.
Today, thanks to a growing economy, the recovery is touching more and more lives. Wages are finally starting to rise again. We know that more small-business owners plan to raise their employees' pay than at any time since 2007. But here's the thing: Those of us here tonight, we need to set our sights higher than just making sure Government doesn't screw things up--[laughter]--that Government doesn't halt the progress we're making. We need to do more than just do no harm. Tonight, together, let's do more to restore the link between hard work and growing opportunity for every American.
Because families like Rebekah's still need our help. She and Ben are working as hard as ever, but they've had to forego vacations and a new car so that they can pay off student loans and save for retirement. Friday night pizza, that's a big splurge. Basic childcare for Jack and Henry costs more than their mortgage and almost as much as a year at the University of Minnesota. Like millions of hard-working Americans, Rebekah isn't asking for a handout, but she is asking that we look for more ways to help families get ahead.
And in fact, at every moment of economic change throughout our history, this country has taken bold action to adapt to new circumstances and to make sure everyone gets a fair shot. We set up worker protections, Social Security, Medicare, Medicaid to protect ourselves from the harshest adversity. We gave our citizens schools and colleges, infrastructure and the Internet, tools they needed to go as far as their efforts and their dreams will take them.
That's what middle class economics is: the idea that this country does best when everyone gets their fair shot, everyone does their fair share, 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.
So what does middle class economics require in our time? First, middle class economics means helping working families feel more secure in a world of constant change. That means helping folks afford childcare, college, health care, a home, retirement. And my budget will address each of these issues, lowering the taxes of working families and putting thousands of dollars back into their pockets each year.
Here's one example. During World War II, when men like my grandfather went off to war, having women like my grandmother in the workforce was a national security priority, so this country provided universal childcare. In today's economy, when having both parents in the workforce is an economic necessity for many families, we need affordable, high-quality childcare more than ever.
It's not a nice-to-have, it's a must-have. So it's time we stop treating childcare as a side issue, or as a women's issue, and treat it like the national economic priority that it is for all of us. And that's why my plan will make quality childcare more available and more affordable for every middle class and low-income family with young children in America, by creating more slots and a new tax cut of up to $3,000 per child, per year.
Here's another example. Today, we are the only advanced country on Earth that doesn't guarantee paid sick leave or paid maternity leave to our workers. Forty-three million workers have no paid sick leave--43 million. Think about that. And that forces too many parents to make the gut-wrenching choice between a paycheck and a sick kid at home. So I'll be taking new action to help States adopt paid leave laws of their own. And since paid sick leave won where it was on the ballot last November, let's put it to a vote right here in Washington. Send me a bill that gives every worker in America the opportunity to earn 7 days of paid sick leave. It's the right thing to do. [Applause] It's the right thing to do.