Former U.S. President Barack Obama spoke Friday at the University of Illinois, where he received an award for ethics in government.
FORMER PRESIDENT BARACK OBAMA: The reckless behavior of financial elites triggered a massive financial crisis. Ten years ago this week a crisis that resulted in the worst recession in any of our lifetimes and caused years of hardship for the American people. For many of your parents, for many of your families. Most of you weren’t old enough to fully focus on what was going on at the time, but when I came into office in 2009, we were losing 800,000 jobs a month. 800,000. Millions of people were losing their homes. Many were worried we were entering into a second great depression.
So we worked hard to end that crisis but also to break some of these longer term trends. The actions we took during that crisis returned the economy to healthy growth and initiated the longest streak of job creation on record. And we covered another 20 million Americans with health insurance and cut our deficits by more than half, partly by making sure that people like me who have been given such amazing opportunities by this country pay our fair share of taxes to help folks coming up behind me.
And by the time I left office, household income was near its all-time high, and the uninsured rate hit an all-time low, poverty rates were falling. I mention this just so when you hear how great the economy is doing right now, let’s just remember when this recovery started. I’m glad it’s continued, but when you hear about this economic miracle that’s been going on, when the job numbers come out, monthly job numbers and suddenly Republicans are saying it’s a miracle, I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016 and -- anyway. I digress.