Barack Obama in 2012 State of the Union address

On Budget & Economy: House of cards collapsed in 2008; new rules now in place

In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldn't afford or understand them. Banks had made huge bets and bonuses with other people's money. Regulators didn't have the authority to stop the bad behavior. It was wrong. It was irresponsible. And it plunged our economy into a crisis that put millions out of work, and saddled us with more debt. In the 6 months before I took office, we lost nearly 4 million jobs. And we lost another 4 million before our policies were in full effect.

Those are the facts. But so are these. In the last 22 months, businesses have created more than three million jobs. Together, we've agreed to cut the deficit by more than $2 trillion. And we've put in place new rules to hold Wall Street accountable, so a crisis like that never happens again.

On Budget & Economy: Push mortgage refinancing; banks repay deficit of trust

That's why I'm sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won't add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.

Let's never forget: Millions of Americans who work hard and play by the rules every day deserve a Government and a financial system that do the same. It's time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.

On Budget & Economy: Establish a Financial Crimes unit; end era of recklessness

We will also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect people's investments. Some financial firms violate major anti-fraud laws because there's no real penalty for being a repeat offender. That's bad for consumers, and it's bad for the vast majority of bankers and financial service professionals who do the right thing.

On Corporations: We bailed out auto industry, but today they're back

We bet on American workers. We bet on American ingenuity. And tonight, the American auto industry is back. What's happening in Detroit can happen in other industries. We can't bring back every job that's left our shores. But right now, it's getting more expensive to do business in places like China. Meanwhile, America is more productive. We have a huge opportunity to bring manufacturing back. But we have to seize it.

On Corporations: End deduction for outsourcing jobs; tax outsourcing instead

1. If you're a business that wants to outsource jobs, you shouldn't get a tax deduction for doing it. That money should be used to cover moving expenses for companies that decide to bring jobs home.
2. No American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. From now on, every multinational company should have to pay a basic minimum tax.
3. If you're an American manufacturer, you should get a bigger tax cut. And if you want to relocate in a community that was hit hard when a factory left town, you should get help.

On Education: Make community colleges into community career centers

Join me in a national commitment to train two million Americans with skills that will lead directly to a job. Model partnerships between businesses and community colleges are up and running. Now you need to give more community colleges the resources they need to become community career centers--places that teach people skills that local businesses are looking for right now, from data management to high-tech manufacturing.

I want to cut through the maze of confusing training programs, so that from now on, people have one program, one website, and one place to go for all the information and help they need. It's time to turn our unemployment system into a reemployment system that puts people to work.

On Energy & Oil: All-of-the-above energy; enough natural gas or 100 years

But with only 2% of the world's oil reserves, oil isn't enough. This country needs an all-out, all-of-the-above strategy that develops every available source of American energy--a strategy that's cleaner, cheaper, and full of new jobs.

We have a supply of natural gas that can last America nearly 100 years. Developing this energy will support more than 600,000 jobs by the end of the decade. And I'm requiring all companies that drill for gas on public lands to disclose the chemicals they use. America will develop this resource without putting the health and safety of our citizens at risk.

On Energy & Oil: Don't cede wind, or solar, or battery industry to foreigners

But I will not walk away from the promise of clean energy. I will not cede the wind or solar or battery industry to China or Germany because we refuse to make the same commitment here. We have subsidized oil companies for a century. That's long enough. It's time to end the taxpayer giveaways to an industry that's rarely been more profitable, and double-down on a clean energy industry that's never been more promising.

On Energy & Oil: Clean energy on public lands, and for defense department

Of course, the easiest way to save money is to waste less energy. So here's another proposal: Help manufacturers eliminate energy waste in their factories and give businesses incentives to upgrade their buildings. Their energy bills will be $100 billion lower over the next decade, and America will have less pollution, more manufacturing, and more jobs for construction workers who need them. Building this new energy future should be just one part of a broader agenda to repair America's infrastructure.

On Energy & Oil: FactCheck: Oil dependence low; but gas prices highest ever

All that is true--as far as it goes. The current 2011 average for US petroleum production is 7,782 million barrels per day, the highest since 1998. And the current average for US dependence on foreign oil is 45.4%. That's the lowest since 1995.

But economists say the chief reason for the declining oil imports is reduced consumption, brought on by the recent economic recession. And--what the president also didn't mention--the annual average price of a gallon of gasoline was $3.52 in 2011--the highest in history. It's small comfort to motorists that prices spiked even higher for a brief period under George W. Bush.

On Energy & Oil: FactCheck: Promised for 3 years to end oil industry subsidy

THE FACTS: This is at least Obama's third run at stripping subsidies from the oil industry. Back when fellow Democrats formed the House and Senate majorities, he sought $36.5 billion in tax increases on oil and gas companies over the next decade, but Congress largely ignored the request. He called again to end such tax breaks in last year's State of the Union speech. And he's now doing it again, despite facing a wall of opposition from Republicans who want to spur domestic oil and gas production and oppose tax increases generally.

On Foreign Policy: America is the one indispensable nation in world affairs

Anyone who tells you otherwise, anyone who tells you that America is in decline or that our influence has waned, doesn't know what they're talking about. That's not the message we get from leaders around the world, all of whom are eager to work with us; where opinions of America are higher than they've been in years. Yes, the world is changing; no, we can't control every event. But America remains the one indispensable nation in world affairs--and as long as I'm President, I intend to keep it that way.

On Free Trade: Double US exports via deals with Panama, Colombia, & S.Korea

I will go anywhere in the world to open new markets for American products.

On Free Trade: Trade Enforcement Unit: inspections for safe imports

Tonight, I'm announcing the creation of a Trade Enforcement Unit that will be charged with investigating unfair trade practices in countries like China. There will be more inspections to prevent counterfeit or unsafe goods from crossing our borders. No foreign company should have an advantage over American manufacturing when it comes to accessing finance or new markets like Russia. Our workers are the most productive on Earth, and if the playing field is level, I promise you--America will always win

On Free Trade: FactCheck: Chinese tire import ban replaced by other imports

The White House based that claim on statistics that show the number of tire manufacturing jobs went from 50,800 in Sept. 2009, when a new tariff on Chinese tires was announced, to 51,900 in Oct. 2011. That's a gain of 1,100 jobs. But that says nothing about the cause.

Imports from China did drop sharply after the tariff took effect in 2009, beginning at a rate of 35%. However, Chinese tires were soon replaced by imports from Thailand, Indonesia, Mexico and elsewhere. "So far as saving American jobs, it just isn't working," says a representative of the Tire Industry Association. "And it really hurt a lot of people in the industry--smaller businesses that geared up to bring these tires in from China."

On Government Reform: Ban insider trading by members of Congress

On Health Care: FactCheck: ObamaCare covers only 1/2 of 30 million uninsured

THE FACTS: That's only half true. About half of the more than 30 million uninsured Americans expected to gain coverage through the health care law will be enrolled in a government program. Medicaid, the federal-state program for low-income people, will be expanded starting in 2014 to cover childless adults living near the poverty line.

The other half will be enrolled in private health plans through new state-based insurance markets. But many of them will be receiving federal subsidies to make their premiums more affordable. And that's a government program, too.

Starting in 2014 most Americans will be required to carry health coverage, either through an employer, by buying their own plan, or through a government program.

On Homeland Security: Take money from war budgets and fund nation-building at home

In the next few weeks, I will sign an Executive Order clearing away the red tape that slows down too many construction projects. But you need to fund these projects. Take the money we're no longer spending at war, use half of it to pay down our debt, and use the rest to do some nation-building right here at home. There's never been a better time to build, especially since the construction industry was one of the hardest-hit when the housing bubble burst.

On Immigration: Let foreign students stay after graduating college

On Immigration: FactCheck: Fewer border crossings mostly due to economy

Actually, Obama has increased the Border Patrol only modestly since it nearly doubled under George W. Bush, when the number grew from 11,264 in 2005 to 20,119 in Oct. 2008. Under Obama, the number went up to 21,444 by 2011. About 85% of those guards are stationed along the southern border.

It's true that arrests for illegal border crossings have decreased since Obama took office--from 556,041 in fiscal 2009 to 340,252 in fiscal 2011. (Those are nationwide figures, although more than 98% of arrests occur along the Mexican border, according to a Congressional Research Service report.) But immigration experts have said the U.S. economy was the number one reason illegal immigration has slowed.

On Jobs: FactCheck: Jobs increasing, but still lower than in 2008

Between Feb. 2010 & Dec. 2011, private sector employment climbed from 106,772,000 to 109,928,000. That's an increase of nearly 3.2 million jobs. And private sector employment increased by 1.9 million in 2011. That's the largest annual increase since 2.3 million jobs were added in 2005. There was also a net increase in manufacturing employment in 2011, when 225,000 jobs were added. The last time that happened was back in 1997.

But--what the president didn't mention--total employment remains nearly 1.7 million below where it was the month Obama took office, and more than 6 million below where it was at the best point in the Bush administration, in Jan. 2008.

On Tax Reform: Buffett rule: millionaires pay minimum of 30% in taxes

Do we want to keep these tax cuts for the wealthiest Americans? Or do we want to keep our investments in everything else? Because if we're serious about paying down our debt, we can't do both.

Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30% in taxes, and you shouldn't get special tax subsidies or deductions. On the other hand, if you make under $250,000 a year, like 98% of American families, your taxes shouldn't go up.

On War & Peace: For first time in 9 years, no Americans are fighting in Iraq

These achievements are a testament to the courage and teamwork of America's Armed Forces. They don't obsess over their differences. They focus on the mission at hand. They work together.

On War & Peace: Make sure Afghanistan is never again a source of attack

On War & Peace: Take no options off the table if Iran develops nukes

On War & Peace: FactCheck: Taliban may control countryside after US leaves

THE FACTS: Obama is more sanguine about progress in Afghanistan than his own intelligence apparatus. The latest National Intelligence Estimate warns that the Taliban will grow stronger, and stall until US troops leave, while continuing to fight for more territory. The assessment says the Afghan government hasn't been able to establish credibility, and predicts the Taliban and warlords will largely control the countryside.