Transcript: Obama Re-election Campaign Kick-off Speech (5-5-12)

Nothing has changed since 2008:

"We came together in 2008 because our country had strayed from these basic values.  A record surplus was squandered on tax cuts for people who didn’t need them and weren’t even asking for them.  Two wars were being waged on a credit card.  Wall Street speculators reaped huge profits by making bets with other people’s money.  Manufacturing left our shores.  A shrinking number of Americans did fantastically well, while most people struggled with falling incomes, rising costs, the slowest job growth in half a century. 

"It was a house of cards that collapsed in the most destructive crisis since the Great Depression.  In the last six months of 2008, even as we were campaigning, nearly three million of our neighbors lost their jobs.  Over 800,000 more were lost in the month I took office alone.

But he is forced to admit his failure. No sense lying a woeful record:

 OBAMA: "Of course not.  Too many of our friends and family are still out there looking for work.  The housing market is still weak, deficits are still too high, and states are still laying off teachers, first responders.  This crisis took years to develop, and the economy is still facing headwinds.  And it will take sustained, persistent effort -- yours and mine -- for America to fully recover.  That’s the truth.  We all know it.

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