I have great respect for both President Obama and the office that he holds

I have been a strong proponent of pay-as-you-go. Every dollar that I've proposed, I've proposed an additional cut so that it matches.

This is the defining issue of our time. This is a make-or-break moment for the middle class and for all those who are fighting to get into the middle class.

I'm here with the Girardo family here in St. Louis.

Theoretically, you can make, obviously, a powerful argument that centuries of slavery, Jim Crow, discrimination are the primary cause for all those gaps. That those were wrongs done to the black community as a whole, and black families specifically, and that in order to close that gap, a society has a moral obligation to make a large, aggressive investment, even if it's not in the form of individual reparations checks, but in the form of a Marshall Plan, in order to close those gaps. It is easy to make that theoretical argument.

This kind of inequality - a level that we haven’t seen since the Great Depression - hurts us all. When middle-class families can no longer afford to buy the goods and services that businesses are selling...it drags down the entire economy from top to bottom. America was built on the idea of broad-based prosperity... That’s why a CEO like Henry Ford made it his mission to pay his workers enough so that they could buy the cars he made. It’s also why a recent study showed that countries with less inequality tend to have stronger and steadier economic growth over the long run.

Whatever success I have achieved, whatever positions of leadership I have held have depended less on Ivy League degrees or SAT scores or GPAs and have instead been due to that sense of connection and empathy, the special obligation I felt as a black man like you to help those who need it most, people who didn't have the opportunities that I had because there, but for the grace of God go I. I might have been in their shoes. I might have been in prison. I might have been unemployed. I might not have been able to support a family. And that motivates me.