President Obama’s Final State of the Union Address 2016 (Full Transcript)

I believe a thriving private sector is the lifeblood of our economy. I think there are outdated regulations that need to be changed, there’s red tape that needs to be cut. But after years of record corporate profits, working families won’t get more opportunity or bigger paychecks just by letting big banks or big oil or hedge funds make their own rules at everybody else’s expense.

Middle class families are not going to feel more secure because we allowed attacks on collective bargaining to go unanswered. Food Stamp recipients did not cause the financial crisis; recklessness on Wall Street did. Immigrants aren’t the principal reason wages haven’t gone up. Those decisions are made in the boardrooms that all too often put quarterly earnings over long-term returns. It’s sure not the average family watching tonight that avoids paying taxes through offshore accounts.

The point is, I believe, that in this new economy, workers and start-ups and small businesses need more of a voice, not less. The rules should work for them. And I’m not alone in this. This year, I plan to lift up the many businesses who’ve figured out that doing right by their workers or their customers or their communities ends up being good for their shareholders. And I want to spread those best practices across America. That’s part of a brighter future. In fact, it turns out many of our best corporate citizens are also our most creative.

And this brings me to the second big question we as a country have to answer: how do we reignite that spirit of innovation to meet our biggest challenges?

Sixty years ago, when the Russians beat us into space, we didn’t deny Sputnik was up there. We didn’t argue about the science, or shrink our research and development budget. We built a space program almost overnight, and twelve years later, we were walking on the moon.

Now, that spirit of discovery is in our DNA. America is Thomas Edison and the Wright Brothers and George Washington Carver. America is Grace Hopper and Katherine Johnson and Sally Ride. America is every immigrant and entrepreneur from Boston to Austin to Silicon Valley racing to shape a better future. That’s who we are, and over the past seven years, we’ve nurtured that spirit. We’ve protected an open Internet, and taken bold new steps to get more students and low-income Americans online.

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We’ve launched next-generation manufacturing hubs and online tools that give an entrepreneur everything he or she needs to start a business in a single day. But we can do so much more.

You know, last year, Vice President Biden said that, with a new moon-shot, America can cure cancer. Last month, he worked with this Congress to give scientists at the National Institutes of Health the strongest resources that they’ve had in over a decade. Well, so — so tonight, I’m announcing a new national effort to get it done. And because he’s gone to the mat for all of us on so many issues over the past 40 years, I’m putting Joe in charge of mission control.

For the loved ones we’ve all lost, for the families that we can still save, let’s make America the country that cures cancer once and for all. What do you think? Let’s make it happen.

And medical research is critical. We need the same level of commitment when it comes to developing clean energy sources. Look, if anybody still wants to dispute the science around climate change, have at it. You will be pretty lonely because you’ll be debating our military, most of America’s business leaders, the majority of the American people, almost the entire scientific community, and 200 nations around the world who agree it’s a problem and intend to solve it.

But even if — even if the planet wasn’t at stake, even if 2014 wasn’t the warmest year on record until 2015 turned out to be even hotter — why would we want to pass up the chance for American businesses to produce and sell the energy of the future?

Listen, seven years ago, we made the single biggest investment in clean energy in our history. Here are the results. In fields from Iowa to Texas, wind power is now cheaper than dirtier, conventional power. On rooftops from Arizona to New York, solar is saving Americans tens of millions of dollars a year on their energy bills and employs more Americans than coal — in jobs that pay better than average.

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We’re taking steps to give homeowners the freedom to generate and store their own energy — something, by the way, that environmentalists and Tea Partiers have teamed up to support. And meanwhile, we’ve cut our imports of foreign oil by nearly 60% and cut carbon pollution more than any other country on Earth.

Gas under $2 a gallon ain’t bad either. Now we’ve got to accelerate the transition away from old, dirtier energy sources. Rather than subsidize the past, we should invest in the future, especially in communities that rely on fossil fuels. We do them no favor when we don’t show them where the trends are going. And that’s why I’m going to push to change the way we manage our oil and coal resources so that they better reflect the costs they impose on taxpayers and our planet. And that way, we put money back into those communities and put tens of thousands of Americans to work building a 21st century transportation system.

Now, none of this is going to happen overnight, and yes, there are plenty of entrenched interests who want to protect the status quo. But the jobs we’ll create, the money we’ll save, the planet we’ll preserve, that is the kind of future our kids and our grandkids deserve. And it’s within our grasp.

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