that's all good news.
but an awful lot of middle class americans are still not feeling the effects of this recovery. since the year XX, gross domestic product-our gdp - has risen by 25%. and productivity in america is up by 30%. but middle class wages during that same time period have gone up by only fourteen cents.
folks, it's long past time to cut the middle class back into the deal, so they can benefit from the economic growth they helped create. folks, there used to be a bargain in this country supported by democrats6 and republicans, business and labor7. the bargain was simple. if an employee contributed to the growth and profitability of the company, they got to share in the profits and the benefits as well. that's what built the middle class. it's time to restore the bargain, to deal the middle class back in. because, folks, when the middle class does well, everybody does well-the wealthy get wealthier and the poor have a way up.
you know, the middle class is not a number. it's a value set. it means being able to own your home; raise your children in a safe neighborhood; send them to a good school where if they do well they can qualify to go to college and if they get accepted you'd be able to find a way to be able to send them to college. and in the meantime, if your parents need help, being able to take care of them, and hope to put aside enough money so that your children will not have to take care of you.
ladies and gentlemen, this is joe biden, i'm filling in for president obama, while he addresses the nato summit in wales.
when the president and i took office in january of XX, this nation was in the midst of the greatest economic crisis since the great depression. our economy had plummeted1 at a rate of 8% in a single quarter-part of the fastest economic decline any time in the last half century. millions of families were falling underwater on their homes and threatened with foreclosure. the iconic american automobile2 industry was under siege.
but yesterday's jobs report was another reminder3 of how far we've come. we've had 54 straight months of job creation. and that's the longest streak4 of uninterrupted job growth in the united states' history.
we've gone from losing 9 million jobs during the financial crisis to creating 10 million jobs. we've reduced the unemployment rate from 10% in october of XX to 6.1% today. and for the first time since the 1990s, american manufacturing is steadily5 adding jobs-over 700,000 since XX. and surveys of both american and foreign business leaders confirm that america once again is viewed as the best place in the world to build and invest.
perhaps the clintons' greatest achievement is their daughter, who moved into the white house as a young girl, and left as an accomplished young lady. it's not easy to be a teenager in the white house, but it's a lot easier when you have a loving mother and a loving father that chelsea clinton had.
this magnificent presidential library, and the american life it celebrates, would not have been possible without the love and sacrifice of a special lady. among his heroes, president clinton always includes his mother, virginia kelley, "a working woman and a widow." virginia was there when her son took the oath of office, and we know that she would be incredibly proud of this day.
the story that began in a little house on hervey street in hope, arkansas is the kind of story that inspires people from every background, all over america. in this great nation, it is always possible for a child to go as far as their talent and vision can take them. visitors to this place will be reminded of the great promise of our country, and the dreams that came true in the life of our 42nd president. the william j. clinton presidential library is a gift to the future by a man who always believed in the future. and today, we thank him for loving and serving america.