As America prepares to transition to a new presidential administration, I want to take stock of the progress we have made together in laying the foundations for an economy that creates opportunity for all Americans. Over the last four years, we’ve faced some of the most challenging economic conditions in our history. Not only have we recovered, we’ve come out stronger, and have laid foundations for a promising new chapter in our American comeback story. It will take years to see the full effects in terms of new jobs and new investments all around the country, but we have planted the seeds that are making this happen. If these investments and actions are built upon, U.S. economic leadership will be stronger and the middle class more secure in the years and decades ahead.

When I took office, the economy wasn’t working for most Americans. It was clear that a fundamentally new playbook was essential. My focus was to transform the economy to improve the lives of regular Americans, the kinds of people I grew up with. That’s why I fought to invest in the jobs of the future, lower costs, raise wages, and strengthen workers and small businesses—because I know this will help American families and build the economy from the middle out and bottom up.

At that time, economic policy was in the grip of a failed approach called trickle-down economics. Trickle-down tried to grow the economy from the top down. It slashed taxes for the wealthy and large corporations and tried to get government "out of the way," instead of delivering for working people, investing in infrastructure, and ensuring America stays at the leading edge of innovation.

But this approach failed. Too many Americans saw an economy that was stacked against them with failing infrastructure, communities that had been hollowed out, manufacturing jobs that were offshored to China, prescription drugs that cost more than in any other developed country, and workers who had been left behind.

I believe that, from America’s earliest days, we have been at our best when we have taken on important challenges and fought to deliver big things on behalf of the American people—from the Erie Canal to the transcontinental railroad, from the Hoover Dam to rural electrification, from the Social Security system to the National Highway System.

As president, I fought to write a new economic playbook that builds the economy from the middle out and bottom up, not the top down. I fought to make smart investments in America’s future that put us in the lead globally. I fought to create good jobs that give working families and the middle class a fair shot and the chance to get ahead. I fought to lower costs for consumers and give smaller businesses a fair chance to compete.

In what follows, I describe why this new approach is so important.