http://www.cnbc.com/id/392726609:20 into the video.
Q I am a chief financial officer for a veterans service organization, AmVets here in Washington. I’m also a mother, I’m a wife, I’m an American veteran, and I’m one of your middle-class Americans. And quite frankly, I’m exhausted. I’m exhausted of defending you, defending your administration, defending the mantle of change that I voted for --
THE PRESIDENT: Right.
Q -- and deeply disappointed with where we are right now.
I have been told that I voted for a man who said he was going to change things in a meaningful way for the middle class. I’m one of those people, and I’m waiting, sir. I’m waiting. I don't feel it yet. And I thought, while it wouldn’t be in great measure, I would feel it in some small measure.
I have two children in private school. And the financial recession has taken an enormous toll on my family. My husband and I joked for years that we thought we were well beyond the hot dogs and beans era of our lives.
THE PRESIDENT: Right.
Q But quite frankly, it’s starting to knock on our door and ring true that that might be where we’re headed again. And quite frankly, Mr. President, I need you to answer this honestly, is this my new reality?
THE PRESIDENT: Well, first of all, I think that you describe exactly what is the bedrock of America -- a veteran who’s working for veterans, somebody who is a CFO and I am sure knows how to manage their money, have made good decisions.
Q Sometimes. (Laughter.)
THE PRESIDENT: I’m not saying once in a while you don't want to get a new pair of shoes. (Laughter.)
Q Today. (Laughter.)
THE PRESIDENT: So the life you describe -- one of responsibility, looking after your family, contributing back to your community -- that's what we want to reward.
Now, as I said before, times are tough for everybody right now, so I understand your frustration. But I would just -- when you say there are things that you’d like to see happen or you’re hoping to see happen that haven’t happened yet, let me just give you a couple of examples.
I right now have two children -- it sounds like you’ve got kids, as well.
Q Two girls.
THE PRESIDENT: Two girls. You’re going to be thinking about college soon.
Q Next year.
THE PRESIDENT: Okay. Now part of what we did over the last year and a half is to make sure that billions of dollars that were going to subsidize financial service industries under the federal student loan programs are now going to be going directly to students so that millions more students are going to be able to get loans and grants and scholarships to go to college. Now, that's going to have an impact on a whole bunch of kids out there, including maybe yours.
If you have a credit card, which I assume, you do --
Q No.
THE PRESIDENT: Well, see, now you’re really -- now you’ve shown how responsible you are. (Laughter.) But if you have a mortgage or a credit card or any kind of financial dealings out there, as a consequence of the changes we made, the credit card companies can’t increase your interest rate without notifying you, and they can’t increase your interest rate on your previous balances. In terms of getting a mortgage, they -- you can’t have a mortgage broker steer you to a mortgage that ultimately is going to cost you more money, because maybe they’re getting a financial incentive to do so. Those things are now against the law. So there are a whole host of protections in there.
You are a parent who has children -- if your child, heaven forbid, had a preexisting condition, before I took office, you were out of luck in terms of being able to get health insurance for that child. Now, insurance companies have to give you health insurance for that child, and by the way, that health insurance can’t drop you if you get sick.
So there are a whole host of things that we’ve put in place that do make your life better. But the bottom line is if your 401(K) is still down substantially from where it was a while back, if you haven’t seen a raise in a long time, if your home value went down --
Q Keep going. (Laughter.)
THE PRESIDENT: -- depending on where you live, all those things still make you feel like, gosh, I’m treading water.
Q Still struggling -- that's right.
THE PRESIDENT: And so my goal here is not to try to convince you that everything is where it needs to be. It’s not. That's why I ran for President. But what I am saying is, is that we’re moving in the right direction. And if we are able to keep our eye on our long-term goal -- which is making sure that every family out there, if they’re middle class, that they can pay their bills, have the security of health insurance, retire with dignity and respect, send their kids to college; if they’re not yet in the middle class, that there are ladders there to get into the middle class, if people work hard and get an education to apply themselves -- that's our goal. That's the America we believe in. And I think that we are on track to be able to do that.