Third, a successful economy also depends on meaningful opportunities for work for everyone who wants a job. However, America has faced a long-term decline in participation among prime-age workers (see chart 3). In 1953, just 3% of men between 25 and 54 years old were out of the labour force. Today, it is 12%. In 1999, 23% of prime-age women were out of the labour force. Today, it is 26%. People joining or rejoining the workforce in a strengthening economy have offset ageing and retiring baby-boomers since the end of 2013, stabilising the participation rate but not reversing the longer-term adverse trend. 

depends on：次第である
prime-age：働き盛りの
out of the labour force：労働力から離脱
offset：埋めあわせる
adverse：不都合な

Involuntary joblessness takes a toll on life satisfaction, self-esteem, physical health and mortality. It is related to a devastating rise of opioid abuse and an associated increase in overdose deaths and suicides among non-college-educated Americans—the group where labour-force participation has fallen most precipitously. 

Involuntary：不本意の
takes a toll：大きな打撃を与える
life satisfaction：生活満足度
self-esteem：自尊心・自信
mortality：倫理観
devastating：壊滅的な・衝撃的な
opioid abuse：オピオイド依存症・阿片中毒
overdose：過剰投与
precipitously：急激な

There are many ways to keep more Americans in the labour market when they fall on hard times. These include providing wage insurance for workers who cannot get a new job that pays as much as their old one. Increasing access to high-quality community colleges, proven job-training models and help finding new jobs would assist. So would making unemployment insurance available to more workers. Paid leave and guaranteed sick days, as well as greater access to high-quality child care and early learning, would add flexibility for employees and employers. Reforms to our criminal-justice system and improvements to re-entry into the workforce that have won bipartisan support would also improve participation, if enacted. 

community colleges：コミュニティカレッジ　地域住民のための2年制大学
early learning：幼児教育

Building a sturdier foundation
Finally, the financial crisis painfully underscored the need for a more resilient economy, one that grows sustainably without plundering the future at the service of the present. There should no longer be any doubt that a free market only thrives when there are rules to guard against systemic failure and ensure fair competition. 

sturdier ：しっかりとした
underscored：強調する
plundering：不当に使い尽くす
systemic failure：システミック・リスク(Systemic risk) 1つの金融機関が倒産などから決済不能となった場合に、決済関係を通じて他の金融機関にもその影響が及び連鎖的に決済不能を引き起こし、金融システム全体の機能が失われてしまう危険性のこと。


Post-crisis reforms to Wall Street have made our financial system more stable and supportive of long-term growth, including more capital for American banks, less reliance on short-term funding, and better oversight for a range of institutions and markets. Big American financial institutions no longer get the type of easier funding they got before—evidence that the market increasingly understands that they are no longer “too big to fail”. And we created a first-of-its-kind watchdog—the Consumer Financial Protection Bureau—to hold financial institutions accountable, so their customers get loans they can repay with clear terms up-front. 

oversight：監視
a range of：多種多様な
first-of-its-kind：今までに類を見ない
up-front：率直に

But even with all the progress, segments of the shadow banking system still present vulnerabilities and the housing-finance system has not been reformed. That should be an argument for building on what we have already done, not undoing it. And those who should be rising in defence of further reform too often ignore the progress we have made, instead choosing to condemn the system as a whole. Americans should debate how best to build on these rules, but denying that progress leaves us more vulnerable, not less so. 

with all the progress：その進展にもかかわらず
vulnerabilities：脆弱性
condemn：避難する

America should also do more to prepare for negative shocks before they occur. With today’s low interest rates, fiscal policy must play a bigger role in combating future downturns; monetary policy should not bear the full burden of stabilising our economy. Unfortunately, good economics can be overridden by bad politics. My administration secured much more fiscal expansion than many appreciated in recovering from our crisis—more than a dozen bills provided $1.4 trillion in economic support from 2009 to 2012—but fighting Congress for each commonsense measure expended substantial energy. I did not get some of the expansions I sought and Congress forced austerity on the economy prematurely by threatening a historic debt default. My successors should not have to fight for emergency measures in a time of need. Instead, support for the hardest-hit families and the economy, like unemployment insurance, should rise automatically. 

bear ：負担を負う
overridden：無視する
substantial energy：かなりのエネルギー
prematurely：早まって
hardest-hit：最も深刻な

Maintaining fiscal discipline in good times to expand support for the economy when needed and to meet our long-term obligations to our citizens is vital. Curbs to entitlement growth that build on the Affordable Care Act’s progress in reducing health-care costs and limiting tax breaks for the most fortunate can address long-term fiscal challenges without sacrificing investments in growth and opportunity. 

entitlement：(政府による社会保障などのための)給付計画[制度](entitlement program); その給付金
tax break：税制上の優遇措置
fortunate：最も恵まれた人

Finally, sustainable economic growth requires addressing climate change. Over the past five years, the notion of a trade-off between increasing growth and reducing emissions has been put to rest. America has cut energy-sector emissions by 6%, even as our economy has grown by 11% (see chart 4). Progress in America also helped catalyse the historic Paris climate agreement, which presents the best opportunity to save the planet for future generations. 

rest：停止する
catalyse：刺激して変化を促進させる

今日はこれまで。オバマの提案の続きだ。労働可能人口のうち失業している人の比率が上がってきている。そうした人たちに仕事の場を提供する必要がある。ベビービーマーが高齢化してきているので、そうした人たちを補わなければならない。そのためにはコミュニティカレッジのような様々な支援が必要だ。また、今後の財務危機を克服する上では弾力性のある経済が必要だ。そのためには自由市場が大事だが、システミックリスクと公正な競争に留意する必要がある。そうしたことを色々挙げている。気象変動のことも継続して対処する必要があるといっている。

昨日はインドシナ協会の勝部さんとグエンさん、内藤さんと溜池山王の聘珍楼で会食した。午後は今まで訳のわからない経費を支払っていたので、その整理に追われた。そのため、今日の研修準備のための時間が夜中にずれ込んでしまった。今日も一日、資料作成だ。今夜は海野塾がある。ではまた明日。