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Obama's Take On Current State Of Economy

Andre Gray |
January 28, 2014 | 8:45 p.m. PST

Staff Reporter

He didn't say "let me clear" enough. Wikimedia.
He didn't say "let me clear" enough. Wikimedia.
Backed by the illustrious white light of Biden’s boyish smile and the orange glow of Boehner’s skin tone, Obama gave a speech saturated with economic talking points. It was the president’s last ditch list of suggestions geared towards reducing unemployment and bolstering the middle class. 

The list started with a status check of the American economy, as told through a series of pretty middle-class images and a nod to the rebounding housing market. The only really notable moment of Obama’s introduction was what he had to say about China: “And for the first time in over a decade, business leaders around the world have declared that China is no longer the world’s number one place to invest; America is.”

The president was apparently referring to a study by consulting firm A.T. Kearney on foreign investor confidence, and perhaps also a recent article in The Economist detailing the tough conditions faced by foreign companies in Beijing and Shanghai. Later in his address, the president emphasized the need to establish trade partnerships in the Pacific, sending a bit of a mixed message to Beijing. 

As always, there was a call for more construction projects like bridges and waterways, but the president mainly focused on skilled jobs and promised to open six new “tech hubs” designed to connect research universities to local businesses. 

SEE ALSO: The Minimum Wage Must Be Raised

Those who listened to Obama’s State of the Union were probably disappointed by the usual generalities about wasteful tax loopholes, supporting small businesses, and reforming patent law. But to the president’s credit (econ pun), he made several tangible points. For instance, Obama announced that vice president Biden would be leading an across the board reform of the United States’ training programs. He also emphasized the need to raise the minimum wage to 10 dollars/hour, using a small business anecdote to make his case. 

What was really juicy was the president’s mention of MyRA bonds, a new savings bond that could serve as a default investment for people with auto-IRAs. The new savings bond would provide low-income workers who haven’t saved a lot for retirement a source of steady returns. The hope is that these bonds will beef up IRA-accounts so that individuals can then put their newly earned money into a more long term retirement investment. 

To diffuse the financial talk, I’ll leave you with some of Obama’s passive-aggressive economy zingers. As NBC news put it, Obama was “feisty” tonight:

 

“Congress should undo the damage done by last year's cuts to basic research.”

“It is time to do away with policies that belong in a Mad Men episode.”

“This Congress needs to restore the unemployment insurance you just denied to 1.6 million people.”

 

See Neon Tommy's Complete Coverage of the State of The Union Address 2014 here.

Reach Staff Reporter Andre Gray here



 

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