LINK: http://kunc.org/post/video-transcript-president-obamas-knox-college-speech-economy
The Changing Economy vs The Middle Class
The Great recession started to create great problems for the Middle class citizens
E.g.
Salaries did not keep up with inflation rates
Kids who were talented and smart enough couldn't afford to go to college
Taxes were raised and for the Middle class citizens ate more out of them than Upper class citizens which resultingly created disparity.
Before the Great Recession
After WW2 the middle class was part of a prosperous economy. This prosperous economy consisted of fair wages which meant life was generally fair.
Sadly the engine of the prosperous economy began to stall as global competition arised forming more jobs oversea, stripping the American economy of jobs. It then became difficult for the union to fight for the middle class and the situation of taxes increasing also arised.
Obama's economical aims and progressions
Obama has said that he will not wait until another president is elected and will use every minute he has left effectively.
Obama aims to:
- use new energy
- have more manufacturers
- improve healthcare
- invest in new technology
- monitor banks
What has been achieved
- Invested in new technology
- Took on a broken health care system
- Enforced tough new rules on big banks e.g. cut down on credit cards
- Changed the tax code
- Created 7.2 million new jobs in the business sector
- Deficits are falling by the fastest rate in 60 year
Is it enough?
Although Obama is beginning to pick up the economy and aims to improve it gradually, the question asked is, is it enough? For example will these changes in the economy be sustainable or in fact prove to be successful only in the short term.
Which is why we would love to know your opinion through comments
:)
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