Washington, Jan 21: U.S. President Barack Obama said a growing economy, shrinking deficits and booming energy production have raised the U.S. out of the recession. Taking credit for the recovery during his State of the Union address on Tuesday, Mr. Obama said “The verdict is clear. Middle-class economics works.”
Mr. Obama said the U.S.' economy's upward trajectory should not only help a few do well but should generate rising incomes for everyone who makes an effort.
The recession technically ended in June 2009, but the ensuing recovery sputtered. Only now is public opinion beginning to acknowledge improvements.
Mr. Obama's speech comes amid numerous signs that the economic recovery is taking hold, including a 5.6 percent unemployment rate, cheap gas and greater consumer confidence.
Calls on Congress to back bipartisan infrastructure plan
President Barack Obama on Tuesday called for the U.S. Congress to pass a bipartisan infrastructure plan to provide modern ports, stronger bridges, faster trains and the fastest Internet connections.
Republicans have made TransCanada Corp's Keystone XL pipeline, which would run from Canada's Alberta oil sands to the U.S. Gulf of Mexico, their first priority of the year.
"Let's set our sights higher than a single oil pipeline," Obama said in his State of the Union address, according to a text released by the White House, saying an infrastructure package could create more than 30 times as many jobs per year.
Mr. Obama also said the anti-Semitism that has resurfaced in certain parts of the world is deplorable and rejected "offensive" stereotypes of Muslims.
Simplifying tax procedures
Mr. Obama called for tax reforms to help small businesses in his State of the Union address on Tuesday, saying simplifying their tax return filing process would help reduce their costs.
"Let's simplify the system and let a small business owner file based on her actual bank statement, instead of the number of accountants she can afford," Obama said.
Mr. Obama also called on Tuesday for new bipartisan fast-track legislation to speed trade agreements through Congress.
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