PRESIDENT OBAMA: Our economy is in a transition of the sort that America’s gone through maybe every 70-75 years. We went from an agriculture economy to an information, to an industrial economy during Teddy Roosevelt’s period. We’ve now gone from an industrial to a knowledge-based, innovation society. And, you know, there are a lot of disruptions.

And the middle class in America has really taken it on the chin, during this period. They haven’t seen their wages go up, they haven’t seen their incomes go up. You know, women went into the workforce to try to keep family incomes up. But then that wasn’t enough; they ended up getting into debt. And they’re not seeing enough prospects for a future where their kids are gonna do better than they are.

Now the good news is, we can solve these problems and meet these challenges, because America, by definition, is an innovation society. We constantly remake ourselves. So there’s no reason why we should not succeed in this era, just like we’ve succeeded in past eras. But it requires us to make some adjustments. And it requires everybody to have a fair chance, everybody to do their fair share, and rules of the road that create fair play for everybody.

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