Obama Pushes Economic Agenda to Boost Middle Class

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July 24 (Bloomberg) -- Julianna Goldman reports on President Obama's speech at Knox College in Galesburg, Illinois about job growth, income inequality and the U.S. Economy. She speaks on Bloomberg Television's "Money Moves." (Source: Bloomberg)

About the president still 's town?

The point of his speech was to turn the country's attention back to the economy, t up the debate for the coming budget fights we are expected to see this fall.

He went to knox college where in 2005 he went as a freshman senator.

He and white house officials believe that it was then that he made the clearest articulation of his economic views, that economic growth, the success of the economy really hinges on a strong and vibrant middle class.

He came here today to echo some of those themes and say -- yes, america has fought back from the 2008 financial crisis, but there is still a long way to go and we cannot risk harming that progress for these upcoming budget fights.

We are not there yet.

We have got more work to do.

Even though our businesses are creating new jobs and have broken record profits, nearly all the income gains of the past 10 years have flowed to the top 1%. it's that to me that the president made a point in talking about the success he has seen over the last several months of making it clear that we are also seeing the deficit coming down at the fastest rate in 60 years.

When you couple that deficit being reduced, gains in the economy, and the big fights ahead, when the current fiscal year ends and a possible fight over the debt ceiling, the president said look, we are moving in the right direction and it is not worth it to default on our debt or risk a government shutdown in harm the progress we have made and really imperil the middle class right now.

I thought it was significant for the end when he said -- short, if we do not do anything we can keep trudging along, but we will not see the strength of the middle-class.

The country is not going to be all that can be.

Trying to bring back some of the hopeful message that the president was so successful at conveying in his elections.

This text has been automatically generated. It may not be 100% accurate.


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