Highlighting the job growth since he took office, Obama said this achievement has been shared by both Americans' "drive and determination" and "sound decisions made by my administration."
Discussing his efforts to grow jobs opportunities and address the health-care system in the country, Obama struck an optimistic tone.
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"Here's the bottom line: For all the work that remains, for all the citizens we still need to reach, what I want people to know is that there are some really good things happening in America," Obama said.
The president also said that the middle class is the essential "rock" by which the American economy should be based, rather than previous engines of growth.
"We learned the hard way that it wasn't sustainable to have an economy where too much of the growth was based on inflated home prices and bubbles that burst, and the casino mentality on Wall Street; where the recklessness of a few could threaten us all; where incomes at the top skyrocketed while working families saw theirs decline," Obama said. "That was not a formula for sustained growth."
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Despite his swipe at Wall Street, Obama emphasized his support for capitalism.
"I actually believe that capitalism is the greatest force for prosperity and opportunity the world has ever known, and I believe in private enterprise and not government," the president said. "But I also believe in a higher principle, which is we're all in this together. That's the spirit that made the American economy work."