On Tuesday, January 38, President Barack Obama made his annual State of the Union address in the House Chamber of the Capitol building in Washington DC. Obama’s speech mentioned several very important ideas for the upcoming 2014 year; including raising the minimum wage, advocating for women’s rights, creating a new type of Roth IRA account, seeking peace in the Middle East and trying to make higher quality pre-kindergarten education available for every child.
As part of his large campaign to help working class individuals, Obama petitioned Congress to raise the minimum wage from a $7.25 to $10.10.
“Say yes,” President Barack Obama said. “Give America a raise.”
He explained that raising the minimum wages would not cause employers to lose income, but would increase individual’s purchasing power and thus bolster the economy.
Right after mentioning the raise of minimum wage, Obama moved onto the issue of inequality in the workplace between men and women. “It’s time to do away with workplace policies that belong in a ‘Mad Men’ episode,” Obama said. He deplored Congress for passing bills that could prevent females from progressing past the “glass ceiling” in the workplace.
As his final part of his speech on economics, the president introduced a new type of Roth IRA account that would be backed by the government instead of private companies. These accounts are useable only by those who would like to supplement their existing 401(k) account and have less than an annual income of $191,000. These accounts will enable individuals to invest a certain percentage of their income to a safe, government backed fund that returns 2.69% a year. As with Roth IRA accounts, the user cannot withdraw any money from the account until they are 59 and a half years old. Doing so will result in a heavy fine from the government.
As Obama finished his segment on economics, he moved onto foreign policy, where he mentioned the situation in Iran. Obama mentioned his wish to keep the situation in Iran as diplomatic as possible, but in the case where Iran refuses to commit to American intentions, Obama will impose sanctions on Iran.
As his final significant point in his speech, Obama mentioned that he wanted Congress to pass a bill making higher quality pre-kindergarten education for children under the age of four easily accessible.
In summary, Obama’s State of the Union Address brought up several new points about fixing the American economy and foreign policy.
