The speech comes at a time when Obama is struggling to generate second-term momentum ahead of November's election when control of Congress will be at stake.
Obama's broad themes, described by the White House as opportunity, action, and optimism may find some support among Republicans, who also have picked up the inequality message in recent months. But with the election campaign looming, there's little indication the president will win over Republicans with his policy prescriptions, including a renewed push to increase the minimum wage and expand access to early childhood education.
Previewing the president's remarks, White House spokesman Jay Carney said, "He'll certainly aim high. Presidents ought to aim high."
Obama has been tinkering with the speech in his typical fashion, writing out notes long-hand on yellow legal pads and scribbling edits on drafts typed out by his speechwriting team. The White House has heavily promoted the address on social media sites like Instagram, posting photos of Obama working in the Oval Office with lead speechwriter Cody Keenan. Aides are also working on an interactive version of the speech that will run online and feature charts and statistics about the president's proposals as he's speaking.
Increasing the minimum wage and expanding early childhood education programs are both seen by the White House as ways to increase economic opportunity for low- and middle-income Americans.