Having overcome the worst-ever economic recession in over a century, President Barack Obama today said the US is ready to lay foundation for a new future and the country's economy has added jobs at the fastest pace since the 1990s.
"Over the past 6 years, America has risen from recession freer to write our own future than any other nation on Earth. A new foundation is laid. A new future is ready to be written. It's up to all of us-Democrats, Republicans, and Independents- to write it together," Obama said in a new report on economy.
In 2014, US economy added jobs at the fastest pace since the 1990s. The unemployment rate plunged to its lowest point in over six years, far faster than economists predicted, Obama said.
"Ten million Americans gained the security of health coverage. And we continued to cut our dependence on foreign oil and invest in renewable energy, making US number one in the world in oil, gas, and wind power," he said.
These achievements, he said, took place against a backdrop of long-term economic strength.
"Since the crisis, we've seen our deficits cut by two-thirds, our stock market double and healthcare inflation at its lowest rate in 50 years. The housing market is rebounding. Manufacturers are adding jobs. More Americans are finishing college than ever before," he said.
"Now America is poised for another good year, as long as Washington works to keep this progress going. But even as the economic recovery is touching more lives, we need to do more to restore the link between hard work and opportunity for every American," he said.
"That's the idea behind middle-class economics-the simple fact that our country does best when everyone has a fair shot, does their fair share, and plays by the same set of rules," he said.
Obama said investments in science, technology, and research and development can fuel new inventions and breakthroughs that will keep American businesses one step ahead of the competition.
"And protecting a free and open internet, and extending its reach to every classroom and community in America, will ensure that the next generation of digital innovators and entrepreneurs have the platform to keep reshaping our world," he said.
"At a time when 95 per cent of the world's consumers live outside our borders, new trade agreements would help American businesses reach new markets and put stronger environmental and labour standards in place, to ensure that all countries are playing by the same, fair set of rules," he said.
To make the economy more competitive, he called for building a tax code that helps middle-class families get ahead and reform business tax system to close wasteful loopholes.
