Today, a generation raised in the shadows of the Cold War assumes new responsibilities in a world warmed by the sunshine of freedom, but threatened still by ancient hatreds and new plagues. Raised in unrivalled prosperity, we inherit an economy that is still the world's strongest, but is weakened by business failures, stagnant wages, increasing inequality, and deep divisions among OUR OWN people. When George Washington first took the oath I have just sworn to uphold, news travelled slowly across the land by horseback, and across the ocean by boat. Now the sights and sounds of this ceremony are broadcast instantaneously to billions around the world. Communications and commerce are global.
Investment is mobile.
Technology is almost magical, and ambition for a better life is now universal. We earn our livelihood in America today in peaceful competition with people all across the Earth. We know we have to face hard truths and take strong steps, but we have not done so. Instead we have drifted, and that drifting has eroded our resources, fractured our economy, and shaken our confidence. Though our challenges are fearsome, so are our strengths.