US economy undergoing ‘resurgence’, says Obama

Boasting the significant progress made by the country in the nearly six years under the Democrat government, US President Barack Obama on Saturday said that the American economy is undergoing a “resurgence” and that is real.

President Obama said that the country has a chance to “reverse the decades-long erosion of middle-class jobs and incomes” and as the economy is undergoing a “resurgence,” he wished to work with Congress members in order to build on recent economic progress.

In his weekly radio address, Obama said, “A new foundation is laid. A new future is ready to be written. We have set the stage for a new American moment, and I am going to spend every minute of my last two years making sure we seize it.”

“The steps we took nearly six years ago to rescue our economy and rebuild it on a new foundation helped make 2014 the strongest year for job growth since the 1990s. Over the past 57 months, our businesses have created nearly 11 million new jobs. And in a hopeful sign for middle-class families, wages are on the rise again,” he said.

Underlining the high investments in the country’s manufacturing sector, Obama said this has contributed in fuelling its best stretch of employment opportunities growth since the 90s.

Obama claimed that the US has now clinched the top position to become the largest producer of oil and gas, saving about 70 cents a gallon for the drivers in the country at the pump over last Christmas.

“The automobile industry rescued by the Obama administration is on track for its strongest year since 2005”, he said.

Obama further said the nation has every right to feel proud due to several reasons- more jobs opportunities, shrinking deficits, growing economy, bustling industry and booming energy.

“As 2014 comes to an end, we can enter the New Year with new confidence that America is making significant strides where it counts,” the US president said.

The president didn’t forget to mention about his dream project ‘Affordable Care Act, also called Obamacare, in which about 10 million Americans have enrolled in 2013 to gain health insurance.