Obama Vows to Tackle Inequality, Stalled Upward Mobility
    2014-01-29 10:44:01     Xinhua       Web Editor: Fu Yu
The U.S. President Barack Obama on Tuesday pledged to reverse the trends of deepening inequality and stalling upward mobility, as yawning wealth gap has left the country increasingly divided.

In his State of the Union Address, Obama said he will act on his own, and work with the Congress to raise minimum wages, secure middle-class' retirement, extend emergency insurance for the unemployed and remove tax breaks for the wealthiest.

Through his executive order, he will raise minimum wages to 10.1 U.S. dollars for federal contract workers, and continue to urge Congress to spread the standards across the country.

He urged the Congress to pass a bipartisan deal to temporarily extend emergency unemployment insurance for three months for over 2 million Americans when they need it most.

He will also remove retirement tax breaks for the wealthiest while improve them for the middle class. The president' s budget will propose to establish automatic enrollment in IRAs, for employees without access to a workplace savings plan, in keeping with a plan that he has proposed in every budget since he took office.
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