: International News
It's a changing world where India and
China are rising: Obama
Friday, April 22, 2011
US President Barack Obama on Friday said
that America needs to adapt to a changing world wherein
countries like India and China are rising and areas like the
Middle East are becoming less stable.
"We were seeing changes around the world - countries like
China and India rising; areas like the Middle East becoming
less stable; the world shrinking because of technology, much
of it invented right here in this region," Obama said in his
remarks at a fund raising event in San Francisco.
Noting that there are moments in history that are inflection
points, Obama said he understood this in 2008 that the US was
entering into one of those periods.
"Domestically, we had gone through a decade in which the
economy was growing but it was growing on top of a bubble. And
people at the very top were doing very well, but the wages and
incomes of ordinary families had flat lined, and we were
starting as a government to live beyond our means with tax
cuts and two wars that weren't paid for," he said.
"So I think people understood even before the recession hit
that somehow the way our economy was operating was not
conducive to long-term sustained economic growth or making
sure that everybody had a chance at the American Dream," Obama