"On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas that for far too long has strangled our politics," Obama said. "The time has come to reaffirm our enduring spirit, to choose our better history, to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness."
Among the economic challenges gripping the nation are an unemployment rate hovering at a 16-year high of 7.2 percent, a stock market that has lost $10 trillion in value since October 2007, and a housing crisis that has put millions of homes into foreclosure and has resulted in 10 percent of Americans being late or delinquent in their home payments.
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