Tonight, as I outline the next steps we must take as a country, we must honestly acknowledge the circumstances we inherited.

Ninety-four million Americans are out of the labor force.Over 43 million people are now living in poverty, and over 43 million Americans are on food stamps.More than 1 in 5 people in their prime working years are not working.

We have the worst financial recovery in 65 years.In the last 8 years, the past Administration has put on more new debt than nearly all other Presidents combined.We've lost more than one-fourth of our…