In his annual economic report to Congress, President Obama said the housing market is bouncing back, but that some economic roadblocks may threaten the recovery.
“Our housing market is healing, and consumers, patients, and home owners enjoy stronger protections than ever before,” Obama wrote in the opening pages of the report in summarizing the country’s economic state. “But there are still millions of Americans whose hard work and dedication have not yet been rewarded.”
President Obama addressed the obstacles the economy faces, notably the looming across-the-board spending cuts (known as the “sequester”) as well as threats from a slower population growth.
“The single largest cause of slower trend GDP growth in recent years is changing demographics,” according to President Obama’s report. An aging population will require more federal assistance but—mixed with a drop in the number of people of working age—could have large scale effects on the economy, according to the president’s report.
Source: “White House: Housing Market Is Bouncing Back,” Dow Jones Newswires (March 15, 2013)