It's a changing world where India and China are rising: Obama


Apr 22, 1:59 PM

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 said.