Obama vows 'year of action' to tackle inequality

President Barack Obama has pledged that 2014 will be a "year of action" to tackle economic inequality, in his annual State of the Union address.

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Obama: 'Too many working more than ever to get by'

President Barack Obama is expected to pledge a set of "concrete, practical proposals" in his annual State of the Union address to address the gap between rich and poor in America, the White House said.

Barack obama is set to give his annual State of the Union address. Credit: Aude Guerrucci/DPA/Press Association Images

"Today, after four years of economic growth, corporate profits and stock prices have rarely been higher, and those at the top have never done better," Obama was to say, according to excerpts from the speech released by the White House.

"But average wages have barely budged. Inequality has deepened. Upward mobility has stalled.

"The cold, hard fact is that even in the midst of recovery, too many Americans are working more than ever just to get by - let alone get ahead. And too many still aren't working at all," Obama is expected to say.

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