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President Obama declared rising income inequality a “fundamental threat” to the United States on Wednesday.

Speaking in one of the poorest neighborhoods in Washington, D.C., Obama pledged that for the remainder of his presidency, his administration would “focus all our efforts” on addressing an issue that threatens the economy and the American Dream.

The hour-long speech had all the trappings of a serious policy address, presenting a legislative agenda for the remaining three years of the Obama administration.

But Democratic strategists, liberal economists, and political scientists questioned whether it marked a real shift in focus.