There were a few parts of his speech that should raise some concern:
"The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified."
Where in the Constitution does it say the government has a responsibility to find jobs for its citizens? How are they going to make care "affordable" for all without nationalizing it? We're being set up to rely on the government, cradle-to-the-grave.
"...a nation cannot prosper long when it favors only the prosperous."
In other words, those who are successful earn the money, but that won't cut it anymore for our America. In other words - redistribution of wealth.
"The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart — not out of charity, but because it is the surest route to our common good."
This statement is completely off; economies have cycles. An economy can't grow unless it retracts.
Yes, we are told in our founding documents that all men are created free and equal. This doesn't mean the government makes people equal from an economical position. It means that from birth, all men have the same chance to get their act together and push towards the finish line.
Creating opportunity for all will mean creating a level playing field. In order to do this, you must lower the talented and successful, and raise the untalented and unsuccessful. How will this make our nation better? It will create a uniform playing field of zombies, where the smart and intellectual seek opportunities elsewhere because they can't be rewarded without sharing their success with their unemployed neighbors.
The reason an individual becomes successful is because he had the motivation to make it through the struggles to a better life. What will the motivation be to create new and better products and services if there's no fear of failure?
Haven't we already tried to equal the playing field? Look at government subsidized housing and the endless cycle of blind dependence and laziness it has created in those utilize it.
In the end, the government has no business poking into our lives, our dreams, and offering coupons and money to those who can't earn it for themselves.