But for most Americans, the basic bargain that made this country great has eroded.

WHITEHOUSE: President Obama Speaks on the Economy

"Most importantly, the power of the militias is very slowly but inexorably being eroded, " he said.

CNN: July 10, 2012 -- Updated 1136 GMT (1936 HKT)

Savers and retirees will suffer the most as the interest paid on their assets continues to fall and the purchasing power of their principal is eroded.

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