President Barack Obama's State of the Union address appropriately focused on restoring the nation's economy in a manner that is fair to all Americans. As is true of most such election-year addresses over the years, Obama's speech was as much a campaign event as a vision for the country.

Obama reiterated his call for higher tax rates on wealthy Americans referring to the "Buffett rule" and calling for at least a 30 percent tax rate on anyone earning more than $1 million.

The fact is most people in that income bracket do pay more than 30 percent in federal income taxes. The exceptions are people like billionaire Warren Buffett, who make most of their money in capital gains.

Rasing the capital gains tax would undermine a recovering economy and negate much of the tax breaks Obama wants to give companies that remain in the United States or bring back jobs from overseas.

His call for favorable tax treatment for domestic companies over those who outsource jobs makes sense. However, doubling the 15 percent capital gains tax, which would be necessary if he wants all people making over $1 million to pay 30 percent, could have unintended consequences and needs to be reassessed.

The president said, "We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by. Or we can restore an economy where everyone gets a fair shot, everyone does their fair share, and everyone

Certainly there is little disagreement with that sentiment. But when Obama declared, "It's time to apply the same rules from top to bottom: no bailouts, no handouts, and no cop-outs," one has to wonder if he is rejecting his own polices of the past three years, which included massive bailouts for financial institutions and equally huge handouts to states and individual Americans.

The president said he sees a "future where we're in control of out own energy, and our security and prosperity aren't so tied to unstable parts of the world." Yet just a few days ago he blocked the construction of an oil pipeline from a quite stable and friendly Canada, which would have satisfied a substantial percentage of the nation's energy needs.

On the other hand, he did call for increased development of natural gas and oil both on and offshore.

Obama rekindled his message of hope declaring that he believes America is capable of creating a society in which there is economic fairness and prosperity. He was on target in saying that education and job training are the keys to generating high-tech manufacturing and other high-paying jobs. To that end he sought the continuation of low-interest student loans, more student aid and greater efforts by colleges to keep costs down.

The president was also correct in supporting public backing for basic research and that there is a major role for government in producing a prosperous and equitable society.

There were several proposals that should get bipartisan support such as tax cuts for domestic manufacturers, and trade agreements to boost exports.

But there are some major battles ahead with Republicans in Congress over tax policy and energy development.

Obama told members of Congress sitting in front of him, "As long as I'm president, I will work with anyone in this chamber." But, he also warned to fight those who seek to obstruct him.

We hope that both the Congress and the president are able to distinguish legitimate disagreement from obstructionism.