American Dream is slipping away from us, warns Obama

President Barack Obama has acknowledged for the first time that many people in the US fear the "American Dream" is slipping away.

In his Thanksgiving address, he said the recession and widespread job losses had led many to believe they had little chance of ever succeeding.

He said millions of Americans faced "difficult economic times", but urged people not to give up hope and insisted the measures he had put in place would turn around the country's fortunes.

"As much as we all have to be thankful for, we also know that this year millions of Americans are facing very difficult economic times," Mr Obama said.

"Many have lost jobs in this recession - the worst in generations. Many more are struggling to afford health care premiums and house payments, let alone to save for an education or retirement.

"Too many are wondering if the dream of a middle class life - that American Dream - is slipping away."

Mr Obama's radio address was released two days early to coincide with the Thanksgiving Holiday.

He made special mention of families who would have an "empty" seat at the dinner table because they had lost loved ones serving in the military.

The Obama family spent their first Thanksgiving at the White House with 50 guests.