The speech was more notable for its militant--though ineffectual--hostility to Republican proposals than for any fresh thinking of its own. It was a waste of breath.I'd summarize the speech as follows.
Government is what makes America great.
Republican ideas are bad
Make minor budgetary changes and pretend they'll solve our problems
When you are a government worshiper like the president, the very idea of slashing big government is anathema. Obama is a living, breathing reason to vote Republican if you care in the slightest about the financial future of this country. The GOP has many problems, but it is a solid lesser of two evils and has been for a long time.