By Justin Sink - 01/29/14 12:42 PM EST
President Obama and Vice President Biden will hit the road Wednesday, looking to rally support for some of the economic proposals outlined in his State of the Union address.
According to the White House, the president will look to "expand on themes" he mentioned Tuesday night, discussing "new ways to build economic security for the middle class and expand opportunity for all so that every American can get ahead."
Obama will travel first to a Costco store in suburban Maryland, where he'll press his case for raising the minimum wage to $10.10 per hour. The warehouse store has endorsed the effort and pays its employees an $11.50 hourly starting wage.
"This will help families. It will give businesses customers with more money to spend," Obama said. "It doesn’t involve any new bureaucratic program. So join the rest of the country. Say yes."
Obama will then travel to a steel plant in western Pennsylvania, where he'll sign a presidential memorandum establishing the "starter" retirement savings program he proposed in his address.
According to the White House, the product will be targeted at Americans who currently lack a workplace retirement savings plan. It will be backed by the government, so investors would never lose the principal they invest.
Initial investments could be as low as $25, with monthly contributions as little as $5 per month, and savings will earn interest at the same rate as some federal employees' retirement plans. The program would be open to all households making under $191,000 per year.
"While the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401k's," Obama said in the State of the Union. "That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings."