And the public still waits, Elmendorf said, for the promised health care reform package, which Clinton has not yet outlined.
Students at the Institute of Politics event had a less analytical, more positive take on the speech.
"I think it's great," Harvard law student Tal Gurian said. "The excess of the eighties are sick, and [Clinton's] industrial policy will save a lot."
Gurian said he believes that Clinton "will hold to his campaign promises more than people think."
Clinton's speech has won over people from the other side as well.
"I'm a conservative, but I like it," said Joshua D. Liston '95.
"I think [Clinton] was right when he said that this is a unique period of time," Liston said. "People are more informed in these issues."
Judith E. Dutton, Alessandra M. Galloni and Anna D. Wilde contributed to this report.