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President Obama's speech on Inequality in America

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  • Liberal Democrat
    Democrat
    Colorado Springs, CO
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    At the Center for American Progress today President Obama made a major speech on the economic inequality in America.

    Washington Post, December 4, 2013: Full transcript: President Obama’s December 4 remarks on the economy

    I watched it on MSNBC. CNN and Fox News did not cover it.

    It was a long speech, and I'll extract just one paragraph which largely represents the essence of his message. Obama has talked about this before and so have we at length on this website, again and again. It was nice to hear Obama speak about it again.

    "Since 1979, when I graduated from high school, our productivity is up by more than 90 percent, but the income of the typical family has increased by less than 8 percent. Since 1979 our economy has more than doubled in size, but most of the growth has flowed to a fortunate few. The top 10 percent no longer takes in one-third of our income; it now takes half. Whereas in the past, the average CEO made about 20 to 30 times the income of the average worker, today’s CEO now makes 273 times more. And meanwhile, a family in the top 1 percent has a net worth 288 times higher than the typical family, which is a record for this country."

    Of course "since 1979" is also close to when the Reagan era began. And we all know that story.
  • Strongly Liberal Democrat
    Democrat
    Dallas, TX
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    If this is what he thinks he must have a very hard time at night going to sleep, because he's presided over the largest transfer of wealth from poor to rich in this country's history. The Dictatorship of Capital has never had it so good.

    and if the president can't do anything about it, it means he's a prisoner of the system just like everybody else, and we've digressed into some sort of inverted Soviet state with puppet leadership and a Stalinist version of finance capitalism coming to dominate every concern.

    Okay, little too depressing. Guess it's good to have the president talking about this. Wish he'd bring Warren Mosler to Congress like FDR and the New Dealers brought Marriner Eccles.
  • Independent
    Ft.myers, FL
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    Carlitos Wrote: If this is what he thinks he must have a very hard time at night going to sleep, because he's presided over the largest transfer of wealth from poor to rich in this country's history. The Dictatorship of Capital has never had it so good.

    and if the president can't do anything about it, it means he's a prisoner of the system just like everybody else, and we've digressed into some sort of inverted Soviet state with puppet leadership and a Stalinist version of finance capitalism coming to dominate every concern.

    Okay, little too depressing. Guess it's good to have the president talking about this. Wish he'd bring Warren Mosler to Congress like FDR and the New Dealers brought Marriner Eccles.
    Yes; it is nice to talk about that, like you say. Talk does nothing, sorry to say Obama is also in the grip of the lobbyists, who make sure that their "leaders" get rich. The system is the system, which only gets worse until something has to give. However the 10% will by then have left the country with their fortunes. Keep on having an "American wet dream" Obama; being a President means nothing anymore the Pentagon and the religeous rich ( guess who they vote for) run this country; not the people who think that by voting on a "old" shrivelled 95 year old senator then things will change.

    Not a little depressing at all yet; it will get worse!!!