Barack Obama recently spoke on income inequality and he admitted that 95% of income gains have gone to the top 1% of earners in the country. On Sept. 17, the Christian Science Monitor reported that Obama admitted that the economic recovery period has been particularly great for a small amount of people -- the top of the top, if you will.
"I think the president can stop it. You've got a portion of Congress whose policies … just want to, you know, leave things alone, they actually want to accelerate these trends," Obama says of the main problem. He knows that the middle and lower classes are still suffering despite his efforts to equalize income growth.
Obama has made income inequality part of his "change" campaign since 2008 but so far, he really hasn't succeeded. He does, however, have a plan. Barack Obama says that he plans to increase the national minimum wage to $9/hour. This change won't come until 2015 -- but Obama believes that it is definitely going to help many families who are struggling to get by.
Obama says that a struggling middle class isn't good for the economy because many are forced to budget, leaving them less money to spend on leisure -- so the economy struggles just the same. However, many don't think that Obama is being proactive enough to fix the problem.
Will Obama win the income inequality battle?
© Effie Orfanides 2013