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Obama talks American economics

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Taking the high road is what President Obama does best.

Over in a poor neighborhood in Southeast Washington DC just moments ago, President Obama addressed an audience assembled by host, The Center for American Progress, a liberal think tank. His topic today is the American economy and income inequality.

It is as if America suddenly awoke to the fact that wealth in America has become so concentrated and skewed that it has sucked the life out of the Middle Class while no one seemed to realize that it was happening.

Conservatives would have you believe that wealthy persons and corporations and the capitalist system had nothing to do with it. It was all the fault of Americans who have become to dependent upon government.

The facts don’t support that conclusion. Americans have become deprived of upward mobility and the associated job opportunities. In part, that is because corporations put profit before social responsibility and environmental responsibility and moved the opportunities to work off shore.

In effect, they penalized the nation that created the environment in which they operate because they are greedy, irresponsible, and ungrateful as well as not patriotic.

Left to their own devices, without proper regulation and policy, capitalists and corporations will abuse the system. That is what we are experiencing now.

So, the President is finally addressing the topic head on. This topic, income inequality and the diminishing opportunity in America, is what conservatives so feared might happen. They fear it because they don’t have the numbers of voters to change the subject. The damage has become so apparent that they cannot hide it. The problem must be addressed.

Our status of having a large middle class is evaporating fast, as is the window to address the problem.

As the President said moments ago, “This is a challenge to the essence of who we are as a people.”

Sustainable economics will emerge from this discussion as a common pursuit as a matter for strategic survival.

"Obama pushes for minimum wage hike in economy remarks
Posted by CNN Senior White House Correspondent Brianna Keilar and CNN White House Producer Kevin Liptak

Update: 11:42 a.m. ET – Making sure that the U.S. economy works for every working American is "the defining challenge of our time," President Barack Obama said Wednesday. He is delivering a speech about what he calls a "dangerous and growing" income and opportunity gap jeopardizing the notion that if people work hard, they can get ahead.

Slashing taxes for the wealthy while cutting investments in things such as education, and sending manufacturing jobs overseas have contributed to a "profoundly unequal" U.S. economy and families that are "more insecure," Obama said.

Rising inequality and declining upward mobility for American workers pose a "fundamental threat to the American dream," Obama added. The pair of conditions, he said, is bad for the economy because it makes growth more fragile, and it is bad for democracy because "ordinary folks" can't write big campaign checks like the wealthy. "So, people get the bad taste that the (election) system is rigged," Obama said.

He touted the government's potential to help address what he said was the United States' rising inequality and U.S. workers' loss of upward mobility. He said the nation has seen how government action "can make an enormous difference in bolstering opportunity," citing laws such as those that established collective bargaining."



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