From The New York Times. – R. T.
The President on Inequality
By THE EDITORIAL BOARD
The issues that have obsessed Washington for the last few months — the government shutdown, the broken health care website, the unrelentingly bitter tone of a stalemated Congress — mean very little to most Americans. For a broad swath of the country, what matters hasn’t changed since the recession, and it is economic anxiety. Six in 10 workers in a Washington Post poll last week said they were worried about losing their jobs, the highest number in decades. Many of the millions who are unemployed have reached new depths of despair.
On Wednesday, in one of his strongest economic speeches, President Obama pushed past all the distractions of his opponents and addressed the core of those fears. He will spend the rest of his presidency, he said, on “the defining challenge of our time:” reducing economic inequality and improving upward mobility.
“I am convinced that the decisions we make on these issues over the next few years,” he said, “will determine whether or not our children will grow up in an America where opportunity is real.”
An American child born into the lowest 20 percent income level has a less than a 1-in-20 chance of making it to the top, as Mr. Obama pointed out. But one born in the top 20 percent has a 2-in-3 chance of staying there. …
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