News / USA

Obama: Economic Inequality Has Deepened

VOA News
U.S. President Barack Obama says economic inequality has deepened in America, even though the country has experienced four years of economic growth with 8 million new private sector jobs.

Obama said in his weekly address Saturday it is "time to restore opportunity for all people."

He said the opportunity agenda he presented in his recent state of the union address has four parts -- more new jobs, training to fill those jobs, a world-class education for every child, and a liveable wage for every man and woman.

Watch President Obama's weekly address:



President Obama said implementing the agenda would require cooperation from Congress, but the president, who leads the Democratic Party, said he would "take steps" on his own when he could to expand opportunity for more families.

In the Republican address, four members of the House of Representatives where their party is the majority, urged Obama to support bills on jobs, medical research, compensation and energy. Representative Fred Upton said the Senate, controlled by Democrats, was standing in the way.

Watch weekly Republican address:

You May Like

Mali's Female Basketball Players Rebound After Islamist Occupation

Islamist extremists ruled northern Mali for most of 2012, imposing strict Sharia law, and now some 18 months later, the region is slowly getting back on its feet More

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

Many Chinese-made products go unsold, for now, with numerous Vietnamese consumers still angry over recent dispute More

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

This forum has been closed.
Comment Sorting
Comments
     
by: MikeBarnett from: USA
February 04, 2014 5:18 PM
I pointed out yesterday that the rich cannot drive the US economy, but it was not posted. If you look at the top 10% instead of the top 1%, they will not eat 30 eggs for breakfast each day, wear 10 suits of clothes each day, or drive 10 cars each day. The rich will not shop in enough stores to drive the US economy forward. That is the first problem with income inequality.

The next problem is the ACA that will take a minimum of $105 each month from each person in the USA. Annually, that comes to $1260 per person times 320 million people or $400 billion that is 2.5% of US GDP each year. Most poorer people will respond to the loss of money by spending less in stores. The US must produce more than 2.5% growth to overcome the 2.5% drag of the ACA to avoid negative GDP growth that would be a recession.

The results are that the economy pays for the US military and develops and pays for the military's technological tools. The US has suffered two expensive and badly fought wars, numerous costly interventions, and three technology, corporate, and financial scandals. Economic inequality reduces the US capacity for economic recovery. The US economy pays for its military capabilities and the diplomatic and economic soft power of the US, so the US will have fewer resources with which to address international problems and must learn how to accomplish more with less.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.

AppleAndroid