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Obama: Economic Inequality Has Deepened

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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:

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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.

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