NYT: Obama Says Income Gap Is Fraying U.S. Social Fabric
In a week when he tried to focus attention on the struggles of the middle class, President Obama said in an interview that he was worried that years of widening income inequality and the lingering effects of the financial crisis had frayed the country’s social fabric and undermined Americans’ belief in opportunity.
“If the economy is growing, everybody feels invested,” President Obama said in an interview last week in Galesburg, Ill. “Everybody feels as if we’re rolling in the same direction.”
Upward mobility, Mr. Obama said in a 40-minute interview with The New York Times, “was part and parcel of who we were as Americans.”
“And that’s what’s been eroding over the last 20, 30 years, well before the financial crisis,” he added.
“If we don’t do anything, then growth will be slower than it should be. Unemployment will not go down as fast as it should. Income inequality will continue to rise,” he said. “That’s not a future that we should accept.”….