July 27, 2013


Obama Says Income Gap Is Fraying Social Fabric

President Obama told the New York Times 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."

Upward mobility "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."










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