President Barack Obama recently brought needed attention to what has become a growing problem in America—income inequality.
Obama said income inequality make it harder for a child to escape poverty. “That should offend all of us,” he said. “We are a better country than this.”
The dream of upward economic mobility is breaking down and that the growing income gap is a “defining challenge of out time,” Obama said.
“The basic bargain at the heart of our economy has frayed,” Obama said.
The president made his remarks at a nonprofit community center a short drive from the White House in one of the Washington’s most impoverished neighborhoods.
The president is right to highlight income inequality as a growing problem in America.
In the United States, a child born into the bottom 20 percent of income levels has less than a 5 percent chance of making it to the top income levels and is 10 times more likelier to stay where he is—worse than other industrial countries such as Canada, France and Germany.