Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. When wealth concentrates at the very top, it can inflate unstable bubbles that threaten the economy. "Because when middle-class families have less to spend, guess what, businesses have fewer consumers. "This growing inequality isn't just morally wrong it's bad economics," he said.
"For businesses across the country, it would mean customers with more money in their pockets."Īnd in July, Obama pledged that he will spend the remainder of his presidency trying to reverse growing income inequality. "This single step would raise the incomes of millions of working families," the president said during his speech that night. While income inequality has been on the president's agenda since his first campaign in 2008, the issue has been in the spotlight this year as the debate over raising the minimum wage has intensified.ĭuring his State of the Union address in February, Obama unveiled a plan to boost the federal minimum wage to $9 an hour in 2015, up from the current $7.25, and index it to inflation. "There's no serious economist out there that would suggest that, if you took the Republican agenda of slashing education further, slashing Medicare further, slashing research and development further, slashing investments in infrastructure further, that that would reverse some of these trends of inequality," Obama said. However, he voiced his frustration at the lack of support for his agenda from Republicans. He pointed out that globalization and technology has robotized "entire occupations" like bank tellers and travel agents.Īs president, he said his administration has pursued policies to push back against these trends, such as prepare kids for higher skilled jobs, and invest in research, new ports and a smarter electricity grid.
Obama admitted that some of it stemmed from events that are beyond Washington's control. Related: California poised to raise minimum wage to $10 "Do you look at that, four and a half years in, and say, 'Maybe a president just can't stop this accelerating inequality?'" he asked. However, Stephanopoulos pressed the president, highlighting again that the economic recovery since the financial crisis has overwhelmingly favored the richest Americans. The president cited his efforts to tax the rich more, make health care more affordable, and usher in financial reforms to avoid future bailouts funded by taxpayers. His other focus he said has been to chip away at the growing trend of income inequality. He said the country has made progress with 42 straight months of economic growth and 7.5 million new jobs in the private sector. Related: Why America's middle class is losing groundĭuring the interview, Obama said his priority as president has been to stabilize the economy and create jobs.
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