His Defining Speech!!!!!

Posted by on December 5, 2013 1:35 am
Categories: Progressives

ObamaCAPspeech-638x340Latinos and friends, this is a must read and share.  Today President Obama gave what will likely become known as one of his greatest speeches.  The following is a total copy of the Center for American Progress (CAP) article on this, which you can go to at this link.  You can see and hear his speech but clicking into the pic once you go to the link just provided to the CAP article or click on this link.

Today, as part of the Center for American Progress’ 10th anniversary celebrations, President Obama gave what some are calling “one of the most important speeches of the Obama presidency.”

Just as he did in his landmark 2011 speech in Osawatomie, Kansas and throughout last year’s campaign, the president laid out why America needs an economy built from the middle class out that works for everyone, not just the wealthy few.

Unfortunately, as the president said today, today’s economy is defined by “a dangerous and growing inequality and lack of upward mobility that has jeopardized middle-class America’s basic bargain — that if you work hard, you have a chance to get ahead.” He called combating this growing inequality and lack of upward mobility the “defining challenge of our time.”

He’s right.

Here are the facts:

  • Salaries for CEOs have skyrocketed in the past 50 years. In 2012, CEOS made 273 times more than the average worker.
  • While the rich are getting ahead, workers are being left behind. If the minimum wage kept up with inflation, it would be $10.74 today.
  • Millionaires are making more money but paying less taxes. In the past 50 years, the 400 richest families in America actually had their tax rates fall by 60 percent.
  • The top 1 percent of Americans own 40 percent of our country’s wealth, while the bottom 80% owns less than 5 percent.
  • The wealthiest among us are taking over the elections—28 percent of all campaign donations came from the wealthiest 0.01 percent.
  • As union memberships fall, middle class incomes shrink. The drop in union membership over the past 40 years is accompanied by an equally sharp drop in the middle class’ share of the nation’s income.
  • From 1947 to 1979, when the middle class received 54 percent of the nation’s total income on average, the economy grew at a steady clip of 3.7 percent per year. But from 1980 to 2010, when the middle class’s share of the nation’s total income fell to only 46 percent, growth fell by 1 percentage point to 2.7 percent.
  • Between 1979 and 2007, the richest top 1 percent of American households saw their income nearly triple. On average, the wealthy saw an increase of $973,100 per household. In contrast, the middle class saw their incomes rise by less than 40 percent.
  • Despite enacting taxes cuts for the rich and for corporations, both Reagan and George W. Bush saw slower economic growth and job growth during their presidency than President Clinton. In contrast to Reagan and George W. Bush, President Clinton actually raised taxes in 1993.

TPL (www.theprogressivelatino.com) Credits for pic to Center for American Progress