Obama: Income Inequality A Defining Challenge - New York News

Obama: Income Inequality A Defining Challenge

Posted: Updated:
Washington, D.C. -

(FOX 11 / AP) President Barack Obama turned his focus Wednesday to the pocketbook issues that Americans consistently rank as a top concern, arguing that the dream of upward economic mobility is breaking down and the growing income gap is a "defining challenge of our time."

"The basic bargain at the heart of our economy has frayed," the president said in remarks at a nonprofit community center a short drive from the White House in one of Washington's most impoverished neighborhoods.

The president vowed to focus the last three years of his presidency on addressing the discrepancy and a rapidly growing deficit of opportunity that he said is a bigger threat than the fiscal deficit.

Obama's remarks on the economy come as he seeks to move past the health care woes that have consumed his presidency in recent months. He acknowledged his administration's "poor execution" in rolling out the flawed website that was supposed to be an easy portal for purchasing insurance, while blaming Republicans for a "reckless" shutdown of the government.

"Nobody has acquitted themselves very well these past few months. So it's not surprising that the American people's frustrations with Washington are at an all-time high," Obama said. But he added that Americans' frustrations also run high to try to meet ends meet, no matter how hard they work.

The speech comes amid growing national and international attention to economic disparities - from the writings of Pope Francis to the protests of fast-food workers in the U.S. The president cited the pope's question of how it isn't news when an elderly homeless person dies from exposure, but news when stock market loses two points.

Obama said increasing income inequality is more pronounced in the United States than other countries. He said Americans should be offended that a child born into poverty has such a hard time escaping it. "It should compel us to action. We're a better country than this," the president said.

Obama did not propose any new policy initiatives in the speech, sponsored by the Center for American Progress, a think tank with close ties to the White House. But he reiterated his call for an increase in the minimum wage and other measures he's been backing to help lower income Americans.

  • Political NewsMore>>

  • Former Virginia Gov. Bob McDonnell's corruption case goes to jury

    Former Virginia Gov. Bob McDonnell's corruption case goes to jury

    Tuesday, September 2 2014 6:02 PM EDT2014-09-02 22:02:25 GMT
    The corruption case that could send former Virginia Gov. Bob McDonnell and his wife to federal prison was in the hands Tuesday of jurors who must decide whether the couple sold the influence of the office to a wealthy vitamin executive seeking legitimacy for his company's signature product.
    The corruption case that could send former Virginia Gov. Bob McDonnell and his wife to federal prison was in the hands Tuesday of jurors who must decide whether the couple sold the influence of the office to a wealthy vitamin executive seeking legitimacy for his company's signature product.
  • Ex-Va. Gov says he knows in heart he's innocent

    Ex-Va. Gov says he knows in heart he's innocent

    Friday, August 22 2014 6:33 PM EDT2014-08-22 22:33:08 GMT
    Former Virginia Gov. Bob McDonnell says he knows in his heart he's innocent of the federal corruption charges he's facing.
    Former Virginia Gov. Bob McDonnell says he knows in his heart he's innocent of the federal corruption charges he's facing.
  • Rolex passed among jurors in ex-Va. gov trial

    Rolex passed among jurors in ex-Va. gov trial

    Thursday, July 31 2014 7:08 PM EDT2014-07-31 23:08:18 GMT
    The requests for lavish gifts were frequent. Jonnie Williams — the star witness in a corruption trial against the former Virginia governor and his wife — was being asked for everything from a joy ride in his Ferrari to stock in the company he led.
    The requests for lavish gifts were frequent. Jonnie Williams — the star witness in a corruption trial against the former Virginia governor and his wife — was being asked for everything from a joy ride in his Ferrari to stock in the company he led.
  • PoliticsMore>>

  • Mideast Complexities Confound US Coalition Effort

    Mideast Complexities Confound US Coalition Effort

    Monday, September 15 2014 10:23 AM EDT2014-09-15 14:23:05 GMT
    The Middle East has confounded outsiders for years, so it is no surprise that another U.S.-led project with a straightforward goal - destroying a marauding organization of extremists - is bumping up against age-old rivalries and a nod-and-a-wink-style political culture.
    The Middle East has confounded outsiders for years, so it is no surprise that another U.S.-led project with a straightforward goal - destroying a marauding organization of extremists - is bumping up against age-old rivalries and a nod-and-a-wink-style political culture.
  • Can President Obama Wage War Without Consent Of Congress?

    Can President Obama Wage War Without Consent Of Congress?

    Friday, September 12 2014 10:38 AM EDT2014-09-12 14:38:11 GMT
    As a U.S. senator from Illinois running for the White House in 2007, Barack Obama sponsored a resolution to prohibit President George W. Bush's administration from taking military action against Iran unless it was explicitly authorized by Congress.
    As a U.S. senator from Illinois running for the White House in 2007, Barack Obama sponsored a resolution to prohibit President George W. Bush's administration from taking military action against Iran unless it was explicitly authorized by Congress.
  • 9/11 Commemoration, Observances

    9/11 Commemoration, Observances

    Thursday, September 11 2014 11:20 PM EDT2014-09-12 03:20:28 GMT

    With the solemn toll of a bell and a moment of silence, the nation paused Thursday to mark the 13th anniversary of the Sept. 11 attacks at the hallowed site just hours after President Barack Obama promised to root out and destroy a new group of terrorists threatening the U.S.

    With the solemn toll of a bell and a moment of silence, the nation paused Thursday to mark the 13th anniversary of the Sept. 11 attacks at the hallowed site just hours after President Barack Obama promised to root out and destroy a new group of terrorists threatening the U.S.

Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices