President Obama Says “Farewell,” Highlighting Economic Inequality as a Problem for American Democracy

Watch President Obama’s farewell address, or read the transcript: click here.

NOTE: President Obama emphasizes the threat economic inequality poses for democracy.

There have been moments throughout our history that threatens that solidarity. And the beginning of this century has been one of those times. A shrinking world, growing inequality; demographic change and the specter of terrorism — these forces haven’t just tested our security and our prosperity, but are testing our democracy, as well. And how we meet these challenges to our democracy will determine our ability to educate our kids, and create good jobs, and protect our homeland. In other words, it will determine our future.

And he adds:

But for all the real progress that we’ve made, we know it’s not enough. Our economy doesn’t work as well or grow as fast when a few prosper at the expense of a growing middle class and ladders for folks who want to get into the middle class. (Applause.) That’s the economic argument. But stark inequality is also corrosive to our democratic ideal. While the top one percent has amassed a bigger share of wealth and income, too many families, in inner cities and in rural counties, have been left behind — the laid-off factory worker; the waitress or health care worker who’s just barely getting by and struggling to pay the bills — convinced that the game is fixed against them, that their government only serves the interests of the powerful — that’s a recipe for more cynicism and polarization in our politics.

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