According to a CNN article, Obama is speaking out against income inequality and claiming that it hinders the U.S. Economy, as proposed in lecture. Obama has said “Inequality also distorts our democracy,” a sentiment found in the assigned Sokoloff and Engerman article. “It gives an outsized voice to the few who can afford high-priced lobbyists and unlimited campaign contributions, and runs the risk of selling out our democracy to the highest bidder. And it leaves everyone else rightly suspicious that the system in Washington is rigged against them — that our elected representatives aren’t looking out for the interests of most Americans.” Sokoloff and Engerman argued that income inequality in economies based on slave agriculture (those that were major rivals of the U.S.) suffered from unequal voting rights, which further hindered growth. It appears that the U.S. may be forfeiting the advantage that put them on top in the first place.
Source:
http://politicalticker.blogs.cnn.com/2011/12/06/obama-compares-current-economy-to-great-depression/
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