"America is facing a crisis of income inequality. Millions of Americans earn substandard income. Millions do not have an income at all but are reduced to standing on street corners holding cardboard signs begging for food, work, and anything that'll help. Many more through no fault of their own have entered the country without documents and cannot find the work that Americans refuse to do... because in our present broken system of income distribution their needs are not met.
It is a social catastophe that's holding our economy hostage. All of the experts agree that as a percentage the broken income system is the largest bite eating our GDP. We are spending, as a whole, twenty percent of our wealth on the top 1 percent nationwide. Most of the rest of our GDP is hidden in their foreign bank accounts so that it won't get taxed and help the country. This burden on our economy is driving the deficit higher and higher because in the past we tried to fix the problem of income inequality with inadequate legislation that only addressed the social symptoms of the cause. This is simply unacceptable. We need better than this. We can do better than this.
Income equality is a right. We are all equal in the eyes of God and guaranteed this by our Constitution. And this is why the Income Protection and Affordability Act is so vitally important. This legislation ensures that every American will enjoy a fair income at affordable national cost. It ensures that no one will stand on street corners begging for their share of the national pie. It ensures that no one has to rely on the old broken law-of-the-jungle income distribution system that is the root of our economic problems; robbing the nation of its GDP, adding to the nation's deficit, providing nothing but unfair substandard jobs and incomes while benefitting no one but the very rich.
The Income Protection and Affordability Act not only guarantees every American a good job and income equality, it slashes the increasing cost the nation pays for income and grows the economy by creating more jobs for the middle class. With this Act income equality will enter the 21st century and no American will ever again face destitution out in the cold, broken by the old system, alone, afraid... unequal in the eyes of the law."
Excerpt from President Barack Obama's Ohio speech on ObamaJobs.
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