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  • In this country, broad-based prosperity has never trickled down

  • from the success of a wealthy few.

  • It has always come from the success of a strong and growing middle class.

  • That's how a generation who went to college on the G.I. Bill, including my grandfather,

  • helped build the most prosperous economy

  • the world has ever known.

  • That's why a CEO like Henry Ford made it his mission to pay his workers enough

  • so they could buy the cars but they made.

  • And yet for much of the last century,

  • we have been having the same argument with folks who keeps peddling some version

  • of trickle-down economics.

  • They keep telling us that if we'd convert more of our investments in education

  • and research and health care into tax cuts,

  • especially for the wealthy,

  • our economy will grow stronger.

  • Now the problem for advocates of this theory

  • is that we've tried their approach.

  • At the beginning of the last decade,

  • the wealthiest Americans received a huge tax cut in 2001

  • and another huge tax cut in two 2003.

  • We were promised that these tax cuts would lead to faster job growth.

  • They did not.

  • The wealthy got wealthier,

  • but prosperity sure didn't trickle down.

  • Instead, during the last decade we had the slowest job growth in half a century.

  • It was a period when

  • insurance companies

  • and mortgage lenders and financial institutions

  • didn't have to abide by strong enough regulations.

  • And what was the result:

  • Profits for many of these companies soared.

  • But so did people's health insurance premiums.

  • Patients were routinely denied care, often when they needed it most.

  • Families were enticed and sometimes just plain tricked

  • into buying homes they couldn't afford.

  • Huge, reckless bets were made with other people's money on the line.

  • And our entire financial system

  • was nearly destroyed.

  • So we tried this theory out.

  • And you would think that after the results of this experiment,

  • that the proponents of this theory might show some humility.

  • You'd think they'd say "You know what? Maybe some rules and regulations

  • are necessary to protect the economy.

  • Maybe just maybe, at a time of growing debt and widening inequality,

  • we should hold off on giving the wealthiest Americans another round of big tax cuts.

  • But that's exactly the opposite of what they've done.

  • Instead of moderating their views even slightly,

  • the republicans running congress right now have doubled down.

  • This is what the rolling on!

  • This larger debate that we'll be having

  • about the size and role of government;

  • this debate has been with us since our founding days.

  • But no matter what we argue,

  • or where we stand,

  • We have always held certain beliefs as Americans:

  • We believe that in order to preserve our own freedoms and pursue our own happiness,

  • we can't just think about ourselves.

  • We have to think about the country that made those liberties possible.

  • We have to think about our fellow citizens, with whom we share a community.

  • We have to think about what's required

  • to preserve the American dream for future generations.

  • And if we keep that in mind,

  • and uphold our obligations to one another

  • and to this larger enterprise that is America,

  • then I have no doubt that we will continue our long and prosperous journey

  • as the greatest nation on Earth.

  • Thank you, God bless you, God bless United States of America.

In this country, broad-based prosperity has never trickled down

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Why Obama Now

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    Furong Lai posted on 2012/11/30
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