NYT: Obama in Osawatomie

[babylonsister]

Obama in Osawatomie
Published: December 6, 2011


After months of Republican candidates offering a cascade of bad ideas about the economy, President Obama’s speech in Osawatomie, Kan., Tuesday came as a relief. He made it clear that he was finally prepared to contest the election on the issues of income inequality and the obligation of both government and the private sector to enlarge the nation’s shrinking middle class.

The economic downturn, combined with ideological gridlock, has created a “make-or-break moment” for the middle class and for those trying to enter it, he said. Mr. Obama correctly framed the choice for voters: The country can return to policies that stacked the deck for the wealthy and left everyone else to fend for themselves, creating what he called “you’re on your own economics.” Or elected officials can step in to keep competition fair and ensure the government has enough money to protect the vulnerable and invest in education and research.

The speech felt an awfully long time in coming, but it was the most potent blow the president has struck against the economic theory at the core of every Republican presidential candidacy and dear to the party’s leaders in Congress. The notion that the market will take care of all problems if taxes are kept low and regulations are minimized may look great on a bumper sticker, but, he said: “It doesn’t work. It has never worked.” Not before the Great Depression, not in the ’80s, and not in the last decade.

The president repeated his calls for the rich to pay higher taxes, for financial institutions to be more closely regulated and for education to become a national mission. What set this speech apart was the newly forceful explanation of why those policies are necessary. Incomes of the top 1 percent, he noted, have more than doubled in the last decade while the average income has fallen by 6 percent.

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http://www.nytimes.com/2011/12/07/opinion/president-obama-in-osawatomie.html?_r=2&ref=opinion