Income inequality ‘defining challenge’ for US: Obama
President Barack Obama Wednesday said income inequality is the “defining challenge” for the US while a growing middle class is the engine of the country’s economic prosperity.
Speaking during an event hosted by the Washington-based think tank the Center for American Progress, Obama said the rich Americans took a disproportionately large portion of wealth and the US society was getting increasingly unequal, Xinhua reported.
The challenge is posing a “profound” threat to the American Dream and it is an issue that Washington should tackle seriously, he said.