dailyreckoning.com.au / By Bill Bonner / December 9th, 2013
Oh, no! Now Barack Obama is on the case!
First the pope. Now the president.
The president thinks income inequality will divert the public’s attention from Obamacare. USA Today has the story:
‘President Obama sought to revive the issue of growing income equality on Wednesday, saying it restricts economic mobility and threatens to shrink the middle class.
‘“I believe this is the defining challenge of our time,” Obama said in a speech at an event hosted by the Center for American Progress, a pro-Obama think tank. “It drives everything I do in this office.”
‘The growing gap between rich and poor can be closed by actions ranging from an increase in the minimum wage to better education to following through on his health-care plan, Obama said.
‘Obama also again proposed creation of government-assisted “Promise Zones” in urban and rural areas that are struggling.
‘Obama said the average CEO now makes 273 times the income of the average worker.‘
Where did he get that number? Out of his hat, we suppose…along with the rest of his ideas.
In our company, the CEO makes maybe about 10 times as much as the average employee. We’d be surprised if it were much different in other small businesses.