QuoteProject
What drags down our entire economy is when there's an ever-widening chasm between the ultra-rich and everybody else.
Barack Obama
ShareWTF𝕏

Interpretation

What this quote means

Economic inequality harms everyone by creating a divide between the wealthy and the rest of the population.

In this quote, Barack Obama highlights the detrimental effects of income inequality on the economy. He suggests that the growing gulf between the ultra-rich and the rest of society leads to systemic issues that can impede economic growth and stability, impacting overall societal well-being.

Themes

InequalityEconomyWealthRichPoor

In practice

Example use cases

During a speech on economic reform, one might use this quote to emphasize the need for policies addressing income disparities.

More from Barack Obama

There will be setbacks and false starts. There are many who won't agree with every decision or policy I make as president. And we know the government can't solve every problem. But I will always be honest with you about the challenges we face. I will listen to you, especially when we disagree. And, above all, I will ask you to join in the work of remaking this nation, the only way it's been done in America for 221 years -- block by block, brick by brick, calloused hand by calloused hand.
Barack ObamaRead
Now we're in the midst of not just advocating for change, not just calling for change - we're doing the grinding, sometimes frustrating work of delivering change - inch by inch, day by day.
Barack ObamaRead
The government has to treat all citizens equally. I am a strong supporter not of a weak version of civil unions, but of a strong version, in which the rights that are conferred at the federal level to persons who are part of the same-sex union are compatible. When it comes to federal rights, the over 1,100 rights that right now are not being given to same-sex couples, I think that's unacceptable.
Barack ObamaRead
Simple exchanges can break down walls between us, for when people come together and speak to one another and share a common experience, then their common humanity is revealed. We are reminded that we're joined together by our pursuit of a life that's productive and purposeful, and when that happens mistrust begins to fade and our smaller differences no longer overshadow the things that we share. And that's where progress begins.
Barack ObamaRead
We've had every official in Hawaii, Democrat and Republican, every news outlet that has investigated this, confirm that, yes, in fact, I was born in Hawaii, Aug. 4, 1961, in Kapiolani Hospital.
Barack ObamaRead
What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task. This is the price and the promise of citizenship.
Barack ObamaRead

Similar quotes

And you can't have a prosperous economy when the government is way overspending, raising tax rates, printing too much money, over regulating and restricting free trade. It just can't be done.
Arthur LafferRead
I will not let anyone tell me we must spend more money. This crisis did not come about because we issued too little money but because we created economic growth with too much money and it was not sustainable growth.
Angela MerkelRead
In financial terms, my sense is that the distribution of wealth, unequal as it is, is self-perpetuating, and, especially in a linked and accelerating world, the rich get ever more quickly richer while the poor get ever more speedily poorer.
Pico IyerRead
Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them
Paul SamuelsonRead
Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.
Lawrence SummersRead
A nation's economy is more than its markets, tastes, technologies and property rights.
Edmund PhelpsRead

A little wisdom, now and then

Subscribe for the occasional hand-picked quote. No noise.