US Presidency
2013

And it meant graduating without taking on loads of debt, and being able to count on advancement through a vibrant job market. Now, it's true that those at the top, even in those years, claimed a much larger share of income than the rest: The top 10 percent consistently took home about one-third of our national income. But that kind of inequality took place in a dynamic market economy where everyone's wages and incomes were growing. And because of upward mobility, the guy on the factory floor could picture his kid running the company some day. But starting in the late I am, this social compact began to unravel. Technology made it easier for companies to do more with less, eliminating certain job occupations. A more competitive world lets companies ship jobs anywhere. And as good manufacturing jobs automated or headed offshore, workers lost their leverage, jobs paid less and offered fewer benefits. As values of community broke down, and competitive pressure increased, businesses lobbied Washington to weaken unions and the value of the minimum wage.