President Obama speaks on economic mobility.

President Obama speaks on economic mobility. The President discusses the twin challenges of growing income inequality and shrinking economic mobility and how they pose a fundamental threat to the American Dream.

Story below by Bloomberg
Video by the White House
Link: 2012 Census Bureau Population and Income Report http://www.census.gov/prod/2013pubs/p60-245.pdf

The gap between rich and poor that President Barack Obama yesterday called a “fundamental threat to the American dream” has grown.

The richest 10 percent of Americans earned a larger share of income last year than at any time since 1917, according to Emmanuel Saez, an economist at the University of California at Berkeley. Those in the top one-tenth of income distribution earned at least $146,000 in 2012, almost 12 times what those in the bottom tenth made, Census Bureau data show.

Read more: http://www.bloomberg.com/news/2013-12-05/obama-decries-u-s-income-gap-that-has-widened-under-his-watch.html