President Barack Obama, setting a theme that he’ll pursue in the final years of his presidency, said growing income disparity in the U.S. is the “defining challenge or our time” and Washington must confront it.
Pope Francis urged governments to stand up to the wealthy and regulate markets, warning that weapons and modern surveillance systems won’t contain the violence engendered by income inequality and social exclusion.
On New Year’s Day, when Bill de Blasio becomes New York City’s 109th chief executive, Democrats will control the mayoralty and council for the first time in two decades. That won’t necessarily make his job any easier.
President Barack Obama has shown a determination to redistribute wealth by increasing government spending, despite unsustainable deficits. We shouldn’t be surprised if Janet Yellen, the president’s nominee to be Federal Reserve chairman, shares his objective.