Well, first of all, I think that a lot of the voters who are voting for the tea party candidates have really good impulses. That is, they believe that for years and years and years, the people with wealth and power or government power have done well and ordinary people have not. That's true.
The greatest progress we have made, and the greatest progress we have yet to make, is in the human heart. In the end, all the world's wealth and a thousand armies are no match for the strength and decency of the human spirit.
It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics. Why? Because discrimination, poverty and ignorance restrict growth. We know that investments in education, infrastructure and scientific and technological research increase growth. They increase good jobs, and they create new wealth for all of us.
In the emerging global economy, everything is mobile: capital, factories, even entire industries. The only resource that's really rooted in a nation--and the ultimate source of all its wealth--is its people.
To build a twenty-first-century economy, America must revive a nineteenth-century habit--investing in the common, national economic resources that enable every person and every firm to create wealth and value.
I never thought of political endeavors primarily in terms of power and prestige, and I never thought of economic endeavors primarily in terms of wealth and position.
The Reagan-Bush years have exalted private gain over public obligation, special interests over the common good, wealth and fame over work and family. The 1980s ushered in a Gilded Age of greed and selfishness, of irresponsibility and excess, and of neglect.
You know what higher interest rates mean. To you it means a higher mortgage payment, a higher car payment, a higher credit card payment. To our economy, it means business people will not borrow as much money, invest as much money, create as many new jobs, create as much wealth, raise as many raises.
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