Obama Blames Technology Developed in ‘Late 1970s’ with Rising Inequality in America

"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% 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 70s, 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 let 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. As a trickledown ideology became more prominent, taxes were slashed for the wealthiest, while investments in things that make us all richer, like schools and infrastructure, were allowed to wither. And for a certain period of time we could ignore this weakening economic foundation, in part because more families were relying on two earners, as women..."