During his speech at the Civil Rights Summit held at the LBJ Presidential Library, former President Bill Clinton sounded a gloomy note about the current state of the economy under President Obama.
Clinton, whom Obama frequently described as the “Secretary of Explaining Stuff,” pointed out that the current state of the economy made it more difficult to unite Americans politically.
“It is all the more difficult today because of the economic conditions that we find ourselves, where medium family income today after inflation is still lower than it was the day I left office,” he said, adding, “where all over the world, there is a job shortage particularly acute among the young.”
Clinton asserted that although statistics show that the economy is growing, “almost all of it is going to the top ten percent, in some cases even five or one percent of us.”
That economic divide, Clinton noted, was bad for the country.
“You do not have to resent the wealthy to know that that is an extreme constraint on the long-term economic growth and social well-being of America,” he said. “We work best when prosperity is shared, and the more we share prosperity, the more opportunities we create for others to become millionaires and billionaires.”
Clinton trumpeted his own economic record as president, suggesting that he was one of the best stewards of the economy in modern history.
“We moved a hundred times as many people from poverty to the middle class in those eight years as in the preceding twelve,” he said. “That is important.”