Obama worried over fraying US social fabric: report
WASHINGTON, District of Columbia (AFP) - President Barack Obama expressed concern in an interview published on Sunday over widening income inequality and an erosion in upward mobility that he said is leading to a fraying of American society.
Obama told the New York Times that a growing gap between rich and poor and the lack of opportunities for average Americans to get ahead represents a sharp break with a long-held social compact which is central to the national identity.
Upward mobility once "was part and parcel of who we were as Americans," Obama told The Times.
"That's what's been eroding over the last 20, 30 years - well before the financial crisis." "If we don't do anything, then growth will be slower than it should be. Unemployment will not go down as fast as it should. Income inequality will continue to rise," Obama said.