The President's Speech: Full Transcript

On the 50th anniversary of the March on Washington, Obama offers an expansive vision of economic justice.

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And Dr. King explained that the goals of African Americans were identical to working people of all races: "Decent wages, fair working conditions, livable housing, old-age security, health and welfare measures, conditions in which families can grow, have education for their children, and respect in the community."

What King was describing has been the dream of every American. It's what's lured for centuries new arrivals to our shores. And it’s along this second dimension -- of economic opportunity, the chance through honest toil to advance one’s station in life -- where the goals of 50 years ago have fallen most short. 

Yes, there have been examples of success within black America that would have been unimaginable a half century ago. But as has already been noted, black unemployment has remained almost twice as high as white unemployment, Latino unemployment close behind. The gap in wealth between races has not lessened, it's grown. And as President Clinton indicated, the position of all working Americans, regardless of color, has eroded, making the dream Dr. King described even more elusive. 

For over a decade, working Americans of all races have seen their wages and incomes stagnate, even as corporate profits soar, even as the pay of a fortunate few explodes. Inequality has steadily risen over the decades. Upward mobility has become harder. In too many communities across this country, in cities and suburbs and rural hamlets, the shadow of poverty casts a pall over our youth, their lives a fortress of substandard schools and diminished prospects, inadequate health care and perennial violence. 

And so as we mark this anniversary, we must remind ourselves that the measure of progress for those who marched 50 years ago was not merely how many blacks could join the ranks of millionaires. It was whether this country would admit all people who are willing to work hard regardless of race into the ranks of a middle-class life.

The test was not, and never has been, whether the doors of opportunity are cracked a bit wider for a few. It was whether our economic system provides a fair shot for the many -- for the black custodian and the white steelworker, the immigrant dishwasher and the Native American veteran. To win that battle, to answer that call -- this remains our great unfinished business. 

We shouldn’t fool ourselves. The task will not be easy. Since 1963, the economy has changed. The twin forces of technology and global competition have subtracted those jobs that once provided a foothold into the middle class -- reduced the bargaining power of American workers. And our politics has suffered. Entrenched interests, those who benefit from an unjust status quo, resisted any government efforts to give working families a fair deal -- marshaling an army of lobbyists and opinion makers to argue that minimum wage increases or stronger labor laws or taxes on the wealthy who could afford it just to fund crumbling schools, that all these things violated sound economic principles. We'd be told that growing inequality was a price for a growing economy, a measure of this free market; that greed was good and compassion ineffective, and those without jobs or health care had only themselves to blame.

And then, there were those elected officials who found it useful to practice the old politics of division, doing their best to convince middle-class Americans of a great untruth -- that government was somehow itself to blame for their growing economic insecurity; that distant bureaucrats were taking their hard-earned dollars to benefit the welfare cheat or the illegal immigrant.

And then, if we're honest with ourselves, we'll admit that during the course of 50 years, there were times when some of us claiming to push for change lost our way. The anguish of assassinations set off self-defeating riots. Legitimate grievances against police brutality tipped into excuse-making for criminal behavior. Racial politics could cut both ways, as the transformative message of unity and brotherhood was drowned out by the language of recrimination. And what had once been a call for equality of opportunity, the chance for all Americans to work hard and get ahead was too often framed as a mere desire for government support -- as if we had no agency in our own liberation, as if poverty was an excuse for not raising your child, and the bigotry of others was reason to give up on yourself.

All of that history is how progress stalled. That's how hope was diverted. It's how our country remained divided. But the good news is, just as was true in 1963, we now have a choice. We can continue down our current path, in which the gears of this great democracy grind to a halt and our children accept a life of lower expectations; where politics is a zero-sum game where a few do very well while struggling families of every race fight over a shrinking economic pie -- that’s one path. Or we can have the courage to change.