Today, in America, we are the wealthiest nation in the history of the world, but few Americans know that because so much of the new income and wealth goes to the people on top. In fact, over the last 30 years, there has been a massive transfer of wealth -- trillions of wealth -- going from the middle class to the top one-tenth of 1 percent -- a handful of people who have seen a doubling of the percentage of the wealth they own over that period.
Unbelievably, and grotesquely, the top one-tenth of 1 percent owns nearly as much wealth as the bottom 90 percent.
Today, in America, millions of our people are working two or three jobs just to survive. In fact, Americans work longer hours than do the people of any industrialized country. Despite the incredibly hard work and long hours of the American middle class, 58 percent of all new income generated today is going to the top one percent.
Today, in America, as the middle class continues to disappear, median family income, is $4,100 less than it was in 1999. The median male worker made over $700 less than he did 42 years ago, after adjusting for inflation. Last year, the median female worker earned more than $1,000 less than she did in 2007.
Today, in America, the wealthiest country in the history of the world, more than half of older workers have no retirement savings -- zero -- while millions of elderly and people with disabilities are trying to survive on $12,000 or $13,000 a year. From Vermont to California, older workers are scared to death. "How will I retire with dignity?," they ask?
Today, in America, nearly 47 million Americans are living in poverty and over 20 percent of our children, including 36 percent of African American children, are living in poverty -- the highest rate of childhood poverty of nearly any major country on earth.
Today, in America, 29 million Americans have no health insurance and even more are underinsured with outrageously high co-payments and deductibles. Further, with the United States paying the highest prices in the world for prescription drugs, 1 out of 5 patients cannot afford to fill the prescriptions their doctors write.
Today, in America, youth unemployment and underemployment is over 35 percent. Meanwhile, we have more people in jail than any other country and countless lives are being destroyed as we spend $80 billion a year locking up fellow Americans.
The bottom line is that today in America we not only have massive wealth and income inequality, but a power structure which protects that inequality. A handful of super-wealthy campaign contributors have enormous influence over the political process, while their lobbyists determine much of what goes on in Congress.
In 1944, in his State of the Union speech, President Roosevelt outlined what he called a second Bill of Rights. This is one of the most important speeches ever made by a president but, unfortunately, it has not gotten the attention that it deserves.
In that remarkable speech this is what Roosevelt stated, and I quote: "We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. Necessitous men are not free men." End of quote. In other words, real freedom must include economic security. That was Roosevelt's vision 70 years ago. It is my vision today. It is a vision that we have not yet achieved. It is time that we did.
In that speech, Roosevelt described the economic rights that he believed every American was entitled to: The right to a decent job at decent pay, the right to adequate food, clothing, and time off from work, the right for every business, large and small, to function in an atmosphere free from unfair competition and domination by monopolies. The right of all Americans to have a decent home and decent health care.
What Roosevelt was stating in 1944, what Martin Luther King, Jr. stated in similar terms 20 years later and what I believe today, is that true freedom does not occur without economic security.
People are not truly free when they are unable to feed their family. People are not truly free when they are unable to retire with dignity. People are not truly free when they are unemployed or underpaid or when they are exhausted by working long hours. People are not truly free when they have no health care.
So let me define for you, simply and straightforwardly, what democratic socialism means to me. It builds on what Franklin Delano Roosevelt said when he fought for guaranteed economic rights for all Americans. And it builds on what Martin Luther King, Jr. said in 1968 when he stated that; "This country has socialism for the rich, and rugged individualism for the poor." It builds on the success of many other countries around the world that have done a far better job than we have in protecting the needs of their working families, the elderly, the children, the sick and the poor.
Democratic socialism means that we must create an economy that works for all, not just the very wealthy.
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