Obama calls Steve Jobs' success a prime example of American wealth
During a speech Wednesday, U.S. President Barack Obama referred to Apple CEO Steve Jobs as an example of the "American dream" and one whose wealth should be celebrated.
Obama made the comments in response to a reporter's question, Cnet reports.
"What is...a fact is that people in the top 1 percent, people in the top one-tenth of 1 percent, or one-hundredth of 1 percent have a larger share of income and wealth than any time since the 1920s," said Obama. "Those are just facts. That's not a feeling on the part of Democrats. Those are facts."
"And something that's always been the greatest strength of America is a thriving, booming middle class, where everybody has got a shot at the American dream. And that should be our goal. That should be what we're focused on," the President continued. "How are we creating opportunity for everybody? So that we celebrate wealth. We celebrate somebody like a Steve Jobs, who has created two or three different revolutionary products. We expect that person to be rich, and that's a good thing. We want that incentive. That's part of the free market."
Obama met with Jobs in October to discuss "American competitiveness and education" with him. According to White House press secretary Robert Gibbs, the President was "eager" to talk to Jobs.
Jobs recently made Forbes magazine's annual list of the wealthiest Americans, climbing one spot to 42nd place. As of September, when Forbes calculated its results, Jobs' estimated net worth was $6.1 billion, up from $5.1 billion in 2009.
Most of Jobs' wealth comes from shares of Walt Disney Co. that he received when the media conglomerate acquired Pixar in 2006. Disney shares recently hit a 52 week high of $38.
Shares of Apple have also climbed as of late, passing the $300 mark in October. The Cupertino, Calif., company made news this year when it passed up Microsoft in terms of market capitalization to become the world's largest technology company. In September, Apple overtook PetroChina Co. to become the world's second largest company by market value.
Obama made the comments in response to a reporter's question, Cnet reports.
"What is...a fact is that people in the top 1 percent, people in the top one-tenth of 1 percent, or one-hundredth of 1 percent have a larger share of income and wealth than any time since the 1920s," said Obama. "Those are just facts. That's not a feeling on the part of Democrats. Those are facts."
"And something that's always been the greatest strength of America is a thriving, booming middle class, where everybody has got a shot at the American dream. And that should be our goal. That should be what we're focused on," the President continued. "How are we creating opportunity for everybody? So that we celebrate wealth. We celebrate somebody like a Steve Jobs, who has created two or three different revolutionary products. We expect that person to be rich, and that's a good thing. We want that incentive. That's part of the free market."
Obama met with Jobs in October to discuss "American competitiveness and education" with him. According to White House press secretary Robert Gibbs, the President was "eager" to talk to Jobs.
Jobs recently made Forbes magazine's annual list of the wealthiest Americans, climbing one spot to 42nd place. As of September, when Forbes calculated its results, Jobs' estimated net worth was $6.1 billion, up from $5.1 billion in 2009.
Most of Jobs' wealth comes from shares of Walt Disney Co. that he received when the media conglomerate acquired Pixar in 2006. Disney shares recently hit a 52 week high of $38.
Shares of Apple have also climbed as of late, passing the $300 mark in October. The Cupertino, Calif., company made news this year when it passed up Microsoft in terms of market capitalization to become the world's largest technology company. In September, Apple overtook PetroChina Co. to become the world's second largest company by market value.
Comments
Obama likes Apple? Apple now officially doomed.
read closely... he likes Steve Jobs..... lol....
mayb i am misreading, but i didn't see Obama liking Apple ever mentioned
what Steve has should pretty much be the cap for modern executives... i mean he has launched ipad and iphone/itouch and worked a lot on making them..... probably more than most executives do..... like a few 100% times more
We didn't praise wealth from the 1910's to the 1980's with tax rates for the wealthy between 60 and 90%, but how many greats can you think of from that time?
Science can show that money can't be thrown at something people to make them produce more. They do it because they want to, but also because they can.
When Steve started Apple he said it was spiritual, not business. And not tax breaks "incentives".
Obama's just trying to stroke APPLE to get on the good side of people. Well it won't work.
I tell you now, Americans, if there are just 5 other American companies that have done what Apple has done, your company, the USA, will be much better off in the global market.
Sent from Snootyville
10 posts more to 6,000!
muah ha ha ha ha ha
Obama's at it again...hinting to Steve to share some of his wealth to fund his next election campaign.
I'm afraid Obama won't make it another term. It concerns me somewhat, but the election will probably see-saw over the next 10 years, depending on how soon the *real recovery* happens.
what Steve has should pretty much be the cap for modern executives...
Would you mind explaining that?
And also what gives you or anybody else the right to impose such a limit on a private citizen?
50 years ago, if SJ did something similar, the trickle-down effect within the US would be order's of magnitude greater, because he would have to actually manufacture the devices largely within the US [so he wouldn't be as wealthy, but a whole bunch more American's would have pretty good paying jobs].
Think of the pile being the same, just more spread out over more people.
In other words, they can vote for Obama, Palin, Paris Hilton -- it doesn't matter. You're fucked unless there's a complete overhaul and the vast majority of people lack the intellectual capacity to enact that anyway. If anyone does begin a coup it will be rednecks with guns and Bibles -- and teabags. Have fun.
If Steve had worked his options a little better like Larry Ellison, he be up there above $40B easily.
The way the system is setup (by rich people) is that they get richer, off the work of those with less than them, whether it be in the US in factors during the industrial revolution, banks making loans, or by taking advantages of cheap labor in other countries.
The only reason you'd ever need that kind of money is to reinvest it in politics to make even more money. I think it should be illegal to donate money towards politics at all-the exact opposite as the recent Supreme Court ruling, because it's essentially bribery. It's what's destroying the United States. Rich get even richer and pretend to give small handouts to the poor, all while squeezing the middle class. Yeah, great freaking system.
Or with 50 billion you can donate money to the poor and less fortunate. Shouldn't that be what our government should be doing with it's money?
Since we are such a global economy now, I think if a company wants to use another country's cheap labor they should be taxed enough to pay for the labor that is not being utilized in this country. That would do away with all the trade issues we are having with jobs in China and India and bring back all those lost jobs in the US and fix the unemployment problems plaguing this country.
Just my thoughts...
EDIT: found Wall Street Journal article here
Obama likes Apple? Apple now officially doomed.
Maybe Obama forgot that Apple products are assembled using outsourced manufacturing jobs. The unions might not be too happy about that.
Pathetic political hacks. Get over the fact that he is President.
I don't get it. The President says Jobs is the model for becoming wealthy yet the story claims the bulk of Jobs' wealth comes from Disney stock appreciation. Isn't that the kind of wealth gain the President often tries to label as "obscene"?
The article did not say that "...the bulk of Jobs' wealth comes from Disney stock appreciation." Read.
Moreover, his Disney wealth came from selling a massively successful company that he created to Walt Disney Co. Every penny of he made from that sale was the result of his entrepreneurial risk-taking.
Oh, I'd like to see a cite for the "obscene" quote. The whole quote.
Amazing how pessimistic and negative this thread has become and it's just started.
True. It truly stunning and sad how ignorant and dismissive some people's views can be. (Doesn't matter whether it concerns Obama or Bush.)