Robert E. Rubin Quotes
We have now had a long period of very limited participation in the growth of our society…. If you are going to have broad based political support for economic policies, you have to have broad based participation in the benefits of those policies…. This is a change of historic proportions.
Robert E. Rubin, Secretary of the Treasury (Democrat), Assistant to the President for Economic Affairs (Democrat), Interview, WBUR, On Point: Inequality in America, July 2006
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At the time of this quotation, the nation had gone through more than 3 decades of enormous increase in prosperity for the wealthy, and modest gains for the highly skilled, technically trained workers. However, correcting for inflation, average salaries did not increase at all. The middle class was particularly hard hit. Only 20 percent of the population benefitted from the growth at all; however, the 1 percent had rarely prospered more. Kenworthy’s principle did not apply for this period of American history.
He was referring to the success of the Clinton Administration.
At the time English democracy was still suspect especially among the aristocracy.
Robert Edward Rubin is an American retired banking executive, lawyer, and former U.S. presidential cabinet member. He served as the 70th United States Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.