Rich people not ‘evil’ – they just have too much money, says US President Obama

Rich people aren’t evil, they’ve just got too much money, according to the US president.

President Barack Obama outlined his views at Georgetown University in Washington D.C. as part of a panel discussion on poverty.

“I want to emphasise that we can do something about these issues – I think it is a mistake for us to suggest somehow that every effort we made has failed, and we are powerless to address poverty,” he said.

He pointed out that the top 25 hedge fund managers in the country make more money than all of its kindergarten teachers combined.

“I’m not saying this because I dislike hedge fund managers or think they are evil. [But] you pretty much have more than you’ll ever use and your family will ever use,” he said.

Mr Obama said the gross inequality was increasing.

“Concentrations of wealth can lead to some being left behind, and what’s happened in our economy is those who are doing better and better, [are] more skilled [and] more educated, luckier, having greater advantages – are withdrawing from the commons,” he said.

Mr Obama also said persistent poverty had contributed to the outbursts of violent unrest in the US recently, including riots at Baltimore after the death of a young African-American man while he was in police custody.