Question

What does truman mean when he says "we have rejected the discredited theory that the fortunes of the nation should be in the hands of a privileged few"? when a few americans are wealthy, that benefits all of society. americans should focus on using a "trickle-down" system in their economy. wealth should be enjoyed by all americans i am happy to report to this 81st congress that the state of the union is good. our nation is better able than ever before to meet the needs of the american people, and to give them their fair chance in the pursuit of happiness. this great republic is foremost among the nations of the world in the search for peace. during the last 16 years, our people have been creating a society which offers new opportunities for every man to enjoy his share of the good things of life.

Answer 1

Truman is advocating for a more inclusive distribution of wealth, highlighting the need for a system where all Americans have the chance to enjoy prosperity and achieve the American Dream rather than wealth being concentrated with a privileged few.

Step-by-step explanation:

When Truman says "we have rejected the discredited theory that the fortunes of the nation should be in the hands of a privileged few," he is denouncing the idea that only a select group of wealthy individuals should control the wealth and power of the country. This concept counters the 'trickle-down' economic theory, which suggests that benefits provided to the wealthy will eventually 'trickle down' to the rest of society. Instead, Truman is advocating for a system in which wealth should be accessible to all Americans, not just the rich. He emphasizes the importance of providing equal opportunities for every citizen to achieve prosperity and happiness, reflecting the American Dream.

The 1950s America, known as 'The Affluent Society,' saw a significant increase in material wealth among Americans. However, there was a growing concern about income inequality and the expanding gap between the rich and the poor. In this context, efforts towards creating income equality, such as through education and job training, were recognized as a way to increase overall economic output and reduce the wealth gap, thereby allowing the American Dream to be attainable for more people.