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This is pretty clear if you aren't an Obama hater. Of course he meant the "system" for creating the American dream was set in place by those who came before us. That is why it's called the "American Dream." That is not to say that people in other countries can't be successful; he was only speaking about Americans.
So, yes he did say that successful Americans did not become successful on their own; he just happens to be correct. Just ask Bill Gates who freely admits it to be the case.
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