By equality we it is meant equal rights and equal protection under the law. It does not mean we all own the same amount of shit. It does not mean we all end up equal in the end. But it means we all have the same opportunity to work hard and pursue happiness.
Most the millionaires in this country didn't start out rich. In America fortunes are gained, fortunes are lost, but we're all free to pursue it.
I'd really love to know the context (assuming there is any) behind the beautiful/ugly people part. That came out of nowhere and even the audience seemed confused for a moment. Of course, they get over it as soon as someone loudly says "AHMURRIKUH!".