Flashback

Income Inequality Grew Under Obama

The incomes of the top 20% have still been rising under Obama. But the incomes of everyone else, the bottom 80%, have been falling! -Peter Ferrara

A president who promised hope and change left most Americans behind. As Obama leaves office, rich Americans are doing just fine. The rest of the country is stagnant. -David French Go To Site

Official U.S. government data shows that inequality is rising sharply under President Obama. It was stable under Bush. But Obamanomics has brought back exactly the rich getting richer and the poor getting poorer. -Peter Ferrara Go To Site

So it comes as little surprise that nearly all the real income growth that President Obama’s “recovery” has generated would flow to the wealthiest Americans.

  According to University of California, Berkeley, economist Emmanuel Saez, 95 percent of all recovery gains have accrued to the much-vilified “top 1 percent.” At the same time, the poor have become even more desperate. -Arthur C. Brooks Go To Site

Earlier this month, the Census Bureau released its annual report showing that the number of people in poverty was nearly 3 million higher in 2011 than in 2009, an increase of 6%. That report also found that average incomes for middle- and lower-income households fell in 2011 after adjusting for inflation.

  They rose only for the wealthiest 20% of households. Go To Site

Democrat, Liberal, Incompetence, Obama, Financial, Oops, Economy

The American middle class, long the most affluent in the world, has lost that distinction... The numbers, based on surveys conducted over the past 35 years, offer some of the most detailed publicly available comparisons for different income groups in different countries over time. They suggest that most American families are paying a steep price for high and rising income inequality.

"Do we go forward towards a new vision of an America in which prosperity is shared? Or do we go backward to the same policies that got us in the mess in the first place?"

Democrat, Liberal, Incompetence, Obama, Financial, Oops, Economy

Between 2010 and 2013, as recovery took hold and stock markets soared, the average net worth of families in the top 40 percent of income earners grew. For all others average net worth shrank, declining 19 percent for the middle fifth. Similarly, the average earnings for families in the top 10 percent grew more than 9 percent from 2010 through 2013, while those at other levels stagnated or shrank. For the middle fifth, average earnings fell 4.6 percent.

  Over the six years through 2013, the middle fifth's average annual family earnings fell to $47,243 from $53,008 while their average net worth dropped to $170,066 from $236,525.

Democrat, Hypocrisy, Liberal, Incompetence, Obama, Oops, Greed

In an interview that aired Sunday on ABC's "This Week with George Stephanopoulos," the show host cited a recent study from the University of California, Berkeley, that found 95% of income gains from 2009 to 2012 went to the top 1% of the earning population.

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Mar17
2019

Obama Decries Income Inequality

In the Clinton era expansion, 45 percent of the total income gains went to the top 1 percent; in the Bush recovery, the figure was 65 percent; now it is 93 percent.

Roughly eight years ago, Obama infamously first shared with "Joe the Plumber" his plans to "spread the wealth around." Unfortunately, at least for the like-minded socialists of the country, as data from the U.S. Bureau of Labor Statistics reveals, he failed miserably.

  In fact, as Bloomberg points out today, not only did income inequality not decline under Obama's reign, it actually surged to multi-decade highs with people in the 90th percentile of all earners bringing home over 5x the amount paid to people in the 10th percentile. Go To Site

With a big share of recent income gains in this country flowing to a relatively small slice of high-earning households, most Americans are not keeping pace with their counterparts around the world. -David Leonhardt and Kevin Quealy Go To Site