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Top 1 percent reaps 90 percent of income gains since Obama took office
Washington Times ^ | 01/14/2014 | Patrice Hill

Posted on 01/14/2014 4:55:17 AM PST by SeekAndFind

Despite his best efforts, the president who vowed to conquer Wall Street and revive opportunity for everyday Americans on Main Street has this to show for his first five years in office: U.S. stock markets are in record territory, posting 30 percent gains just last year, and Wall Street is home once again to the biggest concentration of billionaires on earth, while wages for the middle class have barely kept up with inflation.

As President Obama prepares to lay out an economic agenda to address this disappointing state of affairs in his State of the Union address this month, his inability to stem long-term trends toward inequality are giving congressional Republicans little incentive to work with him as they push their recently developed agenda against poverty.

Mr. Obama has acknowledged that the record gap between the rich and everyone else has only grown on his watch, and has vowed to devote his final three years in office to trying to rectify the situation.

But success is far from guaranteed, Economic analysts say trends contributing to the erosion of middle incomes were in place for years before he took office and some steps he took early in his first term likely accelerated them, even while softening an immediate blow to middle-class Americans.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: bho44; classwarfare; incomegap; mainstreet; millionaires; obama; wallstreet
WALL STREET SOARS AS MAIN STREET AILS.
1 posted on 01/14/2014 4:55:17 AM PST by SeekAndFind
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To: SeekAndFind

WALL STREET IS SOARING AS MAIN STREET IS POORING


2 posted on 01/14/2014 4:56:30 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: SeekAndFind

Yes, but he’s concerned about the 99%. And that’s all that counts.


3 posted on 01/14/2014 5:01:41 AM PST by St_Thomas_Aquinas ( Isaiah 22:22, Matthew 16:19, Revelation 3:7)
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To: Red in Blue PA

Why does Obama hate poor people?


4 posted on 01/14/2014 5:02:02 AM PST by Tulane
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To: SeekAndFind

It doesn’t matter,
Americans want a talker not a producer and Obama talks.

They really think he cares.


5 posted on 01/14/2014 5:02:07 AM PST by sickoflibs (Obama : 'If you like your Doctor you can keep him, PERIOD! Don't believe the GOPs warnings')
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To: SeekAndFind

The people at the top are doing a lot more of the work, too - a fellow I know from church built his own engineering firm but then sold it to a much larger firm; The contract with the larger firm requires him to stay on to manage the firm, and the new owners are asking him to take on a lot of managerial duties in different offices in the state. He is working a lot more now then when he had his own business.


6 posted on 01/14/2014 5:05:44 AM PST by Ken522
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To: SeekAndFind

“Main Street is dead and Wall Street is alive.” — Slow Joe Biden


7 posted on 01/14/2014 5:07:49 AM PST by Colonel_Flagg (Some people meet their heroes. I raised mine. Go Army.)
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To: SeekAndFind
This is what happens when we never fixed the broken income tax system. The folks in the financial industry have the money and people to work the system to use the Internal Revenue Code plus additional rulings--nearly 75,000 pages of it!--to cut their tax burden substanially--sometimes to zero taxes!

No thank you. Major income tax reform is needed to really cut this inequality.

8 posted on 01/14/2014 5:08:00 AM PST by RayChuang88 (FairTax: America's economic cure)
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To: St_Thomas_Aquinas

“Folks, the middle class is coming back.”

(Excerpt)

http://www.realclearpolitics.com/video/2012/08/21/biden_middle_class_is_coming_back.html

Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says

http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html

U.S. poverty heads toward highest level in 50 years

http://www.chicagotribune.com/business/breaking/chi-us-poverty-heads-toward-highest-level-in-50-years-20120723,0,5437495.story

I wonder what color the sky is in Uncle Joey’s world.


9 posted on 01/14/2014 5:09:07 AM PST by TurboZamboni (Marx smelled bad and lived with his parents .)
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To: SeekAndFind

Wall Street is open to one and all. Read some books on personal finance, get an Etrade account and have at it. It’s sad to see a supposedly conservative paper whine about this.


10 posted on 01/14/2014 5:28:40 AM PST by petercooper ("I was for letting people keep their health insurance, before I wasn't". --- Barack Obama)
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To: SeekAndFind

Americans voted for the pied-piper and his talk of “hope and change.”

The reality is that all socialism is really just cronyism. Those with government connections get all the benefits.


11 posted on 01/14/2014 5:32:45 AM PST by PGR88
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To: SeekAndFind

That’s a feature of socialism, not a glitch. Wherever the middle-class is waning you will find increasing socialism.


12 posted on 01/14/2014 5:41:37 AM PST by 1010RD (First, Do No Harm)
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To: RayChuang88

Big likes big. Government is the political class’ collection agency. Big government leads to big corruption. Crony capitalism is the natural effect and consequence of government overreach.


13 posted on 01/14/2014 5:43:36 AM PST by 1010RD (First, Do No Harm)
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To: Tulane

He doesn’t hate poor people, He loves them. That’s why he is trying to make more and more of us poor.


14 posted on 01/14/2014 5:48:06 AM PST by Duckdog (If it wasn't for NASCAR my TV would have gone out the window years ago!)
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To: SeekAndFind

The D.C. suburbs dominate the list of wealthiest U.S. counties
December 12, 2013

http://www.washingtonpost.com/blogs/govbeat/wp/2013/12/12/the-d-c-suburbs-dominate-the-list-of-wealthiest-u-s-counties/


15 posted on 01/14/2014 5:54:09 AM PST by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: SeekAndFind

Oh....how I wish Keith Olbermann was still on Current so I could go home tonight and watch his head explode.


16 posted on 01/14/2014 6:06:14 AM PST by Buckeye McFrog
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To: petercooper

You said it. Helicopter Ben’s money is in my Fidelity account!


17 posted on 01/14/2014 6:08:16 AM PST by proxy_user
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To: SeekAndFind

http://www.youtube.com/watch?v=QPKKQnijnsM

Collectivism in America benefits only the rich and the poor which is represented by our collectivist political parties (Dems and Pubs).

The One Percenters are the biggest promoters of collectivism, Islam, global warming, gun control, ObamaCare, a world dictatorship, and everything else that conservatives are against.

The Occupy Wall Street crowd are the children of the One Percenters aka Red Diaper Doper Babies of current time.


18 posted on 01/14/2014 6:08:27 AM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
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To: 1010RD

BIG - Banksters and International Gangsters.


19 posted on 01/14/2014 6:10:01 AM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
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To: petercooper

Exactly!
The trend has shifted towards ‘Rentiers’. So, join in or get left behind. Until Labor and Producers are more valued, the rush is towards value capture.


20 posted on 01/14/2014 6:10:26 AM PST by griswold3 (Post-Christian America is living on borrowed moral heritage)
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To: SeekAndFind
Despite his best efforts...

WTF?! Either this is sarcasm or the author of this tripe is "seven kinds of stupid"...

21 posted on 01/14/2014 6:11:18 AM PST by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: Ken522
The people at the top

You're friend is not at the top. To the people at the top if you aren't a multi-billionaire you're a nobody.

You're friend is upper middle class at best and the target of the Wall St. Bankster/FEDGOV Cartel.

22 posted on 01/14/2014 6:14:28 AM PST by Count of Monte Fisto (The foundation of modern society is the denial of reality.)
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To: SeekAndFind

It’s the paradox of “Trickle Up Economics”.

The higher you raise taxes on the rich to provide goods and services for the poor, the rich will get richer and the poor will get poorer.

It’s the rich that’s providing the goods and services so you raise their taxes they raise their prices.

The more people you put on the govt dole, the more the wealth flows to the top.

Poor people on the govt dole are obtaining goods and services with govt borrowed money.

It’s not “taxes’ that cover the cost of the leaches, it’s the borrowed money that covers the cost.

People that have to pay for the goods and services out of their own pocket are becoming poorer as they burn through their wealth to obtain the goods and services which others are getting for “free”.


23 posted on 01/14/2014 6:47:47 AM PST by IMR 4350
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To: SeekAndFind
The middle class? Fugedaboudit!

The only ones prospering in this economy are the banksters and our government overlords. The only successful operation in progress is keeping the parasite class afloat and quiet - for now. When that scheme eventually collapses, the guillotines will emerge and the official reign of terror will begin.

We're rapidly morphing from the first American Republic to the First French Republic. The final question yet unsettled is do we finally end up with a Stalin or a Napoleon?

24 posted on 01/14/2014 7:22:41 AM PST by Gritty (Liberals think living your life free of welfare, EBT, and government nannies is "cheating"-J Hawkins)
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To: SeekAndFind
Obama is the greatest thing to have ever happened to the top 1%. He gave them the keys to the US Treasury through crony capitalism (Fascism) and printing 84 billion new dollars every month, that go straight into their bank accounts!
25 posted on 01/14/2014 8:06:41 AM PST by 2001convSVT (Going Galt as fast as I can.)
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To: SeekAndFind
But the economy has responded only tepidly to this “trickle-down” approach

And why?

Because Obama has loosened things at the top while tightening things for the middle class. Obamacare will not impact the rich at all...it is the middle class who has to pay several hundred more a month. This at a time when they are already struggling.

26 posted on 01/14/2014 10:55:23 AM PST by what's up
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