Skip to comments.Top 1 percent reaps 90 percent of income gains since Obama took office
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 ...
WALL STREET IS SOARING AS MAIN STREET IS POORING
Yes, but he’s concerned about the 99%. And that’s all that counts.
Why does Obama hate poor people?
It doesn’t matter,
Americans want a talker not a producer and Obama talks.
They really think he cares.
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.
“Main Street is dead and Wall Street is alive.” — Slow Joe Biden
No thank you. Major income tax reform is needed to really cut this inequality.
“Folks, the middle class is coming back.”
Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says
U.S. poverty heads toward highest level in 50 years
I wonder what color the sky is in Uncle Joeys world.
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.
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.
That’s a feature of socialism, not a glitch. Wherever the middle-class is waning you will find increasing socialism.
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.
He doesn’t hate poor people, He loves them. That’s why he is trying to make more and more of us poor.
The D.C. suburbs dominate the list of wealthiest U.S. counties
December 12, 2013
Oh....how I wish Keith Olbermann was still on Current so I could go home tonight and watch his head explode.
You said it. Helicopter Ben’s money is in my Fidelity account!
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.
BIG - Banksters and International Gangsters.
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.
WTF?! Either this is sarcasm or the author of this tripe is "seven kinds of stupid"...
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.
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”.
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?
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.