BARACK OBAMA’S REAL “NORTH STAR?” THE SUPER WEALTHY …
“Our top priority as a nation and my top priority as president must be doing everything we can to reignite the engine of America’s growth – a rising, thriving middle class,” Obama said in a 2013 radio address. “That’s our North Star. That must drive every decision we make.”
Yeah … about that. And about that whole “first black president” thing. Neither is working out so well, calling into question what Obama meant when he vowed to “spread the wealth around” back in October 2008.
Wealth has been redistributed under Obama’s reign, don’t get us wrong, but not the way you might have expected.
Just take a look at this interactive chart from The Economist … which shows “a history of American wealth inequality.” That garnet line? It’s the “one percent” – a.k.a. the top one percent of all income earners in America. The blue line? That’s the rest of us …
(Click to enlarge)
“The ratio of household wealth to national income has risen back toward the level of the 1920s, but the share in the hands of middle-class families has tumbled,” the publication noted, referencing a new study from the London School of Economics. “Tepid growth in middle-class incomes is partly to blame; real incomes for the top 1 percent of families grew 3.4 percent a year from 1986-2012 while those for the bottom 90 percent grew 0.7 percent.”
Look … we’re not populists. We don’t believe in “bleeding the rich.”
But we also don’t believe in giving them an unfair advantage, either (a.k.a. corporate cronyism).
Level the playing field for everyone and income inequality will take care of itself …