Under Obamanomics, the Rich Get Richer While the Poor Get Poorer
For all of President Obama’s talk about income equality and his “progressive” economic agenda, financial experts are making it clear his policies are eroding the middle class and stunting job growth.
Fewer jobs, stalled economic recovery, declining middle class incomes, larger income disparity, and rising corporate profits are all hallmarks of the “Obamanomics” policies implemented by the president during his first five years in office, according to Forbes contributor and policy analyst Peter Ferrara.
“The National Bureau of Economic Research officially scored the recession as ending in June 2009, still the longest recession since the Great Depression at 18 months. President Obama’s responsibility was to adopt the pro-growth policies that would generate a timely, robust recovery,” Ferrara wrote. “But he has consistently followed the opposite, anti-growth policies, producing the worst recovery since the Great Depression, as economist John Lott originally noted.”
Ferrara explained that the pattern of American history shows that the worse the recession the stronger the recovery, and the Obama administration planned to ride the economic recovery into a second term.
But that pattern was upended by “progressive” economic policies, implemented by the president, that have taken the biggest toll on the middle class he promised to help.
“Obama constantly proclaims himself the champion of the middle class. But that is just more Saul Alinsky strategy, enact socialism while proclaiming you are doing it for the middle class (which is actually getting taken),” Ferrara wrote.
“During the last 5 years, real median household income has declined nearly 9%, from $54,489 at the end of 2007, to $50,020 at the beginning of 2012. That was the most precipitous plunge on record, with a greater fall after the recession ended than before, which is unprecedented in American history.”
Obamanomics also created record levels of poverty and government dependency in America.
“Over the last 5 years, the number in poverty has increased by nearly 31%, to 49.7 million, with the poverty rate climbing over 30% to 16.1%,” Ferarra wrote. “Obama has also been the food stamp President, with the number on food stamps increasing during his Administration to an all time record high of 47.7 million, up 80% over the past 5 years.”
Ferrara noted that economists are continuing to prepare for the worst, because “the supposedly progressive Obama is leading us back into a historical reenactment of the 1930s.”
Obama’s plan of action seems to be massive government spending, backed by rhetoric about income inequality that his policies have only made worse.
“Federal spending has increased by 41% over the last 5 years, with total government spending at all levels increasing by nearly 27%, to an all time high of $6.2 trillion,” Ferarra wrote.
Census Bureau data shows income inequality has increased every year under the current president, while it remained flat during the eight years President Bush was in office.
“Inequality is increasing under Obama because the incomes of the top 20% of income earners are increasing, while the incomes for everyone else have been declining,” Ferrara noted. “That is right, Progressives, what all your huffing and puffing has achieved is the rich getting richer, and the poor getting poorer.”
Obama proclaimed during his second inaugural address that “our country cannot succeed when a shrinking few do very well and a growing many barely make it,” but it’s clear by now that his economic policies run contrary to his comments.
“Real median household income, reflecting the incomes of the middle class, has declined throughout Obama’s Presidency, totaling a loss by now of one month’s income a year,” Ferarra pointed out.
“Congratulations, Progressives. You have proven the truth of Winston Churchill’s observations, ‘The great vice of capitalism is the unequal sharing of blessings. The great virtue of socialism is the equal sharing of misery’ …”