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.