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    Obama and the 7%

    Obama and the 7%

    The Rich get Richer

    When the Washington Post endorsed President Obama for his first term in office, part of the paper’s pitch was economic:

    OF COURSE, Mr. Obama offers a great deal more than being not a Republican. There are two sets of issues that matter most in judging these candidacies. The first has to do with restoring and promoting prosperity and sharing its fruits more evenly in a globalizing era that has suppressed wages and heightened inequality. Here the choice is not a close call. Mr. McCain has little interest in economics and no apparent feel for the topic. His principal proposal, doubling down on the Bush tax cuts, would exacerbate the fiscal wreckage and the inequality simultaneously. Mr. Obama’s economic plan contains its share of unaffordable promises, but it pushes more in the direction of fairness and fiscal health.

    (Bold text mine)

    How did that work out?

    A Pew study says … not so well.

    From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.

    These wide variances were driven by the fact that the stock and bond market rallied during the 2009 to 2011 period while the housing market remained flat.

    Affluent households typically have their assets concentrated in stocks and other financial holdings, while less affluent households typically have their wealth more heavily concentrated in the value of their home.

    Will we now see Occupy Pennsylvania Avenue?

    [Please note this post was completed and pre-scheduled prior to the Sabbath.]


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    Estragon | April 28, 2013 at 1:01 am

    All that equality noise is just socialist PR. Inevitably, when they assume power, the “masses” who support them may get a few crumbs like ObamaPhones and easier access to disability approval and food stamps, but the real money and power just tilts to their preferred elite supporters, and of course the commissar class.

    Which is why there has been no effort to collect the millions in back taxes owed by Obama’s political appointees, nor any reduction in their spending on entertainment and luxury perqs during “sequestration.”

    Some animals are more equal than others.

    Conservative Beaner | April 28, 2013 at 8:00 am

    I remember from school the story about the indians who gave Manhatten to the white men for a few blankets and some pretty beads.

    Today many people around America are giving up their freedoms for a few trinkets and a perceived feeling of safety.

    In both cases it takes time for those on the short to realize the stupidity of their actions.

    parisparamus | April 28, 2013 at 8:21 pm

    Face it. We are all screwed. The Emperor has had no clothes for five years, and it doesn’t matter.

    Wasn’t it just a week ago that we were reminded by hisorical footage of Lady Thatcher’s (RIP) allegation that “as long as the gap was smaller (the liberals) would rather have the poor poorer”?

    In a world where “fair” counts more than “better” we’ll always be screwed.

    […] answer is most definitely yes — and we’re being forced to […]

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