Nonsequitur: Have Obama’s Economic Policies Helped Only the Rich?

September 4, 2014

Apparently. According to a study just released by the U.S. Federal Reserve, the median income of American families fell 5% between 2010 and 2013. But income depreciation was not equally distributed:

  • Families at the bottom of the income distribution saw continued substantial declines in average real incomes between 2010 and 2013, continuing the trend observed between the 2007 and 2010 surveys.
  • Families in the middle to upper middle parts (between the 40th and 90th percentiles) of the income distribution saw little change in average real incomes between 2010 and 2013 and thus have failed to recover the losses experienced between 2007 and 2010.
  • Only families at the very top of the income distribution saw widespread income gains between 2010 and 2013, although mean and median incomes were still below 2007 levels.

In other words, the huge stimulus, the multiple bailouts, the “green energy” subsidies, the increased government control (taxes and regulations) and health care “reform” have all had a negative economic effect on those who were supposed to be beneficiaries. Job growth has been slow and stilted toward part-time, low pay jobs. The national debt has grown to more than $17 trillion as government expanded which adds to American’s tax burdens. Despite the President’s promises of “income equality” and “fairness,” the only folks benefitting financially from his policies are the rich.

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One Response to “Nonsequitur: Have Obama’s Economic Policies Helped Only the Rich?”

  1. […] big deficits, and continue to add trillions of dollars to the national debt. (Gee, it’s like the stimulus all over […]

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