August 27 2013

Obama Economy: Only the Rich Can Get Richer

Charlotte Hays

So President Obama loves to go on about the middle class and how he is their buddy, their only bulwark against the ravages of those mean and nasty Republicans.

But guess who has benefited most from the Obama economy?

Well, it ain’t the middle class. It's the rich--and only the rich.

CNBC reports:

For those in the top 5 percent, the recovery has been pretty good.

As for the other 95 percent, well ... maybe not so much.

Yep, it’s the dread 1 percent that has benefited most from President Obama's tenure—along with the next four top percentage points. Indeed, according to the CNBC report, many other Americans are still in recession.  

CNBC links to a speech delivered by Federal Reserve Governor Sarah Bloom Raskin last April that showed just how bad off much of the country remains. She argued that lower-income families were hit harder by the recession and have yet to experience recovery.

The unemployed in the lower-income groups are particularly endangered: they have a hard time finding jobs that pay what they were used to earning. And the unemployment rate is much worse than it appears, according to CNBC.

Sometimes I think that the argument that a thriving economy would solve most of what ailes us gets old. I mean, does anybody really believe that? Would lower-income people really benefit from a happening economy--or is that just rhetoric? But this report from CNBC goes a long way towards convincing me that, yes, the main thing low-income people require is a strong economy. Especially those in need of a job.

Comments
blog comments powered by Disqus