The Worst Five Years Since the Great Depression
The Census Bureau publishes the Gini Index, which is the official measure of income inequality. That index has climbed every year President Obama has been in office. It was flat during the 8 years under President Bush (which means inequality did not increase).
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. That is right, Progressives, what all your huffing and puffing has achieved is the rich getting richer, and the poor getting poorer. That didn’t happen under Reagan, where the rich got richer, and the poor got richer. After 1983, the poverty rate declined every year under Reagan, and incomes grew for every income quintile.
Quite to the contrary, Census reports that in 2011 the average incomes of the top 20% of income earners rose, while incomes for the bottom 80%, declined. Under President Obama, as IBD reported on January 23, “average incomes among the poorest households fell nearly 8%, back to levels not seen since the 1980s.” 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. You see what I mean when I say that economic growth is far more beneficial for the middle class and the poor than redistrubution?
IBD adds, “[T]he only ones doing well in Obama’s economy have been the ‘shrinking few’ Obama complains about. Wall Street investors have benefitted from a rising stock market – with the Dow now at 5 year highs – and corporate chiefs have seen profits climb 58% since June, 2009.”
“Barack Obama and the Democrats have signaled they intend to do nothing to alter the course the nation is on; in fact they intend to accelerate it. Without any firm and viable political opposition, wealth and job creation will further deteriorate with the second term implementation of Obamacare, higher taxes, ever increasing government expenditures, and the mushrooming debt, continued erosion of the value of the dollar and its potential demise as the world’s reserve currency, as well as a Niagara Falls of new regulations. The American people…will be worse off in four years than they were at the end of 2012…and a majority of the citizenry will increasingly experience the malaise and suffering of those who lived through the 1930s….”
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,” and, “If you are not a socialist at 20, you have no heart. And if you are not a capitalist at 40, you have no brains.”