We can’t have special interests sitting shotgun. We gotta have middle class families up in front. We don’t mind the Republicans joining us. They can come for the ride, but they gotta sit in back.- Barack Hussein Obama
When Barack Hussein Obama first ran for the Presidency of the United States in 2008, he claimed that his economic policies would “foster economic growth from the bottom up and not just from the top down.” Obama promised to put in place “an immediate rescue plan for the middle class” and would end the “tired, worn-out, trickle-down ideologies we’ve been seeing for so many years.”
Obama got everything that he wanted in his first two years in the White House, when Democrats had solid control of Congress — a massive stimulus, auto industry bailouts, temporary middle class tax cuts, vast new regulations on businesses and ObamaCare.
But, all of his brilliant Socialist Economic Policies produced the exact opposite of what he’d promised.
So, he pounded his them of “Class Warfare” even harder.
So much so that, during his Re-election Campaign in 2012, President Barack Hussein Obama said,
This country doesn’t just succeed when just a few are doing well at the top. It succeeds when the middle class gets bigger. Our economy doesn’t grow from the top down — it grows from the middle out. We don’t believe that anybody is entitled to success in this country,” said Obama. “But we do believe in opportunity. We believe in a country where hard work pays off and responsibility is rewarded, and everybody is getting a fair shot and everybody is doing their fair share and everybody is playing by the same rules.
On July 24, 2013, Newly-Re-elected President Obama began a series of Stump Speeches titled, “Growing the Economy From the Middle Class Out”. Here’s an excerpt of the first speech:
…With an endless parade of distractions, political posturing and phony scandals, Washington has taken its eye off the ball. And I am here to say this needs to stop. Short-term thinking and stale debates are not what this moment requires. Our focus must be on the basic economic issues that the matter most to you – the people we represent. And as Washington prepares to enter another budget debate, the stakes for our middle class could not be higher. The countries that are passive in the face of a global economy will lose the competition for good jobs and high living standards. That’s why America has to make the investments necessary to promote long-term growth and shared prosperity. Rebuilding our manufacturing base. Educating our workforce. Upgrading our transportation and information networks. That’s what we need to be talking about. That’s what Washington needs to be focused on.
And that’s why, over the next several weeks, in towns across this country, I will engage the American people in this debate. I will lay out my ideas for how we build on the cornerstones of what it means to be middle class in America, and what it takes to work your way into the middle class in America. Job security, with good wages and durable industries. A good education. A home to call your own. Affordable health care when you get sick. A secure retirement even if you’re not rich. Reducing poverty and inequality. Growing prosperity and opportunity.
So, who is it that is keeping America’s Middle Class from prospering?
I’ll give you a clue: His initials are B.H.O.
The Washington Times reports that
Under President Obama, the richest 10 percent were the only income group of Americans to see their median incomes rise, according to a survey released this week by the Federal Reserve.
The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.
“Data from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent.
“The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,” the report stated. The SCF is conducted by the Federal reserve triennially and compiles information about family incomes, credit use, net worth and finances.
The 2010-2013 SCF found that even though real gross domestic product grew by 2.1 percent and civilian unemployment fell from 9.9 percent to 7.5 percent, only families at “the very top of the income distribution saw widespread income gains,” though mean median income levels still lagged behind 2007 numbers.
The report comes just a week after AFL-CIO President Richard Trumka said the union group would not endorse any more Democrats that are following President Obama’s economic policy.
“We will call in and question all of the candidates,” he said. “One of our biggest concerns is who is the candidate’s economic team, because if the present economic team doesn’t change, you are going get the same results.”
The survey also found that family in the middle income bracket (40th to 90th percentiles) saw “very little” change in average real incomes and still have not recovered losses from 2010 and 2007. Families at the bottom of the income distribution continued to see “substantial declines” in average real incomes, a continuing trend from the previous two surveys.
The top percentile of Americans also increased their wealth share since 2010, corresponding to a loss in wealth for the bottom 90 percent of Americans, according to the Fed data.
“The wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013. … The share of wealth held by the bottom 90 percent fell from 33.2 percent in 1989 to24.7 percent in 2013,” the report stated.
The prosperous years during the Reagan Presidency marked a period of economic progress for Middle Class Americans. Middle Class Income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.
Those Liberal critics of the 1980s, who argue that the Middle Class shrank in number during those years, are half -right for the wrong reasons. The proportion of Middle Class Americans did indeed decline, but this reflected an upward movement of households into the high income category. Meanwhile, the proportion of Low Income Households declined, as more became middle class. The income growth during the Reagan Presidency increased the size of the pocketbooks of Americans at all income levels.
During Obama’s time in office, America’s major corporations have been hit with punitive measures, including high corporate tax rates and Obamacare, which has caused them to “down-size” their employee rolls and to relocate their call centers to companies like India, which has effected the rest of our economy.
Trickle-Down Economics was simply common sense. Capitalism is the engine that drives America’s economy.
When those who actually hire Americans are attacked by an Administration, naturally, those consequences are felt by those in lower economic strati (that’s you and me, boys and girls).
Obama’s “Trickle-Up” Economic Policy has been a miserable failure.
Because, as Lady Margaret Thatcher once said,
The problem with Socialism is that eventually you run out of other people’s money.
Until He comes,
Until He Comes,