How Obamanomics Promotes Inequality

The great Obama contradiction on the economy is this: he takes credit for the improved economy, but openly admits that in this recovery almost all of the gains have gone to the very rich.

Here is the disturbing passage from Obama’s State of the Union speech that I refer to:

“What I believe unites the people of this nation…is the notion that if you work hard and take responsibility, you can get ahead.

“That belief has suffered some serious blows… Today, after four years of economic growth, corporate profits and stock prices have rarely been higher, and those at the top have never done better. But average wages have barely budged. Inequality has deepened. Upward mobility has stalled. The cold, hard fact is that even in the midst of recovery, too many Americans are working more than ever just to get by – let alone get ahead.  And too many still aren’t working at all.”

What a downer. This is hardly morning in America stuff. Obama likes to ridicule “trickle down economics” but under Obamanomics, almost nothing has even trickled down to the poor. He’s brutally honest in admitting that this has been effectively a non-recovery for a whole large segment of American society.  It’s not clear how Democrats think they can leverage that message of futility to their political advantage in November.

An alarming Fox News poll this week found that more than half of Americans still think the recession is still with us. Ironically, those who have seen the least progress tend to be single women, the young, Blacks, and Hispanics.  These were the very groups that voted in 2012 in large majorities to reelect Mr. Obama.

Via: The Foundry

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