Census data: Obama “recovery” has hurt poor and middle class the most

Following on our earlier post on the U.S. Census economic data, today’s analysis by Investors Business Daily notes that, since President Obama’s inauguration, middle class incomes have fallen 4% and the poor have fared even worse, with a 7% drop in earnings.

But not everyone is suffering:

Meanwhile, the wealthiest have managed to eke out gains in two of the past three years. In 2011, the top 20% saw their average income climb almost 2%, the Census data show.

These results are in direct contrast of what President Obama said his policies would produce when he ran for president in 2008 …

These results are highly unusual in an economic recovery, which typically produces income gains across the board. During the eight-year Reagan boom, for example, incomes at the bottom climbed 14%, while those in the middle climbed 13%, and those at the top 22%.

What’s more, despite Obama’s promise that he would reduce income inequality, it’s increased each year he’s been in office, reaching an all-time high after remaining flat during the Bush years.

University of California, Berkeley, economist Emmanuel Saez found that the top 1% captured 93% of the income gains between 2009 and 2010, which is a far higher share than occurred during the 2002-07 Bush expansion.

Click here to read the full IBD article.

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