Barack Obama is President Inequality. The stats are clear, and while President Obama talks about inequality, what is overlooked is his policies have made inequality even worse.
The reality is the average family and middle class incomes have not even reached the pre-recession numbers of 2007. We have been told that this recovery began in 2009 but yet, income is nearly 4% lower than the median income when the recession supposedly ended and nearly 8% lower than 2007.
As a Wall Street Journal article observed, while incomes modestly increased in 2013, they still lagged far behind where they should be five years into a recovery. In past recoveries, including the recovery after the 2000 tech bubble imploded, family income rose.
The slow growth as a result of Obama’s policy has not just led to an increase in inequality, but it has led to more living in poverty. Those living in poverty have increased nearly 15% since 2007, and the number needing food stamps has increases as well. Successful recoveries are often measured by increase income followed by reduction in people needing food stamps and living below the poverty line. Obama has managed to reverse this successful measurement with more people on welfare and the average American sees their income dropped.
The Democrats' plan was to reduce this inequality as much of the stimulus went toward transfer payments such as Medicaid and jobless benefits. Obamacare was supposed to provide free health care to millions of Americans and part of this was to be funded by those who had insurance and the wealthy. Minimum wage was raised, but as the Wall Street Journal asked recently, “If mandated wages are so beneficial to the American worker, where is the evidence?”
Polls show that most Americans prefer candidates who talk economic growth as opposed to fairness, and when one reviews polls, many Americans have rejected Keynesian theories that increasing government spending and debt benefit the economy. Most recently, Rasmussen polls reported that the average American is ready for the era of Obama’s big government policies to end.
While many in the media and not a quite a few Democrats strategists are perplexed why Obama is not getting credit for the present recovery, the reason is rather simple: the average American has not benefitted.
If you are a young worker, you are just as likely to be living at home with no job or asking customers if they want to supersize that. Nearly 4 million more women are living in poverty than when Obama took his oath of office, and many women with college degrees have seen their income drop, devaluing their college degree. If you are black or Hispanic, you have seen the living standard fall further behind. The reason that the average American is not jumping for joy over the present recovery is simply because they have not profited from it.