Wednesday, January 21, 2015

Middle Class Economics ... Obama Style

President Obama lectured the nation last evening on what he referred to as "Middle Class Economics."

Let's review a few relevant facts. The Gaslight Presidency is subtitled 'Obama's policies have crushed middle-class incomes, and he proposes more of the same:'

"The President has suddenly discovered that middle-class incomes have plunged on his watch, and he’s demanding that Congress address this with more of the same policies that have done so much to reduce middle-class incomes. . . . Mr. Obama has spent six years trying to redistribute income, but all he’s done is make the income gap between rich and poor wider.
The nearby chart shows the real income of the median American household since 1984. Earnings soared 14.5% during the 1990s to $56,800, then dipped during George W. Bush ’s first term. They rebounded smartly in 2007 almost to the 1999 peak, and then plunged as expected amid the recession.

The brutal difference of the Obama years is that incomes continued to fall and didn’t rebound with the recovery as they did in every other expansion. Only in 2013 did they finally pick up, ever so modestly. . . .

The Congressional Budget Office reports that total transfer payments to the middle 20% of taxpayers increased 25.9% on average between 2007 and 2011, the latest year for which data are available. The average tax liability for this group fell 24.4%.

Yet their after-tax income nonetheless fell by 1.9% over the same period. That’s what happens with years of subpar economic growth."

Summing Up

Facts are stubborn things, and the truth is the truth.

More of the same class warfare based policies are not what Americans, including members of the 'middle' class, need from President Obama and his band of  redistributionists.

And to paraphrase Forrest Gump, that's all I have to say about that.

Thanks. Bob.

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