Obama proclaimed in [his] second Inaugural Address, “our country cannot succeed when a shrinking few do very well and a growing many barely make it.” But that is exactly what is happening under Obama’s economy.
Under Reagan, the rich got richer and the poor got richer. After Reaganomics took hold in 1983, incomes for every quintile, from the top 20% to the bottom 20%, rose. The poverty rate also declined for every year thereafter while Reagan was President.
But President Obama is following exactly the opposite of every policy of Reaganomics, so he is getting basically the opposite results. The incomes of the top 20% have still been rising under Obama. But the incomes of everyone else, the bottom 80%, have been falling!
Source: The American Spectator: Obama’s Rising Inequality
And, from the Investor Business Daily:
Research by University of California economist Emmanuel Saez shows that since the Obama recovery started in June 2009, the average income of the top 1% grew 11.2% in real terms through 2011.
The bottom 99%, in contrast, saw their incomes shrink by 0.4%.
As a result, 121% of the gains in real income during Obama’s recovery have gone to the top 1%. By comparison, the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton’s expansion in the 1990s.
The Census Bureau’s official measure of income inequality — called the Gini index — shows similar results. During the Bush years, the index was flat overall — finishing in 2008 exactly where it started in 2001.
It’s gone up each year since Obama has been president and now stands at all-time highs.
Heck, even the liberal Daily Kos understands this: Income Inequality has grown much faster under Obama than George W. Bush