President Obama loves talking about income inequality. He’s like a broken record. What he doesn’t mention is that income inequality is worse than ever under his watch. Of course, he’ll blame others for his failed economic policies.
But a look back shows that income inequality has grown, not shrunk, under the current president.
“All told, income inequality has tended to get worse under President Obama,” American Enterprise Institute President Arthur Brooks said.
The gap between rich and poor has fluctuated greatly over time, but there are signals that the country is going back to a divide not seen in a long time.
Back in 1928, the top 1 percent of earners received about a quarter of all pre-tax income. The bottom 90 percent received just over half of it. …
Through the ’50s and ’60s and early ’70s, decades of economic growth brought prosperity for all. Each economic group’s income share remained fairly constant. Then came the late 1970s, where under President Carter, the top 1 percent saw their share begin to rise and the bottom 90 percent saw theirs begin to fall.
Between then and now, the share of income gains captured by top earners grew. The top 1 percent saw a 45 percent increase under Clinton and a 65 percent increase under Bush.
That number has dramatically increased since Obama’s inauguration in 2009. By 2012, the top 1 percent was back to where it was decades ago — taking in about a quarter of all pre-tax income. Yet the bottom 90 percent saw their share fall below 50 percent for the first time in history.
Update: The Daley Gator linked and says “Liberalism is an ideology for the stupid.” This is true.