Under Barack Obama, income inequality for all in America has gotten much worse in the United States. This news comes as Obama tries to pivot back to the economy, seeing as how he totally failed in foreign policy the last few weeks. But Obama has been failing with the economy since taking office. While the White House tries to spin good news about an economic recovery, the only folks benefiting are the wealthy. About 95% of all gains in income went to the top 1%. Also, the top 1% now account for 38% of all consumer spending. From when Bill Clinton took office to when George W. Bush left the White House, the top 1% went from 20% to 26% of all consumer spending. While school children are denied access to White House tours, lobbyists have free run of the place as they petition Obama for more money to feed their wealthy clients.
Yes, Obama may be a Socialist but he is a fan of Crony-Capitalism. This is consistent with the general Obama attitude of elitism and enlightened despotism which he tries to practice. Big, centralized government with a small but powerful group of big money bags to make the job of getting big donations all the easier. This is love, Washington style!
So here we are some five years after the big Wall Street meltdown and many think that everything is A-Okay because the stock market is above 15,000. The Dow Jones reacted well on Monday to the news that Larry Summers has withdrawn himself for consideration as the next Chairman of the Federal Reserve. Summers was widely believed to be in favor of ending Quantitative Easing and allowing interest rates to rise again. This move would have forced Wall Street whales to actually do some work and accept more risk with their casino-like moves.
My hero, Neil Barofsky, the former Inspector General for TARP, continues his criticism for how the Obama administration mismanaged the TARP funds. Barofsky is none too kind with GW Bush, too! The TARP money should have been used to deal directly with the ′toxic assets′, such as the bad mortgages issued by lenders, and help relieve the credit crunch faced by millions of small businesses. But, instead, TARP money was used to bail out banks ′too big to fail′ and other stimulus money was used to help companies owned by financial contributors to Obama and Democrat candidates.
Five years after the 2008 Crash, the economy is still weak and shaky under Barack Obama as income inequality for all in America but the super wealthy increases in the United States. Obama attempted to pivot attention back on the economy this as he faces another budget and debt ceiling showdown with Congress and the GOP members in the House. Dishonest as always, Obama continues to preach that the economy has improved, while new statistics show that 95% of income gains went for the top 1%. The top 1% have also increased their percentage of consumer spending from 26% to 38% under Obama. Crony Capitalism is alive and well in the Obama White House.