Yeah, those mean ol’ Republicans always standing up for the rich folk! I wish we could get a Democrat in the White House so the little people could do well… wha… huh… wait!
The Washington Times headline says it all: “Fed: Under Obama, only the richest 10 percent saw incomes rise.”
Under President Obama, the richest 10 percent were the only income group of Americans to see their median incomes rise, according to a survey released this week by the Federal Reserve.
The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.
“Data from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent.
“The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,” the report stated. The SCF is conducted by the Federal reserve triennially and compiles information about family incomes, credit use, net worth and finances.
The 2010-2013 SCF found that even though real gross domestic product grew by 2.1 percent and civilian unemployment fell from 9.9 percent to 7.5 percent, only families at “the very top of the income distribution saw widespread income gains,” though mean median income levels still lagged behind 2007 numbers.
Want to see “income inequality” dissipate—without needing to scuttle freedom in the process? Kill the Federal Reserve, and take the power to enact insane “bailouts” and special regulations, designed to protect certain industries from competition, away from Washington, DC. In other words, just put Congress back under “the chains of the Constitution” (Thomas Jefferson).
This is a simple story of economic incentives—if you give the elite the power to tip the table in their favor, guess what? Yep, they’ll do it. We need to return the power to the People, where the Constitution says it’s supposed to reside. Start with an Article V Convention of States to establish a balanced budget amendment, and repeal the 17th Amendment, and we’d be well on our way.
I absolutely guarantee you—guarantee—that after a painful time of adjustment to a more just economic system, we would see prosperity spread more evenly, with lower taxes, and greater numbers of people back to work.
It’s time to stop Wall Street and Washington, DC from gambling away our future.