Investors.com posted an article yesterday about President Obama’s speech declaring that his policies would bring ‘fairness’ to America. Unfortunately, all President Obama’s policies have brought is shared misery.
The article reports:
But by Obama’s own measure, the country has gotten more “fair.” The richest 1% now pays almost 40% of all federal income taxes, up from 25% two decades ago, while the bottom half pays only 2%, down from 6%. The federal regulatory state has never been as big, and government spending as a share of the economy is at record levels.
What’s unfair is what these policies have produced — a woeful economic recovery that’s hurt the middle class the most.
In fact, as IBD reported recently, the only winners since Obama took office have been corporations (profits are up 68%) and Wall Street investors (the Dow’s up more than 45%). The rest of the country has gotten the shaft.
The article further reminds us that since President Obama took office, unemployment is higher, house prices are lower, and inflation is beginning to rise. Since the recession supposedly ended in June 2009, household income has dropped almost 7 percent.
The article also reminds us that:
And income inequality — which was flat during the Bush years — has started to rise.
What we have now is crony capitalism. Solyndra and other ‘green’ companies staffed by President Obama’s fundraisers have received large amounts of money from the government in the past year, as have many Wall Street firms. Meanwhile the rest of us are struggling to keep up.
The only economic fairness President Obama has brought us is shared misery. We need to remember this in 2012–regardless of who the Republican candidate is.