I have nothing against wealthy people. Heck, who wouldn’t want to be wealthy some day? Isn’t that what we all work toward? But isn’t it ironic that the policies of the man who regularly demonized wealth are helping the rich get richer, while the working class continues to slog along? Oh sure, he’s making sure the welfare system is overwhelmed with his “spread the wealth” schemes, but really all he’s doing is spreading the misery to the middle class. The rich are insulated, as evidenced by the latest news that only the wealthy have recovered their losses after the financial crisis. The rest of us have seen our fortunes plummet with no recovery in sight.
Increasing housing prices and the stock market”s posting all-time highs haven’t helped the plight most Americans. The average U.S. household has recovered only 45 percent of the wealth they lost during the recession, according to a report released yesterday from the Federal Reserve Bank of St. Louis.
This finding is a very different picture than one painted in a report earlier this year by the Fed that calculated Americans as a whole had regained 91 percent of their losses. The writers of the report released yesterday point out that the earlier number is based on aggregate household-net-worth data. However, this isn’t adjusted for inflation, population growth or the nature of the wealth. Further, they say much of recovery in net worth is because of the stock market, which means most of the improvement has been a boon only to wealthy families.
“Clearly, the 91 percent recovery of wealth losses portrayed by the aggregate nominal measure paints a different picture than the 45 percent recovery of wealth losses indicated by the average inflation-adjusted household measure,” the report said. “Considering the uneven recovery of wealth across households, a conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the researchers said.
At this point anyone paying attention should know that Obama has no interest in increasing the fortunes of the working classes. His main interest is fundraising off of the wealthy so he can continue the destruction of our republic, and he won’t be able to do that if he implements policies that don’t favor them over the rest of us. They keep giving despite his class warfare because they know where their bread is buttered.
Oh, and have you noticed how he hasn’t curbed his lavish lifestyle one little bit? He makes sure he lets those he publicly bashes know he really is one of them.