David Lynch of Bloomberg News points out something very interesting, that if President Obama is really a nefarious socialist whose “redistribution” schemes are designed to destroy the wealthy and push those lazy 47 percenters to a place of true equality, he’s failing miserably at it.
Republican Mitt Romney has attacked the president for supporting the use of government programs to redistribute income and for a free-spending response to the 2008 financial crisis.
Yet since Obama took office in January 2009, wealthy Americans have continued to pull away from the rest of society. In the aftermath of the recession, income inequality in the U.S. reached a new high in 2011, Census Bureau data show.
Even as the president has decried the hollowing out of the middle class, the fortunes of labor and capital have diverged on his watch. Quarterly corporate profits of $1.9 trillion have almost doubled since the end of 2008, while workers’ inflation- adjusted average hourly earnings have declined.
“At the very high end, people got a whole lot wealthier whereas income stagnated at other levels,” said Anne Mathias, director of Washington research for Guggenheim Securities LLC. “Fifty years ago, people talked about the other half, how the other half lived, and now we’re talking about the other 1 percent.”