In looking at income inequality from past Presidents until now, it is striking that President Obama is responsible for more income inequality than any other President in history. Yet this, most likely, will be the biggest issue touted on Tuesdays State of the Union message by the President.
In reality the President has made this disparity worse by his Crony Capitalism, his printing of trillions of dollars in new currency and his next to zero interest rates. In the 2012 Presidential Campaign 75% of Wall Street’s political campaign contributions went to Obama. There is a good reason for that.
The trillions of new dollars that Obama has printed is not circulating as planned. The President gave this money to the big banks and Wall Street in anticipation that they would lend it out to business for expansion and start ups. But the Bankers and Hedge Fund Managers are using the money to play the stock market. Coupled with the zero interest rates the increased stock market investment is creating a stock market bubble. The bubble, like the previous housing market bubble, is government created and artificial and one day must come crashing down. One of the influences will be what is happening in the rest of the world – see: http://lexingtonlibertarian.wordpress.com/2014/01/26/global-economic-meltdown/
Obama’s policies encourage gambling rather than gainful investment. When people start taking high risks and go crazy in speculation they create artificial bubbles. Bubbles sooner or later burst.
Under Obama, inflation adjusted median annual household income decreased by 4.45 resulting in each family earning $2,400 less per year. We have the worst employment record in the history of the nation ( those actually working) and record numbers of people on Food Stamps, unemployment compensation and disability.
Yet we will most likely hear in the President’s State of the Union address that we need more big government, more welfare, more Food Stamps, more unemployment compensation, more disability insurance, more Crony Capitalism, more regulations – MORE SOCIALISM! It seems that the Democrat solution is when your policies make things worse you double down on them and push through even more of the same.
Ronald Reagan is rolling over in his grave.