Oops! Rich Got Richer Under Obama And Clinton
Are you Occupiers ready to abandon Obama yet, and apologize to George W. Bush? Because Bush was better for the middle class (via Gateway Pundit)
(Investors Business Daily) In his weekend radio address, President Obama decried that “over the past three decades, the middle class has lost ground while the wealthiest few have become even wealthier.” Although he was trying to leverage the Occupy Wall Street movement, the income gap has been a longstanding concern of his.
During the 2008 campaign, Obama said, “The project of the next president is figuring out how do you create bottom-up economic growth, as opposed to the trickle-down economic growth that George Bush has been so enamored with.”
But it turns out that the rich actually got poorer under President Bush, and the income gap has been climbing under Obama.
What’s more, the biggest increase in income inequality over the past three decades took place when Democrat Bill Clinton was in the White House.
Well, that’s a smack in the kisser with the cold dead mackerel of reality, eh?
As the story points out, the top 5% saw their income go down 7% under Bush. Let’s check the graph
And because some like to whine about Ronald Reagan
Meanwhile, during Clinton’s eight years, the wealthiest 5% of American households saw their incomes jump 45% vs. 26% under Reagan. The Gini index shot up 6.7% under Clinton, more than any other president since 1980.
So, all in all, under Clinton and Obama, the rich got richer, and the poor got poorer. Hey, Occupiers, why not go protest at Obama’s houses in Washington and Chicago?