by William Teach | September 5, 2014 7:13 am
That would be the top 10% of income earners
(Washington Times) Under President Obama, the richest 10 percent were the only income group of Americans to see their median incomes rise, according to a survey released this week by the Federal Reserve.
The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.
“Data from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent.
“The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,” the report stated. The SCF is conducted by the Federal reserve triennially and compiles information about family incomes, credit use, net worth and finances.
It’s no wonder Obama and Democrats yammer on about income redistribution and raising the minimum wage and other populist notions, as well as more and more people being on government assistance programs: their policies have caused direct harm to the incomes of the bottom 90%, while significantly helping those in the top 10%.
“The wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013. … The share of wealth held by the bottom 90 percent fell from 33.2 percent in 1989 to 24.7 percent in 2013,” the report stated.
When’s this “recovery” going to happen?
Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.
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