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Obama's economic plans for America, as propounded on the 2008 campaign trail, were to bring wealth down instead of build it up. On this point he has succeeded, and his presidency is a failure because of it.
Republican VP candidate Paul Ryan spoke to this on Friday, when he declared, "The Obama economic agenda failed not because it was stopped, but because it was passed." In other words, Obama's goal from the start was to level the playing field, not by bringing lower incomes and standards of living up but by bringing higher incomes and the accumulation of wealth down. ......
Obama Has Failed Because His Policies Succeeded
From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%. The share of total income in America going to the top 1% of American households (also after federal taxes and income transfers) increased from 11.3% in 1979 to 20.9% in 2007. During the Great Recession of 2007-2009, inequality declined, with total income going to the bottom 99 percent of Americans declining by 11.6%, but falling faster (36.3%) for the top 1%. However disparity in income increased again during the 2009-2010 recovery, with the top 1% of income earners capturing 11.6% of income and capital gains, and the income of the other 99% remained flat, growing by only 0.2%.
Originally posted by xuenchen
Republican VP candidate Paul Ryan apparently made this interesting statement during a speech on Friday.