Since Obama claims that he is the champion of the middle class, what does his record actually show? Quite simply that middle-class household incomes have declined by $4,500, while the wealth of his billionaire friends has increased.
None of those billionaire buddies has done more for the president than George Soros, a major contributor to Obama's 2008 campaign and funder of a host of liberal organizations, most importantly Moveon.org. According to Forbes magazine, Soros is the 15th-wealthiest person in America. In mid-2008, his wealth was $9 billion, but that was before the election of his protégé. By mid-2012, it had increased to $19 billion. So while the average Joe saw his family income decline by 10%, billionaires like Soros saw theirs more than double.
So while Obama campaigns as an enemy of the rich, he has done nothing to slow their accumulation of wealth. It's not the super-rich that Obama has in his sights -- it's the middle class who aspire to wealth. Under Obama's rules, they will never get there.
The destruction of the middle class has been methodical and systematic. The top 10% of earners had a median net worth of $1.19 million, or 192 times as much as the median wealth of $6,200 of those in the bottom 20% in 2010. In 2007, the top 10% had 138 times as much wealth as the bottom 20%. In 2001, it was 106 times as much. With the continued rise in the stock market, declining real wages for the middle class, and further home price declines, the gap between the top 10% and the bottom 20% has continued to widen. The level of pain being experienced by the middle class has reached an unprecedented extreme. A few data points from David Rosenberg make that clear:
Forty-six million Americans (one in seven) are on food stamps.
One in seven is unemployed or underemployed.
The percentage of those out of work defined as long-term unemployed is the highest (42%) since the Great Depression.
54% of college graduates younger than 25 are unemployed or underemployed.
47% of Americans receive some form of government assistance.
Originally posted by neoholographic
Obama has simply destroyed the Middle Class.
GAP BETWEEN RICH AND POOR HAS WIDENED
THE 1% HAS GOTTEN RICHER
MIDDLE CLASS INCOME DOWN
FLOODING THE MARKETS WITH CHEAP DOLLARS
Originally posted by DerekJR321
Look I'm no Obama fan either.. but let's get real. None of the above was done by Obama. I still don't get why people believe the "President" is the be all, end all in this country.
Originally posted by neoholographic
reply to post by DerekJR321
Yes, all of it happened under Obama.
Just like Bush was horrible for the economy.
All of this nonsense that Obama has nothing to do with anything is just silly talk.
All of a sudden Obama gets into office and people say he's a god that walks on water and in the next breath you say he can't do anything so anything bad that happens has nothing to do with king Obama.
Give me a Break!!
In the aftermath of President Barack Obama's successful re-election bid Tuesday, market experts prepared for an accelerated push of easy Federal Reserve monetary policy.
That likely will clash against even more uncertainty in Washington as en election that produced little more than the status quo failed to resolve the burgeoning fiscal issues that threaten the U.S. economy. (Read More: Next Up for Markets? The Fiscal Cliff)
The central bank during Obama's presidency has expanded its balance sheet from about $800 billion to approaching $3 trillion, with even more growth to come as the Fed cranks up the third round of its quantitative easing debt purchasing program.
"With Obama getting re-elected it's sort of the status quo and the QE carries on," said Lee Ferridge, head of macro strategy for North America at State Street Global Markets. "The result is positive for risk generally — negative for the dollar but positive for risk. We know the extremely loose monetary policy we've been used to so far will continue."
"It might be good for Mr. Obama's friends, but it's not good for the world," widely followed investor Jim Rogers complained on CNBC in reference to the cheap-money policies of the past four years.
His strategy: "Today I'm going to short more bonds, more U.S. government bonds. I'm going to buy more commodities, both base metals and precious metals. It looks to me like money printing is going to run amok now, spending is going to run amok."