President Obama is a failed president. That’s if you are part of the 99 percent. The 1 percent have done great under him. That means income inequality has gotten worse in the last 7+ years. But don’t tell Barack that. He’s obviously in denial:
“Of course we have a lot to be thankful for this Thanksgiving,” the president, flanked by two wandering 40-pound turkeys named Tater and Tot, told reporters and aides gathered in the White House Rose Garden. “Six straight years of job creation, the longest streak ever. Low unemployment, wages are rising again, inequality is narrowing, the housing market is healing [and] the stock market has nearly tripled.”
The evidence points to a different reality:
Despite the last few years of “recovery,” the share of wealth held by the bottom 50% of the U.S. population declined from 1.15% in 2010 to 1.05% in 2013. This is less than half of where it stood in 2007, before the great recession, when the share of the country’s wealth held by the poorest 50% of the population was at 2.5%.
In 2008, Obama spoke of hope for a better future. If the wealthy hoped for a greater share of the nation’s wealth, their hope was fulfilled while the wealth conditions of most everyone else have declined.
And even compared to other countries the U.S. has lagged behind:
This Obama report card calls Obama’s record on income inequality a failure:
Fight against income inequality: Failed
The U.S. economy has come out of the recession during Obama’s period, and unemployment has decreased. However, these gains achieved by the economy were not shared equally as Obama had promised.
Official and academic studies indicate that the inequality in the income distribution, which has worsened gradually over the past two decades, has reached its highest level in a century under President Obama’s presidency.
According to Allianz Insurance’s “Global Wealth Report,” with 80.56, the U.S. comes out on top among the countries with the highest Gini Coefficient, which is used to measure income inequality. The steady decline in average household income between 2007 and 2014 played a major role in the severe income inequality, which is also one of the major reasons behind the increasing social tensions in the country.