According to a new study by the Pew Research Center, 93% of American households lost net worth during President Obama’s first term. So much for that “recovery.”
from USA Today:
The richest Americans got richer during the first two years of the economic recovery while average net worth declined for 93% of the nation’s households, the Pew Research Center said Tuesday.
The Pew report says wealth held by the richest 7% of households rose 28% 2009 through 2011, while the net worth of the other 93% of households dropped 4%.
Pew says the main reason for the widening gap is that affluent households have stocks and other financial holdings that increased in value, while the less wealthy have more of their assets in their homes, which haven’t fully regained their value since the housing downturn.
The problem here is not the so-called “wealth gap” between the richest and poorest. I’ll let Maggie Thatcher explain what’s wrong with that thinking.
No, the problem is that the economy has not recovered at all under President Obama; it has only gotten worse. The stock market’s gains are basically artificial, propped up by Obama’s “quantitative easing” (read “printing money”).
President Obama’s policies were supposed to “redistribute the wealth” away from the “evil 1%.” Instead, he has exacerbated a gap that liberals love to blame on conservatives. You cannot create a wealthy society by punishing the wealth creators, and that is exactly what President Obama’s economic policies do.