One of the greatest rallying points for President Obama — and the Democratic party as a whole — is the fight against income inequality and the uneven distribution of wealth. The President has gone as far as calling income inequality “the defining challenge of our time.”
Given the above, one would expect the distribution of wealth during President Obama’s administration to look somewhat…equal, right? Well, here’s what it looks like:
The folks in the middle and at the bottom haven’t seen wage or income growth, not just over the last three, four years, but over the last 15 years.
This statement was made during a September 2013 interview with GeorgeStephanopoulos in which the President was pressed on the results of a University of California, Berkeley study. The same study also revealed:
- From 2009 to 2012, the top 1% of incomes grew by 31.4% while the bottom 99% of incomes grew by only 0.4%.
- Post Great Recession, the top 1% of incomes are “close to full recovery” while the bottom 99% of incomes “have hardly started to recover.”
- “In 2012, the top 1% of incomes increased sharply by 19.6% while the bottom 99% of incomes grew by only 1.0%.”
For President Obama, champion of the 99%, it sure seems like the 1% are getting an awful lot of the pie.