Income inequality is defined as:
“The unequal distribution of household or individual income across the various participants in an economy. Income inequality is often presented as the percentage of income to a percentage of population. For example, a statistic may indicate that 70% of a country’s income is controlled by 20% of that country’s residents.”
“It is often associated with the idea of income ‘fairness’. It is generally considered ‘unfair’ if the rich have a disproportionally larger portion of a country’s income compared to their population.”
It has become one of Barack Obama’s rallying cries to force his socialistic redistribution of wealth concept on America. I can’t count the number of times that Obama has talked about income inequality and the redistribution of wealth. He makes it sound like it’s a sin for anyone to work hard and be successful. If you invent or create something that makes you rich, you are an evil and greedy person who should be forced to share your wealth the millions of lazy people that do nothing and expect everything.
Yet, Obamanomics has created the largest increase in income inequality over the past twenty years. Under former President Bill Clinton’s eight years in office, income inequality rose 1.8%. Under former President George Bush’s eight years in office, income inequality did not increase at all. In the first five years of President Obama’s term, income inequality has increased by 2% and there seems to be no slowing it down.
Remember just a short time ago when the social fad was the Occupy movement? It was nothing more than liberals blaming all of the country’s economic problems on the wealthy people who owned the factories and stores that supplied millions of jobs for Americans. Filmmaker Michael Moore was one of the biggest hypocrites of the Occupy movement as he also condemned the one percenters of which he was one, being worth over $50 million.
President Obama also supported the Occupy movement and condemned the one percenters for not sharing their wealth with all of the lazy Democrats who refuse to work. Like Moore, Obama is once again proven to be the hypocrite. When he first announced in 2007 that he was going to run for president, his worth was reported to be a mere $1.3 million. Not bad for a poor boy from Kenya who never really worked a day in his life, is it?
According to the latest financial disclosure reports, Obama is now worth $7 million and climbing. That’s a 438% increase in his worth since he announced his presidential aspirations. Talk about income inequality considering the median income per household is only $51,000 a year and Obama is pocketing millions.
If he is so set against income inequality, then why do many of his economic and job policies force millions more Americans into poverty than ever before? When Obama took office, 12.5% of the American people lived at or below the poverty line. In 2009, that jumped to 13.2%. In 2010 it jumped up to 14.3% and in 2011 it reached 15.1%. In 2012, more than 16% of the American people were classifies as living at or below the poverty line. In January of this year, it was reported that 50 million Americans lived below the poverty line and 47 million of them receive food stamps.
Realize that nearly 1 of every 6 people in the US are now living below the poverty line and the gap is becoming smaller each and every day. If Obama really cared about income inequality as he claims to be, then you would expect him to do whatever it takes to improve the economic conditions of the nation. Instead, it seems that everything he does is counterproductive and only makes the matter worse. And all the while he is fattening his own piggy bank by leaps and bounds.
What I don’t understand is why so many of the poor continue to support and vote for him since he only makes it harder for them to improve their lives and get out of poverty?