Fed: Under Obama, only the richest 10 percent saw incomes rise
The headline should read:
Fed: Under the Democrats, only the richest 10 percent saw incomes rise
The point is made in paragraph 6 with a suggested solution in paragraph 7.
1. Under President Obama, the richest 10 percent were the only
income group of Americans to see their median incomes rise, according to a
survey released this week by the Federal Reserve.
2. The Fed
data covered the years 2010-2013, during which period Mr. Obama constantly
campaigned against income inequality and won re-election by painting his
Republican rival as a tool of Wall Street plutocrats.
3. “Data from the
2013 [Survey of
Consumer Finances] confirm that the shares of income and wealth held
by affluent families are at modern historically high levels,” the report said
in noting that the median income fell for every 10-percent grouping except the
most affluent 10 percent.
4. “The 2013 SCF
reveals substantial disparities in the evolution of income and net worth since
the previous time the survey was conducted, in 2010,” the report stated. The
SCF is conducted by the Federal Reserve triennially and compiles information about
family incomes, credit use, net worth and finances.
5.
The 2010-2013 SCF found that even though real gross domestic
product grew by 2.1 percent and civilian unemployment fell from 9.9 percent to
7.5 percent, only families at “the very top of the income distribution saw
widespread income gains,” though mean median income levels still lagged behind
2007 numbers.
6.
The report
comes just a week after AFL-CIO President Richard Trumka said the union group
would not endorse any more Democrats that following President Obama’s economic
policy.
7. “We will call
in and question all of the candidates,” he said. “One of our biggest concerns
is who is the candidate’s economic team, because if the present economic team
doesn’t change, you are going get the same results.”
8. The survey also
found that families in the middle income bracket (40th to 90th percentiles) saw
“very little” change in average real incomes and still have not recovered
losses from 2010 and 2007. Families at the bottom of the income distribution
continued to see “substantial declines” in average real incomes, a continuing
trend from the previous two surveys.
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Note: This story tends to prove one thing:
The More Democrats In Office, The Less Money In Your Pocket
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