If you’re Rich you’re doing well during the Obama Presidency

Posted by PITHOCRATES - June 9th, 2013

Week in Review

The rich continue to get richer in the worst economic recovery since that following the Great Depression.  And it’s a Democrat in the White House.  Who said he was the champion of the middle class.  But the facts sure don’t bear that out (see Tim Carney: Conservative reformers should fix the rigged game by Timothy P. Carney posted 6/4/2013 on The Examiner).

The game is rigged against the regular guy in America today. And it’s rigged in favor of big business, the politically connected, and the wealthy…

Corporate profits soared to a record $1.73 trillion annualized rate in the first quarter of 2013, more than triple what they were in 2001, according to data from the Bureau of Economic Analysis.

Banks made a record $40.1 billion in profits in the first quarter, 16 percent higher than a year before, according to FDIC data…

And how’s the regular guy doing?

New business formation continues to fall to record lows. In 1980, nearly half of all firms were less than five years old. The latest data from the Kaufmann Foundation puts that number at about one-third.

And the working man isn’t faring better. Unemployment, while improving, is still high. Maybe worse is the collapse of median household income — down more than 7 percent since 2008, and it is not noticeably climbing.

Wait a minute, did I miss something?  I thought President Obama won the 2012 election.  Not that rich guy with Wall Street friends.  Mitt Romney.  For this is exactly what President Obama warned us would happen if we elected Mitt Romney.  The rich would get richer.  And the poor would get poorer.  And here that is happening under the Obama presidency.  Guess Mitt Romney isn’t the only rich guy with friends on Wall Street.

Meanwhile, federal spending hit a record 26.9 percent of GDP in 2010. While it dropped a bit to 24.8 percent in 2012, that is still higher than any year between World War II and 2009 and 18 percent higher than the average year from the previous five decades.

So it’s no surprise that seven of the 10 richest counties in the United States are in the Washington, D.C., area. Revolving-door lobbyists and government contractors are living the high life in McLean, Georgetown, and Great Falls.

The game is rigged, and conservatives can point out that the chief game rigger is government. The tax code is convoluted, regulations are terrifying, big businesses that fail get bailed out while small entrepreneurs get crushed by bureaucracy…

Republicans ought to abolish corporate welfare, including subsidies for exports and green-energy projects. Break up the big banks. Get rid of corporate tax credits.

Politically, these policies checkmate Democrats because corporatism is at the heart of President Obama’s economic agenda. Subsidies for Boeing, Chrysler and General Electric are the building blocks of Obama’s “New Economic Patriotism.” Obamacare was built in collusion with drugmakers and the hospital lobby.

So big government policies help, surprise, surprise, big government.  Where we are but pawns in their game of ruthless power acquisition (as in the IRS harassing those Tea Party members).  And accumulation of wealth.  For it’s all about them.  Those in government.  And those connected to those in government.  Sure, they’ll throw a few alms out to the poor.  Some free birth control to young voters.  Not enough of anything to improve their lives.  But enough to keep them happy.  And voting Democrat.  While they laugh.  All the way to the bank.  And then back to their plush estates in McLean, Georgetown, and Great Falls.

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