"PolitiDose" has been in the forefront of the above subject matter since its inception, even before the Huffington Post which was the subject of one of my commentary dated 4/22/2010 titled, "Arianna and The Huffington Post: Looks Like A Copy Cat Job." The transfer of wealth has been so glaring and so easy to understand one need not know the stats.
Now comes a story out of the Associated Press by Josh Boak concerning Standard and Poor's study report and the findings are as follows: The widening gap between the wealthiest Americans and everyone else has slowed the U.S. economy's recovery from the Great Recession. Because consumer spending fuels about 70% of the economy, weak pay growth typically slows economic growth. Between 1979-2012 the top 1% has thrived. Their incomes averaged $1.26 million in 2012, up from $466,302.00 in 1979 according to IRS data. During that same time median household income increased a few thousand dollars.
It should be noted that period of time covered the Reagan, Bush 41, Clinton and Bush 43 administrations. And everyone knows during that time when Reagan and Bush 43 tried trickle down economic tax cuts while the Clinton administration raised taxes on those making over $200,000.00 a year, the country and its people did the best under Clinton in all phases that one can think of.
When President Obama leaves office his record will be compared for his years. There will be no doubt that his record on the economy, jobs, reducing the federal deficit and median household income will out perform President George W. Bush and his administration. That will say a lot considering the immense problems Obama inherited from Bush on just about everything.
When readers of "PolitiDose" continue to read about the subject matter elsewhere, remember, you read it all here first in "PolitiDose", your daily dose of political commentary.
This commentary written by John Lucia.
