Just last week an editorial by writer Walter Russell Mead, published in “The American Interest,” pointed out that Black America in particular is suffering under President Obama. Noting that some of the most staunchly Democrat states in the country – including Wisconsin, Michigan, and Minnesota – have produced some of the highest double-digit unemployment rates among Black Americans, Mead described our current era as one of “deepening alienation, anger, and despair in America’s inner cities.” Of course it is still not acceptable for elected Democrats to admit that the president’s “spending solutions” are harmful. Thus, Chicago Police Chief Gary McCarthy recently chose to blame the 2nd Amendment of the U.S. Constitution for the rising crime and unrest in his city, claiming that the right to “keep and bear arms” is an “extension of government sponsored racism.”
Americans who have maintained good credit scores and payment histories are most certainly not benefiting from President Obama’s wealth redistribution policies. The President insists that his Administration is providing “help” to borrowers who have fallen on hard times, but in reality the Administration has bailed-out banking institutions, and not individual people. We now have a financial system that is incentivized by our government to “forgive” portions of debt and to modify repayment terms for consumers with bad credit, while banks ignore credit-worthy consumers who pay their bills on time.
On the other hand, banks and the people who run them seem to be benefiting pretty well from President Obama’s spending. So do certain executive level folks at certain companies in certain other sectors of our economy. In fact, a new research project conducted by Capgemini and Bank of America shows that the world’s population of High Net Worth Individuals (HNWI) with $1 million or more in “investable assets” rose 8.3% over the previous year, to a total of 10.9 million people. This is to say that while President Obama’s policies are not “creating jobs,” a lot of personal wealth is being created for select individuals.
As much as President Obama has served up plenty of harsh criticisms for “overpaid executives” and “greedy companies” over the last three years, businesses and corporate executives that have politically allied themselves with him have, in many cases, been “blessed” by his spending of our money. For example, ABC News reported earlier this spring that “billions” of “stimulus dollars” have been handed-over to unionized construction companies, yet “shovel ready” infrastructure projects still haven’t emerged. More interestingly, many of these same companies owe the federal government unpaid taxes – but, they’re unionized.
If you’re on good political terms with President Obama, you may get to order “as much as you want.” If you’re second in line, you may have to pay for it all.
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.