It's not the whole picture, of course. You can't break down all the nonsense going on in one paragraph. The bulk of the statement is true but there is so much more. Unions got a big kick back. Government workers got a cut. The wealthy, the poor, politicians, everyone on got a big ol' slice except the middle class, private sector people the actually do the work and pay the taxes. We the People got nothing but screwed. And that is true in Bush's White house and many times truer in Obama's White House.