White House Admits Obama Recovery Has Made Inequality Worse

Conn Carroll
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Posted: Feb 19, 2015 4:00 PM
White House Admits Obama Recovery Has Made Inequality Worse

The White House Council of Economic Advisers released the Economic Report of the President Thursday, a document which noted that median family incomes are down since President Obama took office and inequality is up.

"There is no denying the strength of the aggregate recovery," the report reads, "but its benefits have not yet been fully shared with the middle class."

Not only have the "benefits" of the Obama recovery not been "fully shared," but many Americans are still worse off today than when Obama became president. 

According to the Census Bureau, median family income was $54,059 when Obama became president in 2009. In 2013, the most recent year available, median income was just $51,939, a tiny $181 increase from $51,758 low of 2012.

The Economic Report also notes that inequality has only gotten worse during the Obama recovery. "Broadly speaking, the [Survey of Consumer Finances] shows that the recovery in net worth has been uneven for households across the income distribution, as the top 10 percent of income earners have regained much of their wealth through 2013, on average, than the bottom 90 percent of earners." 

"Such an uneven recovery," the report continues, "implies that wealth inequality has continued to increase in recent years."

The report does claim that Obamacare and Obama's 2012 tax hikes have "mitigated" the rise in inequality, but no where does the report mention how Obama used distressed middle class homeowners to bailout Wall Street banks or how Obama's unemployment policies cost the economy 1.8 million jobs.