We already know that that the median net worth of U.S. families plunged by 39% in just three years, from $126,400 in 2007 to $77,300 in 2010.
We already know that the number of Americans living in poverty and receiving food stamps is at an all time high — more than 46.5 million Americans or 20% of U.S. households.
But it’s not just the poor and the middle class who are getting poorer under the Obama administration. Nearly four years of the POS steering the ship of state, even the rich have gotten poorer — as shown in U.S. Census Bureau data.
The Census Bureau’s annual report, “Income, Poverty, and Health Insurance Coverage in the United States,” says that 46.2 million Americans (15% of the U.S. population) lived in poverty in 2011. In fact, the number of poor Americans had increased for three consecutive years (2009-2011).
But Wolfers and other liberal pundits are wrong. Durden points out that if we look at the Census data of wealth dispersion by percentile, the data actually show “that both the household income of the … wealthiest 95th percentile, as well as the income spread between the 95th and 10th percentile, over the past 5 years has actually been going down. In fact, the average income of the richest disclosed percentile is $186,000, or the lowest since 1999. […] the wealth of the top percentile has been not only flat but modestly declining for 12 years.”
It may be that the rich are getting richer if what one means by “the rich” are the top 5% or top 1% or, most likely still, the top 0.1% or top o.00001%. Durden concludes that “the number of people truly getting richer in the current economy, is more and more limited to a few hundred people,” which is another way of saying 99% or 99.9% of Americans are getting screwed.
That, in turn, means that for all of Conservatives’ labeling Obama as “socialist,” he really isn’t one. Unless, of course, what is meant by “socialism” is the corrupt brand of “socialism” of the former Soviet Union and other Marxist-socialist countries, where everyone lives in poverty except for the supreme leader and the political elite of the Communist Party.