For the 99%, no recovery at all under Obama

James Pethokoukis writing at the AEI blog has a fascinating post up about income inequality and the recovery from the Great Recession. Basically, it is true that the 1% have received the lion's share of wealth that has been created for the last 20 years (actually going back to the 1970's). But under Obamanomics, the problem has gotten much worse and this can be seen in the unevenness of the recovery: Liberal economist Emmanuel Saez produced a study on income inequality that showed the top 1% capturing 93% of the wealth created in the first year of the recovery. The figure was 65% during the Bush administration. James comments: 1. So this isn't exactly an endorsement of the Obama recovery is it? I mean, for 99 percent of Americans there has been no recovery, according to Saez. In other news, Wall Street paid its employees more than $40 billion in bonuses the past two years. 2. Saez embraces and promotes the back-to-the-1950s nostalgia economics of Obamanomics and modern liberalism:...(Read Full Post)