Obama Grows Economy from the Bottom Out

President Obama bemoaned the rise of inequality in his January "State of the Union" address, French economist Thomas Piketty’s book on inequality is on the number one on Amazon.com and Hillary Clinton’s talks about the “Cancer of Inequality” in her new book Hard Choices. These liberals are right that the rich gained income and the middle class substantially lost income since 2009. But it was middle-wage workers falling into low-wage jobs that caused the inequality to grow. The Obama Administration’s tax, regulatory, and healthcare policies drove up employer costs and job categories formerly middle class are now low-wage. The Bureau of Labor Statistics hourly wage data by job type provides average hourly wage data of all employees for 489 different industry and job types on a monthly basis.  By using this data, real aggregate earnings can be determined by multiplying the total number of hours worked for each job by the average hourly...(Read Full Post)