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American Dream Betrayed

The 1% President

"If you feel you're falling behind in the income race, it's not just your imagination. The wealth gap between the top 1% and the bottom 99% in the U.S. is as wide as it's been in nearly 100 years, a new study finds," the Los Angeles Times reports.

Put another way by The Week: "For the first time since the government started collecting the relevant data in 1917, the wealthiest 10 percent (earning at least $114,000 a year in 2012 dollars) is earning more than half - 50.4 percent - of U.S. income."

An historic presidency indeed.

"Two months ago, President Obama declared that reversing income inequality must be Washington's 'highest priority,'" MSNBC's Ned Resnikoff notes, "but the issue has subsequently dropped off the map again."

Well, it's not like Obama hasn't had five years to prioritize his economic agenda.

Let's go to the videotape:

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"This week marks the fifth anniversary of the collapse of Lehman Bros., heralding the Great Recession," Andrew Ross writes for the San Francisco Chronicle.

"And there's been a fair amount of studies and stock-taking. The main takeaway: the better off are better off than ever. Most of the rest are right where they started, or worse."

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Yet another way to put it, from the Atlantic: Last Year Was The 4th-Best Year Ever For The Top 1 Percent.

Ever.

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Thankfully, Businessweek is on it:

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Comments welcome.



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Posted on September 12, 2013


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