Under Obama, income growth has been confined almost entirely to those at the top of the income distribution, continuing a pattern that began under President George W. Bush.
Sentiment: NEGATIVE
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
The fundamental problem is that President Obama has grown government. He has grown the private sector jobs.
In the richest country in the history of the world, this Obama economy has crushed the middle class. Family income has fallen by $4,000, but health insurance premiums are higher, food prices are higher, utility bills are higher, and gasoline prices have doubled. Today more Americans wake up in poverty than ever before.
All of Obama's policies are working against economic growth, not for it, and Republicans ought to be talking about it and they're not. We need to take a stand.
Income inequality has gotten worse under President Barack Obama.
After 25 quarters of so-called recovery under Obama, it has increased a total of only 14.3 percent. Compare this to earlier periods. After the JFK tax cuts of the early 1960s, the economy grew in total by roughly 40 percent. After the Reagan tax cuts of the 1980s, the economy grew by a total of 34 percent.
Obama's presidency hasn't been dedicated to achieving economic growth in the short term, or about creating jobs.
The gap between rich and poor under President Obama is getting bigger because fewer well-paying jobs are available. Corporations are being taxed to the hilt and are loathe to add more workers. Thus, salaries fall because there are more than enough applicants to fill any job vacancy.
President Obama believes that income inequality is one of the most pressing matters facing the nation. If we are going to be a country that provides ladders of opportunity and believes in a thriving middle class, then we have to raise the minimum wage.
When President Obama speaks about raising taxes on the rich, he speaks about high-income employees and small business owners, not entrepreneurs who build big businesses.
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