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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe presidency that saw the greatest increase in wealth inequality
Pretty much whatever happens these next three odd years, the Obama presidency is going to be the most dramatic, accelerated rise of wealth inequality in American history (so far).
It's not Obama's fault. It's about the times, not about a person.
But when looking at history we did not live ourselves, we look at presidencies as summations of their times, and this one will make Reagan and Coolidge look like FDR. It will stand out as when the rich people really dug the spurs in... and despite the fact that the President is relatively to the left and does not actively support what is happening.
This stuff is not a result of Obama policies. Obama policies really are, compared to the opposition, relatively pro-worker and redistributionist.
But with some distance, people will probably look back at today with amazement at how low the bar of "pro-worker and redistributionist" was.
Corporate profits up 20%/year since the crash.
Household wealth up 1.5%/year since the crash
And restoring taxes to below where they were 10-15 years ago constitutes redistribution of wealth(!)
These are amazing times. Propose raising the minimum wage to $9.00 when historically it should already be $20.00, and you're a commie.
And with Romney or McCain the effects would have been even worse. No doubt about that. (Actually, the rich may get richer under Obama because the economy didn't completely collapse, which McCain would have ensured. Under McCain it would have been so bad that even the rich would have lost some ground, while the rest of us would have been digging our own graves.)
The point is the the entire political spectrum is, on matters of wealth, labor, wages, etc.., skewed so far to the right that sometimes we have to step back from the news-cycle politics to see the macro picture of our times, which is an astonishing explosion of wealth for the wealthiest no matter who is running things.
BainsBane
(53,035 posts)like Romney. Maybe no different, maybe much worse.
cthulu2016
(10,960 posts)A person a century from now who did not live our times will probably look back and see Obama as one of a series of presidents (of both parties) who oversaw the USA's war on non-billionaires that started around 1980.
That 33 years (and counting) will jump out as the great step backward for ordinary people.
yourout
(7,531 posts)We could sure use him now.
jaysunb
(11,856 posts)"We could sure use him now."
yourout
(7,531 posts)jaysunb
(11,856 posts)I pretty much covered that territory many years ago. TR was a very good American President and thinker.
My question to you was clear...is there something our current President is doing or NOT doing that would make you wish for someone from 2 centuries ago ?
yourout
(7,531 posts)How about getting tough with Wall Street instead of loading up your cabinet with them?
TR was FAR more progressive on issues of wealth and power than President Obama.
jaysunb
(11,856 posts)years would be today ? I understand that you're trying to compare levels of progressiveness of our leaders and I'll grant you that, but different times call for different actions or responses. The issues of TR's day were not nearly as complex as they are today and let's try to keep in mind what type of Congress and opposition a President has to deal with.
As to who or what kind of people a President puts in his Cabinet..personally, I would want people with direct knowledge and experience to fill those posts.
TR never had to face the wealth and power the last several Presidents had to face...so, to me, comparisons are pretty much a matter of opinion.
yourout
(7,531 posts)relative to today the Robber barons we every bit as powerful as the Citibanks and GEs of today and TR did not hesitate in taking them on were as President Obama has a more "Can't we all get along" demeanor.
jaysunb
(11,856 posts)Obama is dealing w/ a very unique opposition, and let's keep in mind that "race" thing.
I think if Obama was white and he had rescued this country as he did, they'd already be talking about his place Mt Rushmore. Just imagine were the country would be if not for the forces against him.
I see him as a strong progressive working under very difficult circumstances...history will judge.
limpyhobbler
(8,244 posts)I would like to read more about this.
Where did you read "presidency that saw the greatest increase in wealth inequality" ?
thanks
nadinbrzezinski
(154,021 posts)ProSense
(116,464 posts)"This stuff is not a result of Obama policies. Obama policies really are, compared to the opposition, relatively pro-worker and redistributionist.
But with some distance, people will probably look back at today with amazement at how low the bar of "pro-worker and redistributionist" was. "
No bar is being set. Inequality has been growing for more than four decades. If anything "people will probably look back at today" as the turning point.
Perhaps the best prism through which to see the Democrats gains is inequality. In the 2008 campaign, Mr. Obama said that his top priority as president would be to create bottom-up economic growth and reduce inequality...In the 2009 stimulus, he insisted on making tax credits fully refundable, so that even people who did not make enough to pay much federal tax would benefit. The 2010 health care law overhaul was probably the biggest attack on inequality since it began rising in the 1970s, increasing taxes on businesses and the rich to pay for health insurance largely for the middle class.
http://www.nytimes.com/2013/01/03/us/politics/for-obama-fiscal-deal-is-a-victory-that-also-holds-risks.html
FYI: America's problems predate 2009, and President Obama is working to improve the country. http://www.democraticunderground.com/10022462880
Honeycombe8
(37,648 posts)two or three decades ago. Not sure when it rose the most (the difference in wealth). It might've been recently, or it might've risen the most in the 1980s.
It's at an all time high, I think. But that doesn't mean the disparity rose the most since 2009.
pampango
(24,692 posts)happened under the two republican eras below.
http://stateofworkingamerica.org/who-gains/#/?start=1921&end=1975
1921-1928 - Republican era with high tariffs (1921, 1922 and 1930) and restrictive immigration laws (1921 & 1924):
The average incomes in the us grew by $4,764;
Richest 10% got 64% of that growth;
The bottom 90% shared 36%.
1933-1952 - Democratic era (FDR and Truman):
Average incomes in the US grew by $15,246;
Richest 10% got 24% of that growth;
The bottom 90% shared 76%.
1961-1969 - Democratic era (JFK and LBJ)
Average incomes in the US grew by $9,949;
Richest 10% got 33% of that growth;
The bottom 90% shared 67%.
1981-1992 - Republican era (Reagan and Bush I)
Average incomes in the US grew by $3,017;
All the growth went to the richest 10%;
Income for the bottom 90% declined.
1993 - 2000 - Democratic era (Clinton)
Average incomes in the US grew by $14,082;
Richest 10% got 70% of that growth;
The bottom 90% shared 30%.
2001 - 2008 - Republican era (Bush II)
Average incomes in the US fell by $432;
The average income of the richest 10% grew;
For the bottom 90% the average income fell.