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Thu Apr 12, 2012, 09:57 AM

Growth of Income Inequality Is Worse Under Obama than Bush [View all]

Growth of Income Inequality Is Worse Under Obama than Bush

Matt Stoller is a fellow at the Roosevelt Institute. You can follow him on twitter at http://www.twitter.com/matthewstoller

Yesterday, the President gave a speech in which he demanded that Congress raise taxes on millionaires, as a way to somewhat recalibrate the nationís wealth distribution. His advisors, like Gene Sperling, are giving speeches talking about the need for manufacturing. A common question in DC is whether this populist pose will help him win the election. Perhaps it will. Perhaps not. Romney is a weak candidate, cartoonishly wealthy and from what Iíve seen, pretty inept. But on policy, thereís a more interesting question.

A better puzzle to wrestle with is why President Obama is able to continue to speak as if his administration has not presided over a significant expansion of income redistribution upward. The data on inequality shows that his policies are not incrementally better than those of his predecessor, or that weíre making progress too slowly, as liberal Democrats like to argue. It doesnít even show that the outcome is the same as Bushís. No, look at this table, from Emmanuel Saez (h/t Ian Welsh). Check out those two red circles I added.



Yup, under Bush, the 1% captured a disproportionate share of the income gains from the Bush boom of 2002-2007. They got 65 cents of every dollar created in that boom, up 20 cents from when Clinton was President. Under Obama, the 1% got 93 cents of every dollar created in that boom. Thatís not only more than under Bush, up 28 cents. In the transition from Bush to Obama, inequality got worse, faster, than under the transition from Clinton to Bush. Obama accelerated the growth of inequality.

The data set is excellent, itís from the IRS and itís extremely detailed. This yawing gap of inequality isnít an accident, and itís not just because of Republicans. Itís a set of policy choices, as Saez makes clear in his paper.

- more -

http://www.nakedcapitalism.com/2012/04/growth-of-income-inequality-is-worse-under-obama-than-bush.html

Does anyone doubt that Matt Stoller is a hack simply working toward tearing down Democrats in order to help the RW case (http://www.democraticunderground.com/100287685)

I mean, Bush causes the worst economic crisis in more than 70 years, and the effects of that crisis are Obama's fault.

Who does Stoller believe are the millions who lost jobs during the crisis, the top one percent?

Bush claims credibility on taxes, economic policy
http://www.democraticunderground.com/1002542319

Stoller likely agrees with Bush.


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Reply Growth of Income Inequality Is Worse Under Obama than Bush [View all]
ProSense Apr 2012 OP
TBF Apr 2012 #1
SammyWinstonJack Apr 2012 #17
TBF Apr 2012 #20
Justice4allofus Apr 2012 #2
ProSense Apr 2012 #3
Karmadillo Apr 2012 #21
whatchamacallit Apr 2012 #4
bluestate10 Apr 2012 #24
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Gold Metal Flake Apr 2012 #7
ProSense Apr 2012 #8
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stevenleser Apr 2012 #10
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bluestate10 Apr 2012 #26
ProSense Apr 2012 #35
bluestate10 Apr 2012 #25
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RainDog Apr 2012 #28
sabrina 1 Apr 2012 #31
ProSense Apr 2012 #34
Zax2me Apr 2012 #37