Obama’s Middle Class: Shrinking to All-Time Low and Broke

Obama is conduction a war on the middle class and the numbers don’t lie.

From WaPo:

The vise on the middle class tightened last year, driving down its share of the income pie as the number of Americans in poverty leveled off and the most affluent households saw their portion grow, new census data released Wednesday showed.

Income inequality increased by 1.6 percent, the Census Bureau said in its annual report on poverty, income and health insurance. This was the biggest one-year increase in almost two decades and suggested that a trend in place since the late 1970s was picking up steam.

As a snapshot of a nation recovering from one of its worst recessions ever, the census report had both shadows and highlights. Median household income declined $777, to $50,054 before taxes. But the poverty rate, which many experts had predicted would rise to rates unseen in nearly half a century, inched down a hair to 15 percent, a decline of about 100,000 people. And fewer Americans were without health insurance, largely because of a provision in the 2010 health-care law allowing young adults to stay on their parents’ policies.

Except we are not recovering, more Americans are bringing home less pay and more are living in poverty on top of more being uninsured.

The new census statistics, coming out just two months before the presidential election, should fuel the ongoing debate over the shrinking middle class, income inequality and a gnawing fear that for many, the American dream is receding out of reach. This week, the Pew Research Center said a third of Americans now identify themselves as lower class or lower-middle class, up from a quarter four years ago. Among young adults, the percentage who see themselves as occupying the bottom of the heap is even higher.

For many economists, the most troubling statistics were those on income inequality underscoring the middle-class squeeze.

The 60 percent of households earning between roughly $20,000 and $101,000 collectively earned 46.6 of all income, a 1.5 percent drop. In 1990, they shared over 50 percent of income.

Obamanomics is trickle up poverty.

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Can We Call Them Socialists Now? Obama Education Secretary Says Obama’s Student Loan Bailout Will Address Income Inequality

The Democratic Party is dead. Let’s call them what they are and rightfully so because of their actions. Those who have the (D) behind their names are pure-breed socialists. Their words and actions prove it.

Obama terrible Education Secretary (look at the Chicago school system for evidence), Arne Duncan, said that Obama’s 10% cap on college loans will address ‘income inequality.’ That is socialism.

From The Hill:

President Obama’s education reform efforts will address growing income inequality in the U.S., Secretary of Education Arne Duncan said Wednesday.

Speaking on MSNBC’s “Morning Joe,” Duncan promoted the administration’s jobs plan, portions of which are targeted at updating school facilities and hiring teachers.

He also blasted Congress for not moving forward with Obama’s jobs bill, saying the nation needs to “stop subsidizing banks and give that money to young people.”

Arne and Obama forget to tell these young people that Obama bailed out the banks, auto industry and unions with his stimulus.

…“What we’re trying to do is help on the back end, to reduce those monthly payments on those loans,” Duncan said. “To make sure folks have a better opportunity to be successful there — less defaults will strengthen the economy, and we can do this by ourselves. We don’t have to wait for Congress — we can’t wait for Congress. We’re moving ahead today.”

The socialist dictatorship is being exposed. This administration continues to usurp Congressional powers to push their socialist agenda. Obama can’t run on his record and its hard to explain to college students why there are no jobs for them. It’s easier for Obama to buy them off.

According to Duncan, the Know Before You Owe plan will cap monthly student loan payments at 10 to 15 percent of the graduate’s income.

They claim this will cost the taxpayers nothing. However, when the government takes taxpayer money to subsidize education, via student loans, and now will cause a 5% loss in interest rates, that’s a loss in revenue.

“Basically we want people to have more disposable income,” he continued. “We want to reduce those monthly payments, and this can reduce those monthly payments by up to a couple of hundred dollars, so this is very significant both for recent college graduates as well as those currently in school.”

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