President Obama’s supposedly sterling recovery hasn’t just crushed the middle class – it’s benefitted the top 1 percent, the very folks Obama says he wants to tax for purposes of fairness. Perhaps he should start by cutting out subsidies for his favorite rich people, particularly those who support him financially.
According to NYU economics professor Edward Wolff, the median wealth of American households is down shockingly from 2007 to 2010; the top 1 percent, however, increased their wealth by a stunning 71 percent. So much for building a newer, fairer economy. The measure of wealth is largely based on asset holdings, including real estate, and the real estate market collapse hit middle class households disproportionately.Continue reading →