Obama’s Claim about the Income of the Top 1% Compared to Typical Families Confirmed True

obama-gesturesWhile speaking about the economy Wednesday, President Obama made a claim that apparently sent some people into a frenzy.

During his speech he said the following:

“The income of the top 1 percent nearly quadrupled from 1979 to 2007, but the typical family’s incomes barely budged.”

Which prompted the fact checking website Politifact to investigate his claim—and they found his statement to be true.

So much for Trickle-Down economics, huh?  But then again, I’ve argued that Trickle-Down economics has been one of the largest cons this nation has ever seen.

It’s an economic theory that states the more we give rich people, the more we’ll benefit.  Don’t get me wrong, it’s a genius scam, but make no mistake about it—it is a scam.

As Politifact found in their investigation, the White House cites a study done in 2011 by the non-partisan CBO which showed that incomes for the top 1% of Americans rose 275% (just about 10% per year) between 1979-2007.  By contrast, the incomes for the middle 60% of Americans during that same time only rose by 40% (or about 1.4% per year).

And let’s not forget the wealth for the top 1% grew at its fastest pace in United States history in the few years just before the worst economic crash since the Great Depression.

If I’ve said it once, I’ve said it a thousand times, demand creates jobs—not tax breaks.  Trickle-Down economics is a con perpetuated by the rich that has convinced millions of middle class and low-income Americans that somehow they will become rich by giving rich people more money.

It’s asinine.

Republicans will campaign on cutting programs that help keep our water clean, air breathable, food safe, roads in good condition, the poor fed and citizens educated—but will threaten to default on our credit or shut down our government to protect tax breaks for the wealthiest among us.

And while the rich keep getting richer, the gap between the “haves” and “have-nots” widens more and more every single year.

Then while Republicans like to talk about “traditional American values,” our Constitution and the United States being the “greatest country on earth”—I’ll tell you one simple fact:

You don’t find economic prosperity by supporting policies which will continue to rapidly widen the income inequality gap between the wealthiest 1% of your citizens and the other 99%.  Especially while simultaneously supporting other policies which seek to eliminate programs that benefit the vast majority of Americans.

That’s how you move a nation toward another revolution.

Allen Clifton

Allen Clifton is a native Texan who now lives in the Austin area. He has a degree in Political Science from Sam Houston State University. Allen is a co-founder of Forward Progressives and creator of the popular Right Off A Cliff column and Facebook page. Be sure to follow Allen on Twitter and Facebook, and subscribe to his channel on YouTube as well.


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