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Wednesday, December 06, 2017

Study finds top 1% thrived under Obama. The rest of us not so much

Economist Edward N. Woolf published a paper that shows that under Barack Obama, the wealthiest 1% increased their share of America's wealth to 40%.

The Washington Post blamed President Trump for what Obama did.



Hilarious.

From the Washington Post:
The richest 1 percent now owns more of the country’s wealth than at any time in the past 50 years
The paper is owned by the richest man on Earth.

More from the Post:
The wealthiest 1 percent of American households own 40 percent of the country's wealth, according to a new paper by economist Edward N. Woolf. That share is higher than it has been at any point since at least 1962, according to Woolf's data, which comes from the federal Survey of Consumer Finances.
From 2013, the share of wealth owned by the 1 percent shot up by nearly three percentage points. Wealth owned by the bottom 90 percent, meanwhile, fell over the same period. Today, the top 1 percent of households own more wealth than the bottom 90 percent combined. That gap, between the ultrawealthy and everyone else, has only become wider in the past several decades.
Ultrawealthy!

Left out of the story is that all this happened on Obama's watch. His policies widened the gap between the 1% and the rest of us.

Nowhere in the Post story is 2016 mentioned.

From the paper Wolf wrote:

ABSTRACT
Asset prices plunged between 2007 and 2010 but then rebounded from 2010 to 2016. The most telling finding is that median wealth plummeted by 44 percent over years 2007 to 2010. The inequality of net  worth, after almost two decades of little movement, went up sharply from 2007 to 2010, and relative indebtedness for the middle class expanded. The sharp fall in median net worth and the rise in overall wealth  inequality  over  these  years  are  largely  traceable  to  the  high  leverage  of  middle  class  families and the high share of homes in their portfolio. Mean and median wealth rebounded from 2010 to 2016, by  17  and  28  percent,  respectively.  While  mean  wealth  surpassed  its  previous  peak  in  2007,  median wealth was still down by 34 percent. More than 100 percent of the recovery in both was due to a high return on wealth but this factor was offset by negative savings.  Relative indebtedness continued to fall  for  the  middle  class  from  2010  to  2016,  and  wealth  inequality  increased  somewhat.  The  racial and  ethnic  disparity  in  wealth  holdings  widened  considerably  between  2007  and  2016,  and  the  wealth of  households under age 45 declined in relative terms.
Me? I don't care how much money liberals like Jeff Bezos, Elon Musk, Bill Gates, and Warren Buffett have.

My wealth shot up 20-plus percent under Trump. That matters to me.

Meanwhile, Obama received a $60 million advance on his book, which even with a 25% royalty (double the industry standard) would require the sale of 8 million books to break even.

But hey, that is not a political payoff.

@@@

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8 comments:

  1. Funny you should put this out.

    I remember Hillary after the election screaming that the top 1% made most of the money the past 8 years. Yet she ran on Obama's "fairness / insensitivity" platform and how a Trump Presidency would hurt the average person. Yet no MSM member pointed out that Bill, Hilary and Chelsea are all members of the top 1% that thrived (using their "Foundations" for "expenses" - such as lavish travel accommodations, endless vacations, and of course, the $5 million Wedding).

    A few days ago Nancy cried out that the new tax bill would bring "Armageddon". Nancy and her husband are worth well over $100 million, much of it over the past 8 years as they too thrived being in the upper 1%. And we can't leave out Bernie - the great emancipator that divides this country even worse then Obama, attributing racism and antisemitism to President Trump every time a black defaces a building or makes calls to Jewish organizations threatening them. All the while, the guy didn't hold a full-time job until he was over 40 years-old, and that job is a politician representing "the people". This fighter for "fairness" has since acquired a stately mansion built into the mountains of Vermont, a million-dollar house in DC, and finally a beach house and new Jaguar convertible which magically appeared when he agreed to support Hillary and campaign for her.

    I'm too old to get upset about this stuff. It's funny. What the corrupt elite always do as countries turn Socialist - all the while a good portion of the population living dead-end lives fervently believe that it's because of anyone but those elites.

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  2. This supports the theory that the strategy of the democrat party is to improve the lives of the upper crust and the bottom dwellers at the expense of the middle class. The upper class gets the money and the power while the lower class gets the gibsmedat.

    Time to start breaking up some big companies.

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  3. I always think of that line "the greatest trick the devil ever pulled was convincing the world he doesn't exist" and how the democrat elites try to convince the world they despise capitalism and champion egalitarianism, as they use the ruse to make money hand over fist and separate themselves from the peasants.

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  4. And I just read this morning that Obama is taking credit for the economy. Much of it due to his climate change policies!!! Delusional indeed.

    https://m.washingtontimes.com/news/2017/dec/6/thanks-obama-former-president-credits-himself-stro/

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  5. Dems: What a hive of scum and villainy!

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  6. Vindicating the old wheeze, "There's no such thing as a poor, white Liberal" (and, yeah, that includes Zippy).

    It also vindicates the idea Lefties are both the least self-aware and most hypocritical people in the world.

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  7. So little Obambam is getting $60M advance for his new book? Wow.

    I know it will be a fact-free zone, but I wonder who the author will be? I doubt William Ayers is interested any more, since Oblabla isn't president. Whoever it is, they'll get stiffed!

    That's the one thing we can count on, the flim-flam man never misses an opportunity to stiff someone!

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  8. But ... what about the feelz? /sarc off

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