Tuesday, June 1, 2021

BIDENOMICS - INFLATION SOARS - BIDEN SAYS DON'T BOTHER ME! - I'M GETTING MY ILLEGALS REGISTERED TO VOTE FOR MORE!

 

Price Shock: Inflation Soars to 29-Year High

US President Joe Biden visits the Sportrock Climbing Centers alongside its owner Lillian Chao-Quinlan (R), and Virginia Governor Ralph Northam, in Alexandria, Virginia on May 28, 2021. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
Photo by MANDEL NGAN/AFP via Getty Images
2:09

A key measure of inflation accelerated to a faster-than-expected 3.1 percent annual gain in April, the Commerce Department reported Friday.

The last time the core personal consumption expenditures index hit 3.1 percent was in May of 1992, when George H. W. Bush was president and inflation was still recovering from the stagflationary 1970s era.

Federal Reserve officials consider core PCE inflation, which excludes food and energy, to be their primary gauge of price stability, one-half of the central’s bank’s core aims in formulating monetary policy. The other half is maximizing employment.

Prices of many items fell last year as the pandemic struck and lockdowns were implemented in an effort to contain the spread of the virus. As a result, year-over-year measures of inflation are expected to be very high over the next few months, reflecting what economists call a “base effect.”

But April’s record inflation is not entirely a base effect. The month-over-month core PCE inflation, at 0.7 percent, is the highest since October 2001. In fact, monthly inflation has only climbed above 0.4 percent in one month since then, in January of 2007.

On Friday, the University of Michigan’s consumer sentiment survey revealed that near-term and long-term inflation expectations were at the highest level in a decade. On Thursday, the Kansas City Fed said inflation reported by manufacturers in its region were at the highest levels ever recorded. The Richmond Fed’s survey of manufacturers also revealed record high inflation in May.  Last week, the Philadelphia Fed also reported record high price increases.

The broader PCE index jumped 0.6 percent in April, the biggest monthly increase since 2008. The 12-month rate of inflation also jumped to a 13-year high of 3.6 percent in April from 2.4 percent in March.


Consumer Sentiment Dips as Inflation Expectations Soar to Decade High

WASHINGTON, DC - MAY 18: Sen. Rick Scott (R-FL) speaks before a Senate Republican Policy luncheon at the Russell Senate Office Building on May 18, 2021 in Washington, DC. Scott spoke on inflation and the rising cost of goods prior to the meeting. (Photo by Kevin Dietsch/Getty Images)
(Photo by Kevin Dietsch/Getty Images)
3:37

U.S. consumers expect much higher prices over the next year and they expect elevated inflationary pressure to persist for years, data released Friday showed.

The University of Michigan’s survey of consumers in May indicated that consumers expect a 4.6 percent rise in prices over the next 12-months, the highest level of inflation expectations since April 2011.

The expectation for 5-year inflation hit 3 percent, also the highest level in several years.

“Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables – the average change in May vastly exceeds all prior monthly changes,” said Richard Curtin, the survey’s chief economist.

Despite rising prices, consumers are unlikely to pull back on spending because their savings have been boosted by multiple rounds of stimulus payments and very large government deficits. Deficit spending tends to boost saving because the federal government spends more into the private sector than it removes in taxes.

The faster-than-expected ebbing of the pandemic, stimulus payments, and the stronger-than-expected strength of the reopening of the economy has led to a surge of spending by consumers and businesses, leading to some shortages and driving prices higher.

“It is hardly surprising that the resurgent strength of the economy produced more immediate gains in demand than supply, causing consumers to expect a surge in inflation,” Curtin said. “While higher inflation will diminish real incomes, the gains in spending will nonetheless be substantial. The key issue is whether the timing of spending decisions will advance due to the expected price increases.”

The survey’s Consumer Sentiment Index declined in May, with both the present condition and expectations components falling. The gauge of current conditions fell more rapidly, perhaps because of supply constraints and higher prices.

Officials in the Biden Administration and at the Federal Reserve have said that they expect higher inflation to be transitory. Treasury Secretary Janet Yellen, however, recently said that the higher inflation would likely not subside until next year—a longer timeline than Yellen and other officials appeared to indicate in prior statements.

Curtin, who is set to retire as chief economist of the survey later this year after decades helming the most influential consumer poll in the U.S., says there is a risk that the Fed’s new attention to racial inequalities in unemployment could result in inflation running hotter for longer. But higher inflation would hurt the very groups the Feds is hoping to boost.

“Early preventative actions are much less costly, but these actions are much more difficult when policy objectives include avoiding uneven distributional impacts across population subgroups. It will require keeping the level of stimulus higher for a longer period than would have seemed prudent in the past,” Curtin said. “The primary risk of this strategy is an accelerating inflation rate, which also has uneven distributional impacts.”

Cutin indicated that the Fed could tamp down on inflation without immediately hiking rates by adjusting the language it uses to discuss the path of monetary policy.

“Shifting policy language and a small rate increase could douse inflationary psychology; it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead,” Curtin said.


THE OBAMA ASSAULT ON THE AMERICAN MIDDLE-CLASS

 

“The goal of the Obama administration, working with the Republicans and local governments, is to roll back the living conditions of the vast majority of the population to levels not seen since the 19th century, prior to the advent of the eight-hour day, child labor laws, comprehensive public education, pensions, health benefits, workplace health and safety regulations, etc.”

 

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

“In response to the ruthless assault of the financial oligarchy, spearheaded by Obama, the working class must advance, no less ruthlessly, its own policy.”

THE OBAMA ASSAULT ON THE AMERICAN MIDDLE-CLASS 

“The goal of the Obama administration, working with the Republicans and local governments, is to roll back the living conditions of the vast majority of the population to levels not seen since the 19th century, prior to the advent of the eight-hour day, child labor laws, comprehensive public education, pensions, health benefits, workplace health and safety regulations, etc.”



Yang: ‘Return to the Obama Years’ Not Enough for Biden — They Were Left Behind in Those Years,’ ‘They’re Pissed Off’

 

JEFF POOR

 

Late Tuesday on CNN, former Democratic presidential hopeful Andrew Yang, now a CNN contributor, warned that his old opponent, former Vice President Joe Biden could not defeat Trump with just a pledge to return to the years of former President Barack Obama alone.

According to Yang, it needed to start with an understanding of what problems facing the country led to Trump’s presidency.

“Donald Trump needs to be defeated,” he explained. “Forty-two percent of my supporters said they would not support the Democratic nominee in the general, in large part because when I ran, I ran for the problems that predated Trump. Like, Donald Trump would never be our president today if things were going well for a lot of people around the country. Bernie Sanders would not have almost been the nominee last time if things were going well for people around the country. So even as Joe Biden saying, ‘Hey, we need to defeat Donald Trump,’ he also has to say, ‘Look, things have not been working for millions of Americans, and after we defeat Donald Trump,’ we need to get deep into these problems, get our hands dirty and solve them. This can’t be a, ‘Hey, I’m better than Trump’ race. It has to be, ‘Hey. I understand how Trump became our president.'”

Yang told a CNN panel people were left behind in


the Obama-Biden years, and they were not happy


about it. He called on Biden to recognize that


situation and address it, which he said would better


his chances in the 2020 general election.


“I think he’s been talking about restoring a culture, tone and a soul of the country,” Yang added. “I was talking about putting more money in Americans’ hands because I saw we decimated entire ways of life in Michigan, Ohio, Pennsylvania, Wisconsin. And because I was talking in those terms about the real problems these people have experienced, again, 42% of my supporters were not going to support the Democratic nominee. I’m hoping that we can get some of those people to support Joe. But it would be helpful if Joe acknowledged it because one of the weaknesses of saying, ‘Hey, return to Obama years’ is that there are many Americans who were getting behind in those years, too, and they’re pissed off. And so, if you say, I’m going to revert, that loses to that group of people. There are so many Americans who just don’t think their institutions are working for him at all, and Joe Biden’s’s weakness is he represents those institutions. I’m endorsing Joe. We need Joe to beat Trump. But we’ll have a much better chance of that if Joe recognizes that our institutions have been failing many Americans for a long time.”

 

 Obama’s State of Delusion ... OR JUST ANOTHER "Hope & Change" HOAX?


 

”The delusional character of Obama’s State of the Union

 

address on Tuesday—presenting an America of rising living

 

standards and a booming economy, capped by his declaration

 

that the “shadow of crisis has passed”—is perhaps matched

 

only in its presentation by the media and supporters of the

 

Democratic Party.”


http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

“The general tone was set by the New York Times in its lead editorial on Wednesday, which described the speech as a “simple, dramatic message about economic fairness, about the fact that the well-off—the top earners, the big banks, Silicon Valley—have done just great, while middle and working classes remain dead in the water.”

 

OBAMANOMICS:

 

The report observes that while the wealth of the world’s 80 richest people doubled between 2009 and 2014, the wealth of the poorest half of the world’s population (3.5 billion people) was lower in 2014 than it was in 2009.

 

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

In 2010, it took 388 billionaires to match the wealth of the bottom half of the earth’s population; by 2013, the figure had fallen to just 92 billionaires. It fell to 80 in 2014.

 

THE OBAMA ASSAULT ON THE AMERICAN MIDDLE-CLASS

 

“The goal of the Obama administration, working with the Republicans and local governments, is to roll back the living conditions of the vast majority of the population to levels not seen since the 19th century, prior to the advent of the eight-hour day, child labor laws, comprehensive public education, pensions, health benefits, workplace health and safety regulations, etc.”

 

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

“In response to the ruthless assault of the financial oligarchy, spearheaded by Obama, the working class must advance, no less ruthlessly, its own policy.”

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

The report makes clear that the drop in a typical household’s income was not merely the result of what is referred to as the 2008 recession, which officially lasted only 18 months, through June 2009. Much of the decline in workers’ incomes occurred during the so-called “economic recovery” presided over by the Obama administration.

In the three years between 2010 and 2013, the annual income of a typical household actually fell by 5 percent.

The Fed report exposes as a fraud the efforts of the Obama administration to present itself as a defender of the “middle class”. It has systematically pursued policies to redistribute wealth from the bottom to the very top of the income ladder. These include the multi-trillion-dollar bailout of the banks, near-zero interest rates to drive up the stock market, and austerity measures and wage cutting to lift corporate profits and CEO pay to record highs.

The Federal Reserve data, based on in-person interviews, show a far larger decline in the median income of American households than indicated by earlier figures from the Census Bureau’s Current Population Survey.

In line with the figures on household income, the report shows an ever-growing concentration of wealth among the richest households. The Fed’s summary of its data notes that “the wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013,” while the wealth of the “next 7 highest percent of families changed very little.”

The report states that “the rising wealth share of the top 3 percent of families is mirrored by the declining share of wealth held by the bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in 2013.

The ongoing impoverishment of the population is an indictment of capitalism. There has been no genuine recovery from the Wall Street crash of 2008, only a further plundering of the economy by the financial aristocracy. The crisis precipitated by the rapacious, criminal practices of the bankers and hedge fund speculators has been used to restructure the economy to the benefit of the rich at the expense of everyone else.

Decent-paying jobs have been wiped out and replaced by low-wage (ILLEGALS), part-time and temporary jobs, with little or no benefits. Pensions and health benefits have come under savage attack, as seen in the bankruptcy of Detroit.

Not surprisingly, the Fed report has been buried by the American media, confined to the inside pages of the major newspapers.

Measured in 2013 dollars, a typical household received an income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700 by 2013. At the same time, the average income for the wealthiest tenth of families grew by ten percent.

While median income fell between 2010 and 2013, mean (average) income grew, from $84,100 to $87,200. The report noted that, “the decline in median income coupled with the rise in mean income is consistent with a widening income distribution during this period.”

For the poorest households, the drop in income has been even more dramatic. Among the bottom quarter of households, mean income fell a full 10 percent between 2010 and 2013.

The report reveals other aspects of the social crisis. The share of young families burdened by education debt nearly doubled, from 22.4 percent to 38.8 percent, between 2001 and 2013. The share of young families with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to 5.6 percent.

These statistics reflect both a historic and insoluble crisis of the profit system and the brutal policies of the American ruling class, which is carrying out a relentless assault on working people and preparing to go even further by dismantling bedrock social programs such as Medicare and Social Security. The data undercuts the endless talk of “partisan gridlock” in Washington and the media presentation of a political system paralyzed by irreconcilable differences between the Democratic and Republican parties.


BLOG EDITOR: THE 'HOPE & CHANGE' HUCKSTER OBOMB TURNED OUT TO BE NOTHING BUT GEORG BUSH'S THIRD AND FOURTH TERMS ON STEROIDS.

There has, in fact, been a seamless continuity between the Bush and Obama administrations in the pursuit of reactionary policies of war abroad and class war at home. The two parties have worked hand in glove to make the working class pay for the crisis of the capitalist system.

The Federal Reserve has itself played a critical role in the growth of social inequality in the US. The bailout of the banks, estimated at $7 trillion, has been followed by six years of virtually free money for the banks.

Every facet of American life is dominated by the immense concentration of wealth at the very top of society. The grotesque levels of wealth amassed by the parasites and criminals who dominate American business, and the flaunting of their fortunes before tens of millions struggling to pay their bills and keep from falling into destitution, are fueling the growth of social anger. This anger will increasingly be directed against the entire economic and political system.

The figures released by the Fed reflect a society riven by class divisions that must inevitably trigger social upheavals. The explosive state of social relations is itself a major factor in the endless recourse by the Obama administration to military aggression and war, which serve to deflect internal tensions outward.

The growth of inequality likewise underlies the relentless attack on democratic rights in the US, including the massive domestic spying exposed by Edward Snowden and the use of militarized police to crack down on social opposition, as seen most recently in Ferguson, Missouri.

THE OBAMA devastation of America (wall street's poster boy for corruption)

 THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter destruction of America!

http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html

 

BLOG EDITOR: DURING OBOMB'S 'RECOVERY' TWO-THIRDS OF ALL JOBS WENT TO FOREIGERS INCLUDING ILLEGALS.

Year-low US job growth in August

6 September 2014

The US economy added fewer jobs last month than any other month this the year, according to the latest US jobs report, published Friday by the Labor Department.

US employers added 142,000 jobs in August, far lower than the average of more than 200,00 for the prior twelve months, and below the 230,000 that had been forecast by economists.

In addition to the worse-than-expected statistics for August, the report revised down estimates for job growth in earlier months by 28,000.

 

Stocks rallied at the dismal jobs report, reflecting the perverse relationship between the real economy and the financial markets, which interpret any worsening of the economic situation as a signal that the Federal Reserve will be reluctant to raise interest rates and slow its “Quantitative easing” asset purchases.

 

The S&P 500 hit a new record Friday, closing up by 10 points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to 4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.

 

While the stock market sets record after record, fueled by zero-interest rate policies and cash infusions from the world’s central banks, the real economy and conditions for working people show no signs of improvement.

 

The unemployment rate fell to 6.1 percent, as 268,000 people gave up looking for jobs and left the workforce. The number of such “missing workers” grew to 5.91 million last month, according to figures from the Economic Policy Institute.

 

The labor force participation rate fell to 62.8 percent, its lowest level in three-and-a-half decades, as the number of adults not in the labor force hit a new record.

 

Wages were flat over the previous twelve months, with a 2.1 percent nominal wage increase wiped out by a 2 percent inflation rate over the same period.

 

While there were zero jobs added in manufacturing, the economy added 112,000 jobs in the service sector, which pays significantly lower median wages than goods-producing industries. The healthcare sector added 42,000 jobs, while bars and restaurants added 21,500.

 

Temporary help services added 13,000 jobs. Earlier this month, the National Employment Law Project (NELP) reported that both the number of people working for labor contractors and the percentage of the workforce employed by such companies have hit record highs.

The Obamas tackle climate change and wealth inequality

By John Eidson

In a remarkable commitment to their tireless fight against climate change and wealth inequality, Barack and Michelle Obama reportedly are purchasing a magnificent $15-million oceanfront mansion in Martha’s Vineyard, presumably as a much-needed retreat to supplement the $9-million mansion they already own in one of the most exclusive areas of the nation’s capitol.  

A fierce opponent of fossil fuels and wealth inequality, the former president has harshly criticized rich people for the oversized, carbon-gluttonous houses they buy.  On April 25, 2010, the president who would become fabulously wealthy in retirement scolded Wall Street CEOs with this admonition:

I do think at a certain point you’ve made enough money.

His views about the sin of making too much money haven’t changed.  During a speech last year in South Africa, this shining example of environmental stewardship and unparalleled concern for the poor spoke passionately about the unfairness of some people having more money than others in blasting rich people for their excessively lavish lifestyles:

There’s only so much you can eat; there’s only so big a house you can have; there’s only so many nice trips you can take. I mean, it’s enough.

That direct quote came from the lips of a man who, along with his wife, is sitting atop a nest egg estimated at a meager $135 million.  But don’t feel sorry for them, because there’s much more to come: with money barreling their way like a runaway train, the concerned couple is rapidly becoming a billion-dollar brand.

Sharing with the less fortunate: During the five years from 2000-2004, a period when they earned $1.2  million, Barack and Michelle Obama donated less than one percent of their income to charity, ten times less than the tithing guidelines of their professed Christian faith.  Only when Obama decided to run for president did the couple’s charitable instincts improve.

Protecting the planet: During his first full day in the White House, President Obama was photographed without his suit jacket.  Senior advisor David Axelrod explained: “He’s from Hawaii, okay?  He likes it warm.  You could grow orchids in there.”  While campaigning, Obama vowed to exhibit environmental leadership if elected: “We can’t drive our SUV’s and eat as much as we want and keep our thermostats set at 72 degrees.  That’s not leadership.  That’s not going to happen [with me].”

In decreeing that rich people make too much money and that global warming is an imminent threat to our very survival, this ultra-wealthy man and his ultra-wealthy wife decided to indulge themselves in another opulent mansion, this one sitting on 29 oceanfront acres on one of the most exclusive islands in the world.  While homeless people are sleeping on the streets and our planet is being destroyed by CO2, the Obamas are living large, a pitifully small reward for two remarkable people who bend over backwards to show leadership in the fight against climate change and wealth inequality.

An electrical engineering graduate of Georgia Tech and now retired, John Eidson is a freelance writer in Atlanta. American Thinker recently published related article of his titled "Harrison Ford, Climate Hypocrite" and "A $600 fill-up?"

 

HE OBOMBS HAVE ALWAYS LIVED LIKE


THE 1% WHOM THEY SERVED AND


GROVELED AT THE FEET OF.  

 

Nolte: Michelle Obama Condemns ‘White Flight’ After Purchasing Home in Martha’s Vineyard

 

Gerardo Mora/Getty Images

JOHN NOLTE

 31 Oct 2019113

5:28

Former first lady Michelle Obama condemned white people for fleeing minority neighborhoods just weeks after she and her husband purchased a $15 million estate in Martha’s Vineyard.

Martha’s Vineyard is 95 percent white and just two percent black.

Martha’s Vineyard is almost as white as an Elizabeth Warren rally.

Martha’s Vineyard is whiter than my subdivision here in rural North Carolina.

Martha’s Vineyard is whiter than MSNBC.

During a Tuesday appearance at the Obama Foundation Summit in Chicago, she said, “But unbeknownst to us, we grew up in the period — as I write — called ‘white flight.’ That as families like ours, upstanding families like ours … As we moved in, white folks moved out because they were afraid of what our families represented.”

“And I always stop there when I talk about this out in the world because, you know, I want to remind white folks that y’all were running from us.” She went on, “This family with all the values that you’ve read about. You were running from us. And you’re still running, because we’re no different than the immigrant families that are moving in … the families that are coming from other places to try to do better.”

 

Did I mention that Michelle and Barry just purchased a $15 million estate in Martha’s Vineyard, which is 95 percent white?

 

Oh, and did I mention the Obamas own a second home, an $8 million mansion, in the exclusive DC neighborhood of Kalorama, which is 80 percent white and just four percent black.

 

Oh, and did I mention the Obamas have a third home, a $5.3 million mansion, in Rancho Mirage, California, which is 89 percent white and just 2.6 percent black.

 

Oh, sure, the Obamas still own their Chicago home in Hyde Park, which is at least 26 percent black. But you would think they could do better than 26 percent!

 

I like Michelle Obama. I have always liked Michelle Obama. I’ve never said an unkind word about her, quite the opposite, and while I find her politics ignorant, she was a terrific first lady.

But this is nuts…

Not only is she attacking white people for seeking a better standard of living, which I can assure you (as I will explain below) has little to do with racism, she is also attacking whites after she herself “fled” to 95 percent white Martha’s Vineyard (I will never stop repeating this point) and two other homes in areas where the black population is less than 5 percent.

Worse still, she is putting white people in a position where they can never win, where they are damned if they do or don’t, where they are always and forever racist.

If white people move out of a black neighborhood, they’re racists engaging in white flight.

But…

And this is important…

If white people move into a minority neighborhood, they are also racists for either engaging in gentrification — which is just another form of cultural genocide, donchaknow — or cultural appropriation.

Now I’m going to tell you a little something about white flight, from my own  experience…

Because I was poor, back in the mid-eighties, I lived in the inner-city of Milwaukee for two years. My wife and I did not flee (my wife is not white, by the way) because of “icky minorities” (did I mention my wife is not white?), we fled because it was not safe to live there. It was never safe. Over those two years, we had been mugged, robbed, and had our car stolen. That’s why we left.

And when we fled, it was to a community that was still not as white as *ahem* Martha’s Vineyard.

In 2002, my wife and I moved to California for nine years and lived in an East Los Angeles neighborhood that was just four percent white. For nearly a decade, I was outnumbered 96-4 and never gave it a thought because I was not outnumbered. A darker skin tone, an accent, and different religious traditions did not make my neighbors any less American than me, and when I am among Americans I am among my own. We left because predominantly white leftists are destroying California.

Then there’s my poor dad…

He moved to the Northside of Milwaukee in 1980, and spent decades, a lot of money, and a ton of sweat, remodeling his home, building a garage, and paying that home off. He intended to retire there. And yes, there were black people in his neighborhood when he moved in, and for most of his adult life he worked in predominantly black institutions. He never intended to move, and held on for as long as he could… He didn’t flee because of black people. He was not forced to start all over at age 67 because he suddenly decided he didn’t like blacks. He left because he was robbed, because gangs started tagging his house and garage, because it was no longer safe to live there.

You know…

If we’re going to shame people for such things, what does it say to black people when other black people, especially the first black president and his family, reject them? What the hell kind of message is this to send to black Americans, especially when the Obamas can afford the security to live safely in any neighborhood they choose?

And if the Obamas wanted to live in Southern California, why choose Rancho Mirage over Ladera Heights, the Black Beverly Hills, a predominantly black neighborhood as swank as any in America?

Shame on Michelle and Barack Obama. They have the money and profile to make an important statement on this issue, but they obviously prefer to live in overwhelmingly white neighborhoods.

Follow John Nolte on Twitter @NolteNCFollow his Facebook Page here.

 

 

Diamond Life: Michelle Obama rents out $23-million Hollywood Hills mansion for a night

 

https://www.americanthinker.com/blog/2019/07/diamond_life_michelle_obama_rents_out_23_million_hollywood_hills_mansion_for_a_night.html

 

By Monica Showalter

Apparently, a hotel, even a luxury hotel, was not good enough.

Former first lady Michelle Obama had to go big, renting out a $23-million Hollywood Hills mansion for...a night.  The New York Post has the pictures of it here.  Several news accounts explained it as possibly a rental to try and buy, something most home-buyers don't get to do.  Whether she actually paid is also a big question mark, and if so, whether she paid market value (which would have cost more than a fancy hotel) or received her night there a "gift," which presents its own ethics problems.

Here's what a local CBS report said the place was like:

The Shark House, which is located in the 9200 block of Swallow Drive, is thus named due to its open air shark aquarium. It also has a full spa, a humidor room, movie theater and walk-in wine room.

It's on the market, currently listed for a cool $22.9 million.

A source told TMZ the Obamas may be looking at real estate in the Hollywood Hills area, but that was not confirmed.

If they're in the market to buy that, they've got a lot more money than the press is reporting.  We know they're loaded.  But not that loaded.  Not Louis XIV loaded, which is about the range for this sort of place.  Or is it a sweetheart deal in the works we're talking about?  Maybe they'll end up buying it for "a dollar."  Don't know yet, but neither possibility makes them look good.

It's all part and parcel of the Obamas' long, luxurious post-presidency, a nonstop vacay that costs taxpayers millions.  It's as though we're financing kings now, not retired presidents.  For a while there, the Obamas were jetting around with billionaires and staying on private islands.  Then they bought that expensive Kalorama mansion in Washington, D.C., all supposedly for the benefit of their daughter Sasha, who was finishing high school.  Surprise, surprise, it actually seems to primarily serve as a political watch post for longtime Obama loyalist and consigliere Valerie Jarrett.  They did some audience tours and hung out with more billionaires.  There were those lucrative Goldman Sachs speeches by the celebrity president (which certainly weren't based on economics anyone would want to trade on).

And all of this has been financed by taxpayers, who pay his $207,000 pension, along with bennies such as unlimited air travel, transition expenses, office expenses, presidential library funds, and lifetime Secret Service detail.

Apparently, to the Obamas, there's no reaching that "certain point" at which "you've made enough money."

For Michelle, just call her "Mooch."  Is this really what an ex-presidency is supposed to be like?  Hitting the money jackpot?  What he makes on his own is his own business (subject to bribery laws), but taxpayers shouldn't be financing this level of movie-star billionaire luxe life.  Maybe it's time for some pension reform from Congress.  Would be quite a thing to see that idea presented to the House's ruling Democrats.

 

OBAMAnomics:

Billionaire Class Enjoys 15X the Wage Growth of American Working Class

 

The billionaire class — the country’s top 0.01 percent of earners — have enjoyed more than 15 times as much wage growth as America’s working and middle class since 1979, new wage data reveals.

Between 1979 and 2017, the wages of the bottom 90 percent — the country’s working and lower middle class — have grown by only about 22 percent, Economic Policy Institute (EPI) researchers find.

Compare that small wage increase over nearly four decades to the booming wage growth of America’s top one percent, who have seen their wages grow more than 155 percent during the same period.

The top 0.01 percent — the country’s billionaire class — saw their wages grow by more than 343 percent in the last four decades, more than 15 times the wage growth of the bottom 90 percent of Americans.

In 1979, America’s working class was earning on average about $29,600 a year. Fast forward to 2017, and the same bottom 90 percent of Americans are earning only about $6,600 more annually.

The almost four decades of wage stagnation among the country’s working and middle class comes as the national immigration policy has allowed for the admission of more than 1.5 million mostly low-skilled immigrants every year.

 

(Public Citizen)

In the last decade, alone, the U.S. admitted ten million legal immigrants, forcing American workers to compete against a growing population of low-wage workers. Meanwhile, employers are able to reduce wages and drive up their profit margins thanks to the annual low-skilled immigration scheme.

The Washington, DC-imposed mass immigration policy is a boon to corporate executives, Wall Street, big business, and multinational conglomerates as every one percent increase in the immigrant composition of an occupation’s labor force reduces Americans’ hourly wages by 0.4 percent. Every one percent increase in the immigrant workforce reduces Americans’ overall wages by 0.8 percent.

Mass immigration has come at the expense of America’s working and middle class, which has suffered from poor job growth, stagnant wages, and increased public costs to offset the importation of millions of low-skilled foreign nationals.

Four million young Americans enter the workforce every year, but their job opportunities are further diminished as the U.S. imports roughly two new foreign workers for every four American workers who enter the workforce. Even though researchers say 30 percent of the workforce could lose their jobs due to automation by 2030, the U.S. has not stopped importing more than a million foreign nationals every year.

For blue-collar American workers, mass immigration has not only kept wages down but in many cases decreased wages, as Breitbart News reported. Meanwhile, the U.S. continues importing more foreign nationals with whom working-class Americans are forced to compete. In 2016, the U.S. brought in about 1.8 million mostly low-skilled immigrants.

John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

 

Study: Elite Zip Codes Thrived in Obama Recovery, Rural America Left Behind


https://www.breitbart.com/politics/2018/12/10/study-elite-zip-codes-thrived-in-obama-recovery-rural-america-left-behind/

4:49

Wealthy cities and elite zip codes thrived under the slow-moving economic recovery of President Obama while rural American communities were left behind, a study reveals.

The Economic Innovation Group research, highlighted by Axios, details the massive economic inequality between the country’s coastal city elites and middle America’s working class between the Great Recession in 2007 and Obama’s economic recovery in 2016.

Between 2007 and 2016, the number of residents living in elite zip codes grew by more than ten million, with an overwhelming faction of that population growth being driven by mass immigration where the U.S. imports more than 1.5 million illegal and legal immigrants annually.

The booming 44.5 million immigrant populations are concentrated mostly in the country’s major cities like Los Angeles, California, Miami Florida, and New York City, New York. The rapidly growing U.S. population — driven by immigration — is set to hit 404 millionby 2060, a boon for real estate developers, wealthy investors, and corporations, all of which benefit greatly from dense populations and a flooded labor market.

The economic study found that while the population grew in wealthy cities, America’s rural population fell by nearly 3.5 million residents.

Likewise, by 2016, elite zip codes had a surplus of 3.6 million jobs, which is more than the combined bottom 80 percent of American zip codes. While it only took about five years for wealthy cities to replace the jobs lost by the recession, it took “at risk” regions of the country a decade to recover, and “distressed” U.S. communities are “unlikely ever to recover on current trendlines,” the report predicts.

A map included in the research shows how rich, coastal metropolises have boomed economically while entire portions of middle America have been left behind as job and business gains remain concentrated at the top of the income ladder.

 

(Economic Innovation Group) 

 

(Economic Innovation Group)

Economic growth among the country’s middle-class counties and middle-class zip codes has considerably trailed national economic growth, the study found.

For example, between 2012 and 2016, there were 4.4 percent more business establishments in the country as a whole. That growth was less than two percent in the median zip code and there was close to no growth in the median county.

The same can be said of employment growth, where U.S. employment grew by about 9.3 percent from 2012 to 2016. In the median zip code, though, employment grew by only 5.5 percent and in the median county, employment grew by less than four percent.

“Nearly three in every five large counties added businesses on net over the period, compared to only one in every five small one,” the report concluded.

Elite zip codes added more business establishments during Obama’s economic recovery, between 2012 and 2016, than the entire bottom 80 percent of zip codes combined. For instance, while more than 180,000 businesses have been added to rich zip codes, the country’s bottom tier has lost more than 13,000 businesses even after the economic recovery.

 

(Economic Innovation Group) 

 

(Economic Innovation Group)

The gutting of the American manufacturing base, through free trade, has been a driving catalyst for the collapse of the white working class and black Americans. Simultaneously, the outsourcing of the economy has brought major wealth to corporations, tech conglomerates, and Wall Street.

The dramatic decline of U.S. manufacturing at the hands of free trade—where more than 3.4 million American jobs have been lost solely due to free trade with China, not including the American jobs lost due to agreements like the North American Free Trade Agreement (NAFTA) and the United States-Korea Free Trade Agreement (KORUS)—has coincided with growing wage inequality for white and black Americans, a growing number of single mother households,  a drop in U.S. marriage rates, a general stagnation of working and middle class wages, and specifically, increased black American unemployment.

“So, the loss of manufacturing work since 1960 represents a steady decline in relatively high-paying jobs for less-educated workers,” recent research from economist Eric D. Gould has noted.

Fast-forward to the modern economy and the wage trend has been the opposite of what it was during the peak of manufacturing in the U.S. An Economic Policy Institute studyfound this year that been 2009 and 2015, the top one percent of American families earned about 26 times as much income as the bottom 99 percent of Americans.

John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder

 

Record high income in 2017 for top one percent of wage earners in US

In 2017, the top one percent of US wage earners received their highest paychecks ever, according to a report by the Economic Policy Institute (EPI).

Based on newly released data from the Social Security Administration, the EPI shows that the top one percent of the population saw their paychecks increase by 3.7 percent in 2017—a rate nearly quadruple the bottom 90 percent of the population. The growth was driven by the top 0.1 percent, which includes many CEOs and corporate executives, whose pay increased eight percent and averaged $2,757,000 last year.

The EPI report is only the latest exposure of the gaping inequality between the vast majority of the population and the modern-day aristocracy that rules over them.

The EPI shows that the bottom 90 percent of wage earners have increased their pay by 22.2 percent between 1979 and 2017. Today, this bottom 90 percent makes an average of just $36,182 a year, which is eaten up by the cost of housing and the growing burden of education, health care, and retirement.

Meanwhile, the top one percent has increased its wages by 157 percent during this same period, a rate seven times faster than the other group. This top segment makes an average of $718,766 a year. Those in-between, the 90th to 99th percentile, have increased their wages by 57.4 percent. They now make an average of $152,476 a year—more than four times the bottom 90 percent.

Graph from the Economic Policy Institute

Decades of decaying capitalism have led to this accelerating divide. While the rich accumulate wealth with no restriction, workers’ wages and benefits have been under increasing attack. In 1979, 90 percent of the population took in 70 percent of the nation’s income. But, by 2017, that fell to only 61 percent.

Even more, while the bottom 90 percent of the population may take in 61 percent of the wages, large sections of the workforce today barely pull in any income at all. For example, Social Security Administration data found that the bottom 54 percent of wage earners in the United States, 89.5 million people, make an average of just $15,100 a year. This 54 percent of the population earns only 17 percent of all wages paid in America.

However unequal, these wage inequalities still do not fully present the divide between rich and poor. The ultra-wealthy derive their wealth not primarily from wages, but from assets and equities—principally from the stock market. While the bottom 90 percent of the population made 61 percent of the wages in 2017, they owned even less, just 27 percent of the wealth (according to the World Inequality Report 2018 by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman).

The massive increase in the value of the stock market, which only a small segment of the population participates in, means that the top 10 percent of the population controls 73 percent of all wealth in the United States. Just three men—Jeff Bezos, Warren Buffet and Bill Gates—had more wealth than the bottom half of America combined last year.

Wages are so low in the United States that roughly half of the population falls deeper into debt every year. A Reuters report from July found that the pretax net income (that is, income minus expense) of the bottom 40 percent of the population was an average of negative $11,660. Even the middle quintile of the population, the 40th to 60th percentile, breaks even with an average of only $2,836 a year.

As the Social Security Administration numbers show, 67.4 percent of the population made less than the average wage, $48,250 a year in 2017, a sum that is inadequate to support a family in many cities—especially, with high housing costs, health care, education, and retirement factored in.

For the ruling class, though, workers’ wages are already too much. The volatility of the stock market and the deep fear that the current bull market will collapse has made politicians and businessmen anxious of any sign of wage increases.

In August, wages in the US rose just 0.2 percent above the inflation rate, the highest in nine years. Though the increase was tiny, it was enough to encourage the Federal Reserve to increase the interest rate past two percent for the first time since 2008. Raising interest rates helps to depress workers’ wages by lowering borrowing and spending. As the Financial Times noted, stopping wage growth was “central” to the Federal Reserve’s move.

Further analysis of the Social Security Administration data shows that in 2017, 147,754 people reported wages of 1 million dollars or more—roughly, the top 0.05 percent. Their combined total income of $372 billion could pay for the US federal education budget five times over.

These wages, however large, still pale in comparison to the money the ultra-rich acquire from the stock market. For example, share buybacks and dividend payments, a way of funneling money to shareholders, will eclipse $1 trillion this year.

Whatever the immediate source, the wealth of the rich derives from the great mass of people who do the actual work. Across the United States and around the world, workers, young people, and students have entered into struggle this year over pay, education, health care, immigration, war and democratic rights. This growing movement of the working class must set as its aim confiscating the wealth and power of this tiny parasitic oligarchy. Society’s wealth must be democratically controlled by those who produce it.

 

THE STAGGERING ECONOMIC INEQUALITY UNDER OBAMA'S ADMINISTRATION SERVING THE BILLIONAIRE CLASS.

 

THE ENTIRE REASON BEHIND AMNESTY IS TO KEEP WAGES DEPRESSED AND PASS ALONG THE REAL COST OF "CHEAP" MEXICAN LABOR TO THE AMERICAN MIDDLE CLASS.

 

AND IT'S WORKING!

 

 

SEN. BERNIE SANDERS

 

“Calling income and wealth inequality the "great moral issue of our time," Sanders laid out a sweeping, almost unimaginably expensive program to transfer wealth from the richest Americans to the poor and middle class. A $1 trillion public works program to create "13 million good-paying jobs." A $15-an-hour federal minimum wage. "Pay equity" for women. Paid sick leave and vacation for everyone. Higher taxes on the wealthy. Free tuition at all public colleges and universities. A Medicare-for-all single-payer health care system. Expanded Social Security benefits. Universal pre-K.” WASHINGTON EXAMINER

 

YOU THOUGHT OBAMA INVITED OBAMANOMICS and started the assault on the American middle-class?

NOPE!

 

“By the time of Bill Clinton’s election in 1992, the Democratic Party had completely repudiated its association with the reforms of the New Deal and Great Society periods. Clinton gutted welfare programs to provide an ample supply of cheap labor for the rich (WHICH NOW MEANS OPEN BORDERS AND NO E-VERIFY!), including a growing layer of black capitalists, and passed the 1994 Federal Crime Bill, with its notorious “three strikes” provision that has helped create the largest prison population in the world.”

 

 

 

OBAMA: SERVANT OF THE 1%

 

Richest one percent controls nearly half of global wealth

 

The richest one percent of the world’s population now controls 48.2 percent of global wealth, up from 46 percent last year.

 

 

http://mexicanoccupation.blogspot.com/2014/10/how-barack-obama-and-his-crony.html

 

The report found that the growth of global inequality has accelerated sharply since the 2008 financial crisis, as the values of financial assets have soared while wages have stagnated and declined.

 

Millionaires projected to own 46 percent of global private wealth by 2019

Households with more than a million (US) dollars in private wealth are projected to own 46 percent of global private wealth in 2019 according to a new report by the Boston Consulting Group (BCG).

 

This large percentage, however, only includes cash, savings, money market funds and listed securities held through managed investments—collectively known as “private wealth.” It leaves out businesses, residences and luxury goods, which comprise a substantial portion of the rich’s net worth.

 

At the end of 2014, millionaire households owned about 41 percent of global private wealth, according to BCG. This means that collectively these 17 million households owned roughly $67.24 trillion in liquid assets, or about $4 million per household.

 

In total, the world added $17.5 trillion of new private wealth between 2013 and 2014. The report notes that nearly three quarters of all these gains came from previously existing wealth. In other words, the vast majority of money gained has been due to pre-existing assets increasing in value—not the creation of new material things.

 

This trend is the result of the massive infusions of cheap credit into the financial markets by central banks. The policy of “quantitative easing” has led to a dramatic expansion of the stock market even while global economic growth has slumped.

 

While the wealth of the rich is growing at a breakneck pace, there is a stratification of growth within the super wealthy, skewed towards the very top.

 

In 2014, those with over $100 million in private wealth saw their wealth increase 11 percent in one year alone. Collectively, these households owned $10 trillion in 2014, 6 percent of the world’s private wealth. According to the report, “This top segment is expected to be the fastest growing, in both the number of households and total wealth.” They are expected to see 12 percent compound growth on their wealth in the next five years.

 

Those families with wealth between $20 and $100 million also rose substantially in 2014—seeing a 34 percent increase in their wealth in twelve short months. They now own $9 trillion. In five years they will surpass $14 trillion according to the report.

 

Coming in last in the “high net worth” population are those with between $1 million and $20 million in private wealth. These households are expected to see their wealth grow by 7.2 percent each year, going from $49 trillion to $70.1 trillion dollars, several percentage points below the highest bracket’s 12 percent growth rate.

 

The gains in private wealth of the ultra-rich stand in sharp contrast to the experience of billions of people around the globe. While wealth accumulation has sharply sped up for the ultra-wealthy, the vast majority of people have not even begun to recover from the past recession.

 

An Oxfam report from January, for example, shows that the bottom 99 percent of the world’s population went from having about 56 percent of the world’s wealth in 2010 to having 52 percent of it in 2014. Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of the world’s wealth.

In 2014 the Russell Sage Foundation found that between 2003 and 2013, the median household net worth of those in the United States fell from $87,992 to $56,335—a drop of 36 percent. While the rich also saw their wealth drop during the recession, they are more than making that money back. Between 2009 and 2012, 95 percent of all the income gains in the US went to the top 1 percent. This is the most distorted post-recession income gain on record.

 

As the Organization for Economic Co-operation and Development (OECD) has noted, in the United States “between 2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times more (26 percent) for those at the bottom 20 percent of the distribution.” The 2015 report concludes that “low-income households have not benefited at all from income growth.”

 

Another report by Knight Frank, looks at those with wealth exceeding $30 million. The report notes that in 2014 these 172,850 ultra-high-net-worth individuals increased their collective wealth by $700 billion. Their total wealth now rests at $20.8 trillion.

 

The report also draws attention to the disconnection between the rich and the actual economy. It states that the growth of this ultra-wealthy population “came despite weaker-than-anticipated global economic growth. During 2014 the IMF was forced to downgrade its forecast increase for world output from 3.7 percent to 3.3 percent.”


OBAMA’S WALL STREET and the LOOTING of AMERICA – SECOND TERM

 

The corporate cash hoard has likewise reached a new record, hitting an estimated $1.79 trillion in the fourth quarter of last year, up from $1.77 trillion in the previous quarter. Instead of investing the money, however, companies are using it to buy back their own stock and pay out record dividends.

 

Megan McArdle Discusses How America's Elites Are Rigging the Rules - Newsweek/The Daily Beast special correspondent Megan McArdle joins Scott Rasmussen for a discussion on America's new Mandarin class.

 

http://www.rasmussenreports.com/public_content/most_recent_videos/2013_03/megan_mcardle_discusses_how_america_s_elites_are_rigging_the_rules

 

http://mexicanoccupation.blogspot.com/2013/03/obamas-wall-street-and-looting-of.html

 

 

PATRICK BUCHANAN: OBAMA’S ASSAULT  ON AMERICA BEGINS AT OUR BORDERS

 

http://mexicanoccupation.blogspot.com/2015/06/patrick-j-buchanan-when-obama-turned.html

 

WHO REALLY PAYS FOR THE CRIMES OF OBAMA’S CRONY DONORS???

LAST WEEK BARACK OBAMA CELEBRATED FIVE YEARS OF THE LOOTING BY HIS WALL STREET BANKSTERS… now it’s back to cutting social programs to pay for all that rape by the 1% he represents. The following week it will be back to the AMNESTY HOAX to legalize Mexico’s looting of America and make it legal that Mexicans get our jobs first… they already do!

http://mexicanoccupation.blogspot.com/2013/09/obamas-crony-capitalism-last-week-obama.html

As in previous budget crises under the Obama administration, the events are being stage-managed by the two corporate-controlled parties to give the illusion of partisan gridlock and confrontation over principles—in this case, whether to go forward with the implementation of the Obama health care program—while behind the scenes all factions within the ruling elite agree that massive cuts must be carried through in basic federal social programs.

 

OBAMA’S CRONY CAPITALISM – A NATION RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA DONORS

 

http://mexicanoccupation.blogspot.com/2013/05/pritzker-obama-adds-to-his-harem-of.html

GET THIS BOOK

Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies

by Michelle Malkin

In her shocking new book, Malkin digs deep into the records of President Obama's staff, revealing corrupt dealings, questionable pasts, and abuses of power throughout his administration.

 

PATRICK BUCHANAN 

After Obama has completely destroyed the American economy, handed millions of jobs to illegals and billions of dollars in welfare to illegals…. BUT WHAT COMES NEXT?

 http://mexicanoccupation.blogspot.com/2015/05/patrick-buchanan-when-obama-bankrupted.html

 

OBAMANOMICS: IS IT WORKING???

 Millionaires projected to own 46 percent of global private wealth by 2019

By Gabriel Black 
18 June 2015

Households with more than a million (US) dollars in private wealth are projected to own 46 percent of global private wealth in 2019 according to a new report by the Boston Consulting Group (BCG).

This large percentage, however, only includes cash, savings, money market funds and listed securities held through managed investments—collectively known as “private wealth.” It leaves out businesses, residences and luxury goods, which comprise a substantial portion of the rich’s net worth.

 

At the end of 2014, millionaire households owned about 41 percent of global private wealth, according to BCG. This means that collectively these 17 million households owned roughly $67.24 trillion in liquid assets, or about $4 million per household.

 

In total, the world added $17.5 trillion of new private wealth between 2013 and 2014. The report notes that nearly three quarters of all these gains came from previously existing wealth. In other words, the vast majority of money gained has been due to pre-existing assets increasing in value—not the creation of new material things.

 

This trend is the result of the massive infusions of cheap credit into the financial markets by central banks. The policy of “quantitative easing” has led to a dramatic expansion of the stock market even while global economic growth has slumped.

 

While the wealth of the rich is growing at a breakneck pace, there is a stratification of growth within the super wealthy, skewed towards the very top.

 

In 2014, those with over $100 million in private wealth saw their wealth increase 11 percent in one year alone. Collectively, these households owned $10 trillion in 2014, 6 percent of the world’s private wealth. According to the report, “This top segment is expected to be the fastest growing, in both the number of households and total wealth.” They are expected to see 12 percent compound growth on their wealth in the next five years.

 

Those families with wealth between $20 and $100 million also rose substantially in 2014—seeing a 34 percent increase in their wealth in twelve short months. They now own $9 trillion. In five years they will surpass $14 trillion according to the report.

 

Coming in last in the “high net worth” population are those with between $1 million and $20 million in private wealth. These households are expected to see their wealth grow by 7.2 percent each year, going from $49 trillion to $70.1 trillion dollars, several percentage points below the highest bracket’s 12 percent growth rate.

 

The gains in private wealth of the ultra-rich stand in sharp contrast to the experience of billions of people around the globe. While wealth accumulation has sharply sped up for the ultra-wealthy, the vast majority of people have not even begun to recover from the past recession.

 

An Oxfam report from January, for example, shows that the bottom 99 percent of the world’s population went from having about 56 percent of the world’s wealth in 2010 to having 52 percent of it in 2014. Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of the world’s wealth.

 

In 2014 the Russell Sage Foundation found that between 2003 and 2013, the median household net worth of those in the United States fell from $87,992 to $56,335—a drop of 36 percent. While the rich also saw their wealth drop during the recession, they are more than making that money back. Between 2009 and 2012, 95 percent of all the income gains in the US went to the top 1 percent. This is the most distorted post-recession income gain on record.

 

As the Organization for Economic Co-operation and Development (OECD) has noted, in the United States “between 2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times more (26 percent) for those at the bottom 20 percent of the distribution.” The 2015 report concludes that “low-income households have not benefited at all from income growth.”

 

Another report by Knight Frank, looks at those with wealth exceeding $30 million. The report notes that in 2014 these 172,850 ultra-high-net-worth individuals increased their collective wealth by $700 billion. Their total wealth now rests at $20.8 trillion.

 

The report also draws attention to the disconnection between the rich and the actual economy. It states that the growth of this ultra-wealthy population “came despite weaker-than-anticipated global economic growth. During 2014 the IMF was forced to downgrade its forecast increase for world output from 3.7 percent to 3.3 percent.”

 

THE CRONY CLASS:

 

OBAMACLINTONOMICS was created by BILLARY CLINTON!

 

Income inequality grows FOUR TIMES FASTER under Obama than Bush.

 

http://mexicanoccupation.blogspot.com/2014/12/obamanomics-at-work-depressed-wages-and.html

 

“By the time of Bill Clinton’s election in 1992, the Democratic Party had completely repudiated its association with the reforms of the New Deal and Great Society periods. Clinton gutted welfare programs to provide an ample supply of cheap labor for the rich (WHICH NOW MEANS OPEN BORDERS AND NO E-VERIFY!), including a growing layer of black capitalists, and passed the 1994 Federal Crime Bill, with its notorious “three strikes” provision that has helped create the largest prison population in the world.”