We've heard it all before. According to Obama and the Democrats, the George W. Bush tax cuts only benefited the rich. Thus, apparently, the rich got richer and the poor got poorer during the Bush years.
However, thanks to a post by Jim Lindgren, in a Washington Post blog, we get this very enlightening chart:
As the chart shows, of the last four out-of-office Presidents, the incomes of the lowest 20% of our population under George W. Bush increased the highest at 18.4%. At the same time, the top 20%, saw declines of 6% in their incomes. Under Clinton, the poor only saw income increases of 13.3%; but, the richest 1% saw their income rise by a whopping 84.1%. Reagan was the biggest benefactor of the rich with a 90.9% increase in their incomes in his 8 years.
That, then, brings us to Obama. Under his stewardship we have a record number of people in poverty: 46.5 million and a 49-year high; as a percent of population. Further, Obama has had to admit that, since being in office, 95% of all the income gains have gone to the top 1%.
If this was a fairy tale, and Obama had a magic mirror, his "fairest of all" question would definitely result in George W's face reflecting back at him.
Jim Lindgren: If we want more income equality, should we return to the economy of George W. Bush?: http://www.washingtonpost.com/news/volokh-conspiracy/wp/2014/01/28/if-we-want-more-income-equality-should-we-return-to-the-economy-of-george-w-bush/
That’s rich: Poverty level under Obama breaks 50-year record: http://www.washingtontimes.com/news/2014/jan/7/obamas-rhetoric-on-fighting-poverty-doesnt-match-h/?page=all
Obama admits 95% of income gains gone to top 1%: http://money.cnn.com/2013/09/15/news/economy/income-inequality-obama/