The big lie Obama tells again and again

Another favorite lie of Obama is the BIG ONE--income gap/inequality. Few remember this but Bush took office with the effects of the 1999 recession on his hands; income of the top 1% plummeted well before 9/11. You've probably forgotten because Bush didn't waste a lot of breath blaming Clinton. And the income of the top 1% has been going up since, and has really taken off under Obama.  Have you heard him mention how well they are doing—surely you’ve seen the photos of the parties.

Also, wealthier households are usually married couples and better educated. Why promote education as a solution to poverty if you demonize those whose parents, grandparents and self have finished college? And do the math. Two wage earners with college educations are better off than a single mom who didn't finish high school. There will be a gap!

The biggest loss in wealth in 2008 was from the housing recession. Progressives will argue this to the grave, but it was our own federal bank regulations (the 1977 CRA and its expansion)  intended to help the poor by putting them in mortgages they couldn’t possibly afford and punishing banks if the didn’t, that created that. Blacks and Latinos were hurt the most in the housing collapse. CRA was bad for the poor and bad for the country, and ended up hurting everyone.

Also, people are retiring at a baby boomer rate--that means pensions pay less than jobs and people move down a quintile or two. We certainly did. Our children now have incomes much higher than ours, but it wasn't that way in 2000 when we had two incomes. Boomers also have different work rates and divorce rates than pre-boomers.  Women earned much more than previous generations, and the men earned less. After divorce, they both have less.

Yes, Obama’s big one is the wealth gap—the gap has always been there, but his policies plus factors he had no control over because they began years ago are the reason.  Yes, the federal government discourages marriage and encourages dependence on hand outs, and that’s not a good formula for wealth building.