But Obama says that he is transferring wealth to protect the middle class……
The only ones who get rich when government transfers wealth is government, because they transfer a LOT more to themselves per person than they do to the poor.
WASHINGTON (CBS DC) – The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.
According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.
According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent. The “less than $10,000″ figure includes the numerous households that have no assets at all, or “negative assets,” which is otherwise known as “debt.”
Over that same period of time, the wealthiest 1 percent of American households increased their average wealth by 71 percent.
[Political Arena Editor’s Note – in that 1% are government bureaucrats many of whom make six figures:
Now you know who is getting rich….
The person who needs help to get out of poverty gets about what $11,000 a year if they are lucky while the Democrat appointee who runs welfare gets over $187,000 a year.
Government programs are not anti-poverty program, they are government appointee and government union enrichment programs. It is no different than “paying protection”.]
As noted by Daily Finance, from 1983 to 2010 the share of total wealth held by the richest 10 percent of American households increased from 68.2 percent to 76.7 percent. Meanwhile, all the rest of Americans lost financial ground.
An August Pew Research Center study found that many in the middle-class are divided on how they believe his gap widened.
Fully 85 percent of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living.