The Obama Magic Failed to Produce Social Justice: Income is Down and Poverty is Up
Nothing is accomplished when you allow the lazy to become dependent on the government.
Check it out:
The other day also we had economic news not good about the widening gap between the rich and the poor. We had the news that the smarter are getting wealthier and the stupider are getting poorer — I mean, it wasn’t good — and that the wealth gap was wider, much wider today between the top 1% and everybody else than five years ago when Obama took office.
We have more details on this, and one of the fundamental aspects of the story we had was the median income. We pointed out the median income in the United States is $51,000 a year, but that there are six counties in America where the median income is over twice the national median. Four of those counties are suburban Washington. The median income in those counties is it $101,000.
Do you know the difference in a mean and an average? “Mean” is that points where there are just as many above the number as are below it. An “average” is not that. This is the mean, and the mean income in this country is $51,000. That’s why I’ve always said, “If you earn $50,000 or more, you’re in the upper 10%,” but that’s getting worse. It ought to be trending in the opposite direction.
Of course, it can’t with economic policies like these. Another way of looking at this is, median incomes in the United States are $644 less than they were in 1989, and the New York Times has a story: “Household Income Remains Flat Despite Improving Economy,” and they’re puzzled, and they’re wringing their hands, and this has some fascinating data in it that I’m gonna get into in some detail.