“Income inequality in the United States has been growing for decades, but the trend appears to have accelerated during the Obama administration.” The New York Times
Today, America has the widest gap in income equality in history.
If capitalism is to blame, as French economist Thomas Piketty claimed in his bestseller, Capital in the Twenty First Century, how can that be?
During the past eight years, the federal government has virtually taken control of healthcare, the Internet (regs to come) and, to a great degree, the financial sector. The minimum wage has doubled in many markets and spending on entitlement programs such as the supplemental nutritional assistance program (SNAP) has skyrocketed.
In other words, America has moved much closer to socialism, with greater government control over our lives. Capitalism has ebbed, as fewer businesses are being formed and fewer still are going public.
President Obama made income inequality the main theme of his 2015 Economic Report of the President and his last two State of the Union speeches. As Occupy Wall Street, MoveOn.org and other left-wing and left-leaning organizations have made income equality their rallying cry, the gap between rich and poor has widened.
How come? (more…)