Obama’s Benefactors Grow Richer While You Are Stuck in the Recession

Right From the Start

Right From the Start

I have decided to become a Barack Obama Democrat. For years Mr. Obama and his branch of liberalism have scolded me and other conservatives as supporting the rich at the expense of the poor. Despite my protestations and the fact that I give more money to charity in a month than does Vice President Joe Biden in a year I cannot shake the antipathy of the left. Despite my unshakeable belief that the road out of poverty is through job creation rather than welfare, I cannot shake the labels of greed and profiteering cast by the likes of Reps. Nancy Pelosi (D-CA) and Maxine Waters (D-CA). And despite my routine criticism of the public employee unions for greed and avarice at the expense of the taxpayers, I cannot escape the label of being “against working people.”

I could live with all of that, but a recent squib in the Wall Street Journal finally showed me the error of my ways. Michael Derby reports:

“Americans have recovered only45% of the wealth they lost during the recession, adjusted for inflation, the Federal Reserve Bank of St. Louis estimated. . .

“. . . The bank said data that shows a near complete recovery in total aggregate wealth is misleading. The analysts argue aggregate household net-worth data aren’t adjusted for inflation, population growth or the nature of wealth. They note a lot of the recovery in net worth has been tied to the stock market, thus is concentrated in holdings of wealthy families.”

Bingo!! There it is. While the recession may have begun under President George W. Bush, the “recovery” is all Mr. Obama’s. All of the major stock market indices have recovered and/or surpassed their pre-recession highs. Wall Street moneychangers and investors like me have increased our net-worths beyond pre-recession levels even when adjusted for inflation. Thank you very much Mr. Obama – the overwhelming campaign contributions given to you have paid off handsomely. (Well, the moneychangers’ campaign contributions, not mine – there are some things not even a pig will do.)

Interest rates are being held at artificial low levels so that the moneychangers can borrow at rates next to nothing and arbitrage the hell out of it in an increasing stock market. Oh, please, don’t bother me with this ridiculous notion that low interest rates will stimulate industrial investment – we’re busy hoarding our cash and using it like our friends on Wall Street. And the idea such investment is going to stimulate job creation; well the numbers show that didn’t happen – total non-farm employment peaked at the end of 2007 at 138,042,000 while the most recent data for April of 2013 pegs the numbers at135,474, 000. Still down 2.5 Million jobs and that is not adjusted for the growing workforce that has increased by 1.38 Million during the same period. [All figures are from the United States Department of Labor, Bureau of Labor Statistics.] Silly boy, job growth occurs in the small business sector of our economy and the moneychangers are not lending money to them for expansion purposes – way too risky, don’t you know. And besides most of those in the small business sector are either Republicans or so busy trying to keep the doors open that they cannot be bothered with Democrat politics.

But don’t worry, unemployment rates are down and that is all we care about. Don’t bother me with the fact that the unemployment figures simply represent those receiving unemployment benefits and doesn’t include those who have given up or run out of benefits. I’m telling you that the falling unemployment numbers are proof positive of the benefits to working people from Mr. Obama’s policies and it doesn’t matter that there are still 2.5 million fewer jobs today than there were before the recession began and that another 1.38 million people have entered the workforce with no prospects of a job. Who are you going to believe, me or your lying eyes?

So there it is. I’m done being a conservative and by default a Republican. I’m going to be an Obama Democrat and enjoy my increasing wealth while the rest of you go whistle. I’ve been practicing getting dewy eyed and developing a quiver in my voice when I talk about the children – and I always talk about the children. I’ve been practicing my empathetic frown when I hear the plight of the poor, or the down trodden, or whatever group we are feigning concern about this week. And I’ll be at the rallies marching with my brothers and sisters (just as long as you hold the march after trading has closed on Wall Street – first things first, eh.)

And mind you, I don’t want to be just any kind of Democrat – only an Obama Democrat or a public employees union Democrat so I can retire to the beaches of Mexico with large women in purple T-shirts, drink margaritas and laugh at the rest of the world.

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Posted by at 05:00 | Posted in Economy, Employment, Jobs, Liberalism, President Obama, Public Employee Unions | 27 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Bob Clark

    The children song and dance is more a local political sales tactic I think than a national political sales tactic. It is especially politically-snake-oil-like useful in the tax happy City of Portland. The latest snow job in the City of Portland was the Arts tax. The ballot title for it was written touting how it would restore arts and music in public schools. Written by none other than Mayor Adams and crew with the campaign for it financed mostly indirectly through City government (public taxpayer) monies. But this tax was hardly for the children. In fact, the way it is playing out some Portland public schools are getting less arts and music instruction so as to spread teachers per the ballot measures formulae (recent Portland Tribune article).
    Moreover, the real reason there is not as much arts and music education in Portland Public Schools as hoped for is existing teachers through their union have decided to give themselves over generous compensation packages (the average PPS teacher makes over $95k in total compensation per PPS 2012-2013 budget document) instead of keeping their pay in-line with other similar professions so as to allow PPS to maintain staffing levels. No one is willing to face up to the headline risk of a school strike, and therefore, the Teachers union works a steady bleed of public resources.
    The real guerilla in the room is the Teachers union which is now wanting 3.5% annual increases in pay plus step increases. So, the Arts tax monies will ultimately end up going to higher benefits for existing teachers and administrators rather than retaining arts and music through all k-12 schools. In fact, administrators proposed in their new budget (with the Arts tax monies included) to boost their salaries and benefits by $1.5 million, which might work out to a $15k boost in annual benefits/pay. Don’t forget too that the elevated level of benefits relative to base salary helps lower the income taxes paid by these public employees (over one-third of their compensation is in non-taxable benefits such as healthcare and retirement accruals).

  • sol668

    Ooh the RW populist, is there anyone more ridiculous asinine and preening….But thank you for disproving the prevailing Conservative economic theory of the past 30 odd years….Trickle down economics….evidently as you point out… a rising stock market, stagnate wages, as productivity skyrocketed resulting in increasing wealth concentration, doesn’t mean jobs and prosperity for working schmucks like me. Hoarding cash in offshore accounts and investing in emerging markets like china has proven much much more profitable ….but of course I’m sure Larry will tell us…all we need to do is give the rich another tax cut….reduce the wages of their employees through things like “right to work”…and making sure the wealthy aren’t in cumbered by pesky regulations…and…..surely the jobs will flow

    Should Obama be criticized for his failure to redistribute wealth through society, you BET…but not from the right, who have argued “trickle down” for decades, and now want to whine when concentrated wealth !SURPRISE! doesn’t result in broad based prosperity.

    • guest

      The tinkle down on your pants is David Appelling.

  • JacklordGod

    Look – The math is pretty simple. For the average working family things suck under Obama. Things will continue to suck for 3.5 more years under our self admitted spectator president. Really the main thing he is good at is wardrobe during golf. He seems to mostly avoid the mom jeans and seems to hit the ball without the complete incompetence of his gun posing or Chris Christie cupie doll winning moments. That last one actually made me reconsider my support of gay marriage.

    • sol668

      Under Obama? Sure things suck for the loser class…but of course they also sucked under GW Bush, Clinton, Reagan….pretty much for the past generation the middle class has been in decline while the wealthy have prospered like never before..

      https://money.cnn.com/2011/02/16/news/economy/middle_class/index.htm

      • guest

        sol668vice, RU a weathermanCorpse member or a blatherman for Van-dal Jones?

        • sol668

          Its sad that you assume that I’m some sort of radical, I am in fact quite moderate on a host of issues from gun control to environmental issues (logging)…perhaps your propensity to seek an ever more extreme position is alienating moderates such as myself and contributing to your total irrelevancy and in ability to win state wide office in Oregon

          • DavidAppell

            Get used to it, sol. This forum is big on insults, not so much on facts….

          • guest

            Snot to the core UR, DA!

          • ardbeg

            “Snot to the core UR, DA!” What the f does that even mean! Speak da Americano D-bag

    • DavidAppell

      At least their investments are doing great: the S&P 500 is up 89% since Obama was first sworn in. And up 8% just since he was sworn in the second time.

      Don’t make me put Bush Jr’s numbers up — you won’t like them.

  • DavidAppell

    Thank you very much Mr. Obama – the overwhelming campaign contributions given to you have paid off handsomely.

    This absolutely no sense at all. Wall Street overwhelmingly bribed backed Romney:

    https://www.thedailybeast.com/articles/2012/10/09/wall-street-showers-romney-campaign-with-donations-abandons-obama.html

    • cecil91

      Selective news gathering are we? This from the same left-leaning
      bloggery says that O’ (your chosen master) received millions in campaign
      donations from big financial intrerests

      “Overall, the Wall Street-linked bundlers have brought in between $15.3 million and at least $27.7 million for the president”.

      And if you ever bothered to read beyond your left-pointing blinders, you would have read that O’ received about 10 million dollars more from the banking and investment industry than did Romney:

      https://www.thedailybeast.com/articles/2011/10/22/obama-s-delicate-relationship-with-wall-street-going-into-the-2012-election.html

      But you are so in a hurry to believe every last single thing bad about conservatives that your one-sided brain only sees what it wants. Face it, Dave, one-half your brain is paralyzed, and the Left half is oatmeal.

  • Oregon Engineer

    Thanks Larry.
    The sideshow that followed has been the most entertaining for a long time.

  • ardbeg

    Our economic picture now looks like an hour glass. Money at the top, no money at the bottom and a smaller and smaller middle. New data says 60% of US citizens live pay check to pay check. 25% of Americans have postponed their retirement to work more years, there by making it harder and harder for college grads to find gain full employment. The middle class has shrunk since the 70’s. I know some of you out there are old enough to remember the days of a single bread winner and a stay at home mom. Not today, both parents HAVE to work full time and maybe that lack of parenting is the ill that ails much of what is f’d up with our society. The moronic Republicans blame the left and the Idiotic Democrats blame the conservatives. All the while the rich get richer, the percentage of poor grows so what is left of the middle pays their way.The rich laugh their arse off while us little people argue who’s to blame; dems or cons and they continue to make money hand over fist while the rest fall farther and farther behind. It will hit the tipping point and we will look more and more like Greece. You cons on OC are fighting the wrong battle, thinking if you just get your guy elected that everything will be alright and everyone will break out is song of Kumbyaye. Reagan, Bush I, Clinton, Bush II and Obama=middle class gets screwed! But if we just win the next election, if we just capture the white house, if we just get control of the senate, if we just, if we just….keep fooling your selves.

    Ardbeg

    https://www.businessinsider.com/22-statistics-that-prove-the-middle-class-is-being-systematically-wiped-out-of-existence-in-america-2010-7?op=1

    • So Tu Squeak

      There you go again, welcome back Carter!

      Then there’s the 47% BHO’s 2012 opponent referred to and hanging with the 47% millionaires in Congress – all bottoming up and laughing at the 6% winced in the middle vainly trying to make ends meet.

      • ardbeg

        Soooooo……..you agree with me? A convert! Yes!

        • So Tu Sqeak

          In part… wasp waists disfigure our economy!

          Better for US, a (no discrimination) a flat income tax, abolish the IRS and do not allow Congress and ‘udder’ entities to exempt themselves from this form of ‘fare’ play, etc.

          As far as Constitutional entitlements are concerned, broke or not, do not attempt to doctor them up via piracy, e.g., Social Security.

          Sunset the failures and greet the sunrises with smiley faces teaming with teeming Tea Party bats on deck.

          BTW, ObamaCare ‘peers to be a gift hearse if some cosmetic teeth are shined upon and anal’ysts fail to look out what’s falling out back.

          • ardbeg

            Sunset the failures and greet the sunrises with smiley faces teaming with teeming Tea Party bats on deck. Are you writing poetic? Try communicating in American!?

          • S T S

            Tea Party on!

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