UNDER OBAMA, ONLY RICHEST 10 PERCENT SAW INCOMES RISE
“Shares of income and wealth held by affluent families are at modern historically high levels”
The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.
“Data from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent.
“The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,” the report stated. The SCF is conducted by the Federal reserve triennially and compiles information about family incomes, credit use, net worth and finances.
The report comes just a week after AFL-CIO President Richard Trumka said the union group would not endorse any more Democrats that following President Obama’s economic policy.
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