“President Obama is dividing America into two nations — one rich, the other increasingly poor. And both more likely to elect Democrats. Americans growing richer support his policies, and those growing poorer are increasingly dependent on Democratic politicians for government handouts.
In this century, the economy has not performed well, and a jobs shortage has driven down the income of most Americans.
Obama’s “recovery” has managed only 2.4 percent growth, but President George W. Bush’s expansion scored about the same rate and then collapsed altogether.
Since 2001, when Bush took office, the U.S. economy has created only 4.7 million jobs — about 30,000 a month and less than one-fourth of those needed to keep pace with population growth. For most, wages after inflation and higher state taxes have fallen.
Technology is important. The digital revolution and the shift of news and entertainment to the Internet, cable, eBooks and the like have effectively killed 1 million jobs.
Globalization is a culprit. American industry still boasts many of the best products and most-efficient factories, but has shed 5 million jobs — far more than can be justified by rising productivity.
Manufacturing has enjoyed a small renaissance, but has recouped only one in nine lost jobs, because Bush and Obama poorly enforced trade agreements that apply to principal competitors. China, Japan and Germany systematically maintain currency advantages and barriers that artificially underprice their products and block our exports.
Obama has unilaterally imposed environmental and energy policies that needlessly raise costs and penalize competitiveness.
Increasingly, workers are divided into two groups.
Those with diplomas from elite universities rely less on sinking U.S. fortunes and more on global markets for their services, or who can simply manipulate markets. Big wealth is concentrated on Wall Street, Silicon Valley, Hollywood and players with monopoly power — like the NFL and your local cable operator.
Meanwhile, the rest of America goes without a job or languishes with sinking wages waiting on the new elite in restaurants and hotels….”Comments »