Obama Promised "Shared Prosperity" but Delivered Shared Misery -- he should have read Winston Churchill!!!

Obama Promises 'Shared Prosperity' But Delivers Shared Misery

Posted 08/14/2012 06:42 PM ET

Economy: Obama is touting "a new vision of
an America in which prosperity is shared." But Obama's been promising
to deliver on this "new vision" for years, while his policies have
produced the opposite.

After securing the Democrats' nomination in June 2008, for example,
Obama said he'd bring "fiscal responsibility and shared prosperity."

In 2009, he said his just-enacted economic strategy "is about far
more than just recovery — it's about sustained growth and widely shared
prosperity." And in 2011, he was touting a "framework for shared
prosperity."

So what has Obama actually delivered? Precious little prosperity and it sure isn't being shared.

All Obama's "shared prosperity" policies have done, in fact, is choke
off economic growth, producing a stagnant economy in which businesses
and investors hunker down because they don't know what's next.

Under Obama, corporate profits have climbed more than 50% since the
recovery started in June 2009. But companies are largely sitting on
their prosperity. In fact, they now have more than $1.7 trillion in cash
— up 16% since the recession ended — according to the Federal Reserve's
"flow of funds" report.

Meanwhile, real median family income fell almost 5% in Obama's shared
prosperity economy. That's a bigger drop than occurred during the
recession itself, according to Sentier Research. Real weekly earnings
dropped in the last quarter and are down 2% since the recession ended,
the Bureau of Labor Statistics reports.

And there are almost a million more long-term unemployed than three
years ago, while the ranks of those who aren't in the labor force at all
have swelled by nearly eight million.

To
top it all off, income inequality has jumped under Obama, with the top
1% getting 93% of the income gains between 2009 and 2010, according to
University of California economist Emmanuel Saez. That's a far bigger
rise than during the 2002-07 Bush expansion.

As we explained in this space yesterday, Obama's shared prosperity
vision is all wrong. Real prosperity must first be created — by
entrepreneurs, investors, successful business leaders and, yes, the rich
— before it can be shared with anyone.

[Barry
and other leftists, on the other hand, believe in the highly
sophisticated "economy as one big pie to be equally shared" theory. He
must have been smoking or snorting something when he took Economics
101!]

And that sharing happens automatically, without any government
meddling, as workers in a prosperous, free economy get more and better
jobs and consumers get more and better products.

Mitt Romney has seen this first-hand, and fundamentally gets this. Obama apparently never will.