Sen. Chuck Schumer (D-NY) Says Dems Screwed Up Passing Obamacare … “Democrats Blew the Opportunity the American People Gave Them” in 2008 and “Put All of Our Focus on the Wrong Problem”
ISN’T THIS INTERESTING, DEMOCRAT CHUCKY SCHUMER SAYS THAT DEMOCRATS SCREWED UP PASSING OBAMACARE …
Speaking Tuesday at the National Press Club in Washington, DC, New York Democrat Sen. Charles Schumer had an epiphany and stated that “Democrats blew the opportunity the American people gave them” after the 2008 election. Schumer went on to say that, “We took their mandate and put all of our focus on the wrong problem, health care reform.” Gee, ya think? Sen. Schumer was one of the 60 Democrat senators who passed Obamacare, with not one GOP vote, and forced the unpopular law down the throats of Americans. Now suddenly because as we predicted back then, it would be their undoing, Schumer has misgivings that Democrats focused on it first and did not focus on what Americans were dealing with on a day to day basis, a poor economy and unemployment. Schumer told those in attendance “that considering 85% of all Americans got their health care from either the government, Medicare, Medicaid, or their employer … we would still only be talking about only 5% of the electorate.” Wasn’t that the same argument that those opposed to Obamacare were making in 2009? Why blow up the healthcare system in the United States for only 5% of the people? This is a kin to demolishing a house because the back porch needs repair. Not only did Democrats not listen to the people, the law they forced upon them was nothing more than a lie.
Democrats made a strategic mistake by passing the Affordable Care Act, Sen. Charles Schumer (N.Y.), the third-ranking member of the Senate Democratic leadership, said Tuesday.
Schumer says Democrats “blew the opportunity the American people gave them” in the 2008 elections, a Democratic landslide, by focusing on healthcare reform instead of legislation to boost the middle class.
But why is Sen. Schumer talking about the Democrats disastrous decision to pass Obamacare now, is it because they have buyer’s remorse and care about the American people? Not at all, it is because they have taken a political shellacking in 2010 and 2014 and now find themselves in the minority in the House and the Senate. It all has to do with power, not the people. Honestly, who in their right mind thought that an unpopular bill that adversely affected so many people to only benefit a few would not have ramifications? If Democrats could not see that, then they deserve what they got.
SEN. CHUCK SCHUMER (D-NY): After passing the stimulus, Democrats should have continued to propose middle-class oriented programs and built on the partial success of the stimulus. But unfortunately, Democrats blew the opportunity the American people gave them. We took their mandate and put all of our focus on the wrong problem — health care reform. Now the plight of uninsured Americans and the hardships caused by unfair insurance company practices certainly needed to be addressed, but it was not the change we were hired to make. Americans were crying out for the end to the recession, for better wages and more jobs, not changes in health care.
This makes sense, considering 85% of all Americans got their health care from either the government, Medicare, Medicaid, or their employer. And if health care costs were going up, it really did not affect them. The Affordable Care Act was aimed at the 36 million Americans who were not covered. It has been reported that only a third of the uninsured are even registered to vote. In 2010 only about 40% of those registered voting. So even if the uninsured kept with the rate, which they likely did not, we would still only be talking about only 5% of the electorate.
To aim a huge change in mandate at such a small percentage of the electorate made no political sense. So when Democrats focused on health care, the average middle-class person thought the Democrats are not paying enough attention to me. Again, our health care system was riddled with unfairness and inefficiency. It was a problem desperately in need of fixing. The changes that were made are and will continue to be positive changes, but we would have been better able to address it if Democrats had first proposed and passed bold programs aimed at a broader swath of the middle class.
Had we started more broadly, the middle class would have been more receptive to the idea that President Obama wanted to help them. The initial faith they placed in him would have been rewarded. They would have held a more pro-government view and would have given him the permission structure to build a more pro-government coalition. Then Democrats would have been in a better position to tackle our nation’s healthcare crisis.
Healthcare, it wasn’t at the top of the agenda for middle class people …
“We should have done it, we just should not have done it first”. People were hurting and said, what about me, I am losing my job. It’s not health care that is bothering me.”
EXIT QUESTION: So why is Sen. Charles Schumer making these comments about Obamacare? Maybe because Schumer does not want to be the next on the list of 29 Democrat Senators who are no longer in the US Senate who voted for Obamacare.
Hillary Clinton: “Don’t Let Anybody Tell You It’s Corporations and Businesses That Create Jobs” as She Stumps for Martha Coakley for Mass Governor
SO AMERICA, THIS IS WHAT YOU WANT TO BE THE NEXT PRESIDENT, ANOTHER FAR LEFT SOCIALIST?
(Bumped for importance)
At an event Friday in Boston, Mass stumping for Democrat gubernatorial candidate Martha Coakley, Hillary Clinton told the crowd gathered at the Park Plaza Hotel rally … “Don’t let anybody tell you it’s corporations and businesses create jobs.” Okay Hillary, then who does create jobs, the government? Seriously Hillary, since you brought the subject up, who does create jobs if it is not corporations and businesses? Wake up America, Hillary Clinton is a socialist just like Barack Obama. Can the United States survive another liberal, socialist, Democrat president who despises business?
“Don’t let anybody tell you it’s corporations and businesses create jobs,” Clinton said.
“You know that old theory, ‘trickle-down economics,’” she continued. “That has been tried, that has failed. It has failed rather spectacularly.”
The real story might be is that Hillary Clinton needed to come to the blue, blue state of Massachusetts in the first place. Currently according to RCP, Democrat and uber-lib Martha Coakley trails in the polls to Republican candidate Charlie Baker by 4.5%. However, a very recent Boston Globe poll has Baker up by 9 points over Coakley.
UPDATE I: Hey Hillary … You might want to listen to Ronald Reagan talk about business and jobs, maybe you will learn something.
Well, wouldn’t it be nice to hear a little more about the forgotten heroes of America — those who create most of our new jobs, like the owners of stores down the street; the faithfuls who support our churches, synagogues, schools, and communities; the brave men and women everywhere who produce our goods, feed a hungry world, and keep our families warm while they invest in the future to build a better America? That’s where miracles are made, not in Washington, D.C.
NBC/WSJ Poll: Barack Obama Approval Rating Hits All-Time Low … Also, 71% Say Country Headed in Wrong Direction
AMERICANS ARE FINALLY FED UP WITH BARACK OBAMA’S DISASTROUS PRESIDENCY … HOW’S THE “HOPEY-CHANGEY” STUFF WORKING OUT FOR YA?
In the most recent NBC/WSJ poll, Barack Obama’s approval rating has hit an all-time low as only 40% approve while an overwhelming 54% disapprove. It appears the American people have finally grown weary of Obama’s disastrous presidency and 6 years into “Hope and Change,” Barack Obama has no one else left to blame but himself. He has had his opportunity to make positive change, and has only made things worse. An amazing 71% say that the country is headed in the wrong direction, while only 21% say we are on the right track. This number can be easily explained when individuals looks at the domestic and foreign policy issues and see nothing positive. The recession continues as the real unemployment rate is closer to 18%, the US debt continues to spiral out of control, median incomes are down, the US-Mexican border crisis, scandals abound and the the Middle East on the brink, failures in Iraq and Afghanistan, rise of terrorism and Obama siding with, not our allies. Even liberal Democrats have come to the reality that he is nothing but a liar.
Other poor poll results for Barack Obama handling domestic and foreign policy issues:
- The economy: 53% disapprove – 42% approve
- Foreign policy: 60% disapprove – 36% approve
Six in 10 Americans are dissatisfied with the state of the U.S. economy, more than 70 percent believe the country is headed in the wrong direction, and nearly 80 percent are down on the country’s political system, according to the latest NBC News / Wall Street Journal poll.
The frustration carries over to the nation’s political leaders, with President Barack Obama’s overall approval rating hitting a new low at 40 percent, and a mere 14 percent of the public giving Congress a thumbs up.
“We’re in the summer of our discontent,” said Democratic pollster Peter Hart, who conducted this survey with Republican pollster Bill McInturff. “Americans are cranky, unhappy… It is with everything going on the world.”
What’s more, a combined 71 percent say the recession personally impacted them “a lot” or “just some,” and 64 percent say it’s still having an effect on them.
Then there are these numbers in the poll:
- 40 percent say someone in their household lost a job in the past five years;
- 27 percent say they have more than $5,000 in student-loan debt for either themselves or their children;
- 20 percent have more than $2,000 in credit card debt they are unable to pay off month to month;
- 17 percent say they have a parent or a child over 21 years old living with them for financial or health reasons.
Check out the average job approval polling at RCP, if not for that bias Republican Rasmussen poll, Obama’s average approval would be at 40%.
Obamanomics is Crushing America … Typical US Household Getting Poorer, Worth One-Third Less Than GWB
Thank you Barack Obama and Obamanomics, sarcasm intended …
President Barack Obama likes to play class warfare and talk about the income divide. However, under Barack Obama the income divide has got worse and American households are getting poorer. According to a recent study by the Russell Sage Foundation, the NY Times reports that the inflation-adjusted net worth for the typical household was $87,992 in 2003, but ten years later, it was only $56,335, or a 36% decline.
Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households..
The Gateway Pundit reminds us of the following, “It should come as no surprise then that Republicans overwhelmingly represent the middle class districts by almost a two-to-one ratio.”
UPDATE I: Sadly the delusional LEFT holds Barack Obama accountable for nothing and it is all George W. Bush’s fault. But then again, what has changed. The Obama blame everybody else crowd but Obama arguments are old and tired. Six years into the Obama presidency and some how the median net worth in 2013 is W’s fault, not Obama’s. Some how the LEFT can justify it was Bush’s fault but not Obama’s as well. Real consistent folks. Rather than worrying whether others read an article you might might to pay more attention to using common logic.
The lame LEFT seem to discount the following, but of course this is all W’s fault as well:
- Obamanomics: People in Poverty Up 6,667,000 … Record 46,496,000 Now Poor … Median Income Down Nearly 5% to $2,627.
- Welfare Spending = $168 Per Day for Every Household in Poverty … $137 Median Income Per Day
- Obama’s Hope & Change Economy … The Nation’s Official Poverty Rate in 2009 was 14.3%.
- The Obama Economy Welcome to Obamaville: The Number of People on Poverty to Post Record Gain Under Obama’s Watch.
- The United States of Poverty: Thanks to Barack Obama & Obamanomics, US Poverty on Track to Rise to Highest Since 1960?s
Sean Hannity Blasts President Barack Obama in Blistering Monologue … ‘It’s Time for a Wake-Up Call’ … “It Is Time for You to Get Engaged.”
BARACK OBAMA, ITS TIME TO LEAD, NOT DIVIDE …
Last night Sean Hannity blasted Barack Obama in a blistering monologue begging, asking and demanding that this president ‘WAKE UP” and get engaged in the turmoil in both domestic and foreign policy. Much of which Obama has no one to blame but himself. Although he will try and pass the buck. It is becoming evident that Obama is the “Bystander” in Chief and refuses to step up to the plate and lead. But instead Obama attends fundraisers, plays golf and goes on vacation to Martha’s Vineyard.
Hannity stated that our world is in an alarming state of emergency, between Israel’s ground war into Gaza to protect itself from Hamas, Malaysia flight ML17 blown out of the sky in an unspeakable act killing innocent men, women and children, ISIS on the rise, Al-Qaeda on the move, the Middle East on fire, Russia and Putin flexing its muscles, Obama administration scandals like IRS-gate and Benghazi-gate, and a US domestic policy of out of control national debt and a discouraged work force. Let us not forget the crisis we have on our Southern border caused by Obama’s lack of protecting or borders. Then there is that Obamacare thing.
Hannity said, “It is shocking to see a president of the United States, the free world, with such a lack of urgency and priorities. So I say to the president tonight: It is time for action, it’s time for urgency. It is time for you to get engaged.” Hannity went on to say, “Mr. President for you to stand up. It is time for you to lead. It’s time to skip for once your lavish million dollar Marha’s Vineyard vacation. It’s time for you to put down those golf clubs. I thing 180 rounds of gold is quite enough. It is time for you to lead by example. [...] You need to spend more time in The Oval Office. You need to be in the Situation Room. You may be surprised to learn what has actually happened in the six years since you have become the leader of the free world.”
“It is shocking to see a president of the United States, the free world, with such a lack of urgency and priorities,” Hannity said. “So I say to the president tonight: It is time for action, it’s time for urgency. It is time for you to get engaged.”
Hannity then skewered the president over his handling of domestic matters.
“Mr. President, why don’t you consider the events of these past 24 hours to be a very, very costly and deadly wake up call,” Hannity said. “And while all this was happening yesterday, you spent 40 seconds dealing with the killing of nearly 300 innocent people and for your secretary of state to tell Israel to restrain itself again and again. It’s time for a wakeup call.
Virginia Democrat Rep. James P. Moran Says “The American People Should Know that the Members of Congress are Underpaid” at $174,000
These politicians are so out of touch with the American people and what is going on in the real world that they need to be fired and sent back to it …
US Rep. James Moran (VA-D) told CQ Roll Call that, “I think the American people should know that the members of Congress are underpaid.” Moran went on to say that with their $172,000 a year salary, many in Congress cannot “afford to live decently in Washington”. UNDERPAID, ARE YOU KIDDING ME!!! Are we supposed to feel pity for these hacks who have pretty much forgot the reason why they are even in Washington, DC? As Weasel Zippers opines, “So he makes $3,300 per week and we’re supposed to feel bad for him?”
It is the Democrat party mindset where these fools think they should get raises for doing nothing, except things that are detrimental to America and Americans.
Virginia Democrat James P. Moran said he plans to highlight the injustice by introducing an amendment to the Legislative Branch bill during its full committee markup, and at floor consideration of the bill. Moran made the comments while the bill that funds member’s $174,000 salaries was being marked up in the Legislative Branch subcommittee.
“I think the American people should know that the members of Congress are underpaid,” Moran told CQ Roll Call. “I understand that it’s widely felt that they underperform, but the fact is that this is the board of directors for the largest economic entity in the world.
“Our pay has been frozen for three years and we’re planning on freezing it a fourth year. … A lot of members can’t even afford to live decently in Washington,” he said.
Moron Moran is complaining about having their pay frozen … welcome to the economic world that you, Barack Obama and the rest of the Democrats have created in a jobless recovery. This is just one of the reasons why the people give Congress such a low approval rating. Most politicians have forgot who they work for. With the work product they have put forward, had they been in the real world, individual like Moran would have been fired.
I have a better idea Mr. Moran, go get a real job!!! You were not sent to DC to get rich. If you do not like the pay, then resign from office and go find a job like the rest of America has to in this Obama jobless America. Personally, I think their pay should be cut in half and they should only be in Washington if they have to.They should be made to work the rest of the time in the private sector to deal with the garbage laws they pass.
Fox News Poll: Barack Obama Hits All-Time Low Job Approval at 38%, 54% Disapprove … Only 33% Believe Obama has Improved America’s Image around the World
Barack Obama’s 38% job approval is well deserved, he did it the old-fashioned way … HE EARNED IT!!!
Can you say ‘EPIC FAILURE’ and it would appear the American people may finally be fed up with Obama’s disastrous presidency. According to the most recent Fox News poll, President Barack Obama has hit an all-time low in his job approval, as an anemic 38% approve of the job he is doing while a whopping 54% disapprove. But wait, a look inside the numbers and the news gets even worse for Obama and Democrats. Obama’s numbers on healthcare, the economy and foreign policy are abysmal.
Just how many Democrats are going to want this president near him during the 2014 elections?
For the first time in a Fox News poll, fewer than four voters in ten — 38 percent — approve of President Obama’s job performance. Fifty-four percent disapprove. Before now Obama’s worst job rating was 40-55 percent in November 2013. Last month 42 percent approved and 53 percent disapproved (February 2014).
Approval of Obama among Democrats stands at 71 percent, near its 69 percent record low (September 2013). For independents, 28 percent approve, which is also near the 25 percent all-time low among this group (July 2013). And approval of Obama among Republicans hits a new low of five percent.
Full poll results can be read HERE.
Most all of Obama’s poll numbers are now in the 30′s. Across the board whether it be domestic or foreign policy, Obama has failed. Now we can only hope America can survive another 3 years with this president.
- Healthcare: 36% Approve - 59% Disapprove
- Economy: 36% Approve - 58% Disapprove
- Foreign Policy: 33% Approve – 56% Disapprove
- Do you think the country is better off than it was five years ago, or not? 34% Yes - 60% No – 5% the Same
Wait, let’s try to find some good news for Obama and his lockstep Democrats in their poll. Oh sorry, there is none. On items that Americans were asked as to whether Barack Obama mostly succeeded or Mostly failed, Obama got an “F”. What happened to that president who said that he would make America respected once again in the world?
- Making the country safer: 41% Mostly Succeeded – 48% Mostly Failed (In Oct. 2012 Obama’s poll numbers were 52% – 38%)
- Improving health care: 36% Mostly Succeeded – 57% Mostly Failed
- Creating new jobs: 33% Mostly Succeeded – 59% Mostly Failed
- Improving America’s image around the world: 33% Mostly Succeeded – 59% Mostly Failed
Real Clear Politics Barack Obama average job approval polling.
Another Abysmal Jobs Report … Only 113,000 jobs Created in January 2014 … Unemployment Rate Down to 6.7%
Obamacare, Obamanomics and Barack Obama’s disastrous redistribution policies continue to create uncertainty and poor jobs reports …
January’s Jobs report shows that a meager 113,000 jobs were created, falling far below forecasters’ predictions of 185,000 new jobs. How are jobs supposed to be created in an environment where Barack Obama and his minions cause uncertainty and pass so many regulations on business that it makes it impossible? According to how the administration talks about Obamacare, no one has to work anymore, they got their Obamacare and subsidies.
Our plan is working perfectly to transform America into a third world country
The U.S. economy added just 113,000 jobs in January, a small improvement over December’s disappointing report but not nearly enough to signal a much-needed rebound in the increasingly unpredictable U.S. labor market.
The number of jobs created fell well below forecasters’ predictions of 185,000 new jobs.
The headline unemployment rate was 6.6%, according to figures released by the U.S. Labor Department, down from 6.7% in the prior month.
From CNBC: Stocks Fall on poor jobs report.
U.S. stock-index futures turned higher, reversing course on losses that came in the immediate aftermath of the January jobs report, with fewer Americans finding work in January than estimated, but the unemployment rate fell.
“Mitigating some of these negatives is the unemployment rate ticked a bit lower and the labor participation rate ticked up. Both of those are good things,” said Chris Gaffney, senior market strategist at EverBank.
The government reported the creation of 113,000 jobs in January versus expectations of 185,000. The jobless rate fell to 6.6 percent versus an expectation of 6.7 percent.
Among the major worker groups, the unemployment rates for adult men (6.2 percent), adult
women (5.9 percent), teenagers (20.7 percent), whites (5.7 percent), blacks (12.1 percent),
and Hispanics (8.4 percent) showed little change in January. The jobless rate for Asians
was 4.8 percent (not seasonally adjusted), down by 1.7 percentage points over the year.
(See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more), at 3.6 million,
declined by 232,000 in January. These individuals accounted for 35.8 percent of the
unemployed. The number of long-term unemployed has declined by 1.1 million over the year.
(See table A-12.)
Check out what the REAL Unemployment rate looks like.
Tea Party Response to Obama’s SOTU from Sen. Mike Lee (R-UT) … Calls Obamacare an “Inequality Godzilla.” that Has Robbed Americans of Their Insurance, Doctore, Wages and Jobs
I hate to say we told you so America, but we told you so …
Sen. Mike Lee (R-UT) provided the Tea Party response to President Barack Obama’s State of the Union address blamed big Democrat, progressive, liberal government for the problems that Americans face and no greater example of out of control, over-reaching, over-spending and over-stated than the presidents signature piece of legislation, Obamacare. Lee referred to Obamacare as an “Inequality Godzilla, that has robbed working families of their insurance, their doctors, their wages and their jobs.” Kudos to Senator Lee for also placing blame at the hands of establishment Republicans as well for the problems we face as he stated, “they can be just as out-of-touch as the Democratic Establishment.”
“This inequality crisis presents itself in three principal forms,” Lee (R-Utah) said. “Immobility among the poor, who are being trapped in poverty by big-government programs; insecurity in the middle class, where families are struggling just to get ahead, and they can’t seem to get ahead; and cronyist privilege at the top, where political and economic insiders twist the immense power of the federal government to profit at the expense of everyone else.”
“Obamacare – all by itself – is an inequality Godzilla that has robbed working families of their insurance, their doctors, their wages and their jobs,” Lee said. “Many Americans are now seeing why some of us fought so hard to stop this train-wreck over the last four years.”
“I believe we need to do what Americans have always done – come together and press for positive change. Protesting against dysfunctional government is a great American tradition, going back to the original Tea Party in Boston, about 240 years ago,” Lee said. “Americans have a natural instinct to stand up and speak out when they know something is wrong. … Unfortunately, in recent years, we have had no choice but to engage in a number of protests against our current president’s Washington-centered agenda.”
The truth of the matter is that income inequality has risen under Barack Obama.
Is Barack Obama Really Make Income Inequality a Main Topic at SOTU Address When it Has Increased Under his Presidency? Income Gap Widened Under Obama
Like everything Barack Obama has touched or claims he wants to make better, has become worse under his presidency …
The Divider in Chief Barack Obama is back to his old games of blaming the rich for the evils of society. What else is Obama going to do when he is an abject failure who has only made matters worse since he has been in office? Obama rails about income inequality and that it is the worse problem of out time, yet he is responsible for making the gap wider. From the president who makes class warfare part of his daily agenda and who claims he is for the common man, while demonizing the rich, Barack Obama has widened the income gap during his presidency turning the gap into a canyon.
Click on pic to watch VIDEO of the income gap under Obama
Income inequality — the gap between the rich and poor — is an issue U.S. presidents of both parties have spoken of for years.
President Clinton touted, toward the end of his term, that wages were rising “at all income levels” for the first time in decades. President George W. Bush, toward the end of his, pondered the best way to respond to income inequality, noting some policies “lift people up” and some “tear others down.”
But perhaps no president has hammered the issue as emphatically as President Obama.
In his 2012 State of the Union address, Obama said: “The defining issue of our time is how to keep that promise alive. No challenge is more urgent. No debate is more important. We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by, or we can restore an economy where everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules.”
But a look back shows that income inequality has grown, not shrunk, under the current president.
“All told, income inequality has tended to get worse under President Obama,” American Enterprise Institute President Arthur Brooks said.
According to a recent FOX News poll, Barack Obama polls miserably on doing his job on the issue of income inequality. 52% disapprove with how Obama has handled income inequality and only 39% approve. So with Obama failing at an issue he claims to care about, how does he even have the audacity to bring the issue up at the State of the Union Address? Obama’s economic policies have made things worse for those lower income earners, while he has made the Wall Street fat cats richer. Hmm, but I thought Obama hated the rich? Obama has falsely propped up the stock markets thanks to the fed’s quantitative easing which only made the top 5% and 1% more and more money. It is those folks who can afford to take risks in the markets. However, for the average people who Obama claims to care about and tries to talk a good game, according to the recent Fox poll, 74% still feel like the country is in a recession. But don’t worry America, Obama has the answer to fixing income inequality … raising the minimum wage. Good grief, really! With so many people unemployed or underemployed, with so many Americans on food stamps and with so many people having just given up and not even in the labor force, why wouldn’t the gap be larger? When a Democrat party sets out to create a government dependent class of people, why is it that much of a surprise that the gap widens? Recessions affect the middle and lower classes the most.
Using tax-return data from the IRS, Saez has built extensive income-distribution datasets going back 100 years. He defines “income” as pre-tax cash market income — wages and salaries; dividends, interest, rent and other returns on invested capital; business profits; and realized capital gains. He excludes Social Security payments, unemployment benefits and other government transfer payments, which are more substantial today than before the Great Depression.
In 1928, the top 1% of families received 23.9% of all pretax income, while the bottom 90% received 50.7%. But the Depression and World War II dramatically reshaped the nation’s income distribution: By 1944 the top 1%’s share was down to 11.3%, while the bottom 90% were receiving 67.5%, levels that would remain more or less constant for the next three decades.
But starting in the mid- to late 1970s, the uppermost tier’s income share began rising dramatically, while that of the bottom 90% started to fall. The top 1% took heavy hits from the dot-com crash and the Great Recession but recovered fairly quickly: Saez’s preliminary estimates for 2012 (which will be updated next month) have that group receiving nearly 22.5% of all pretax income, while the bottom 90%’s share is below 50% for the first time ever (49.6%, to be precise).