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Published: Thursday, October 17, 2013, 12:01 a.m.
Economy


Obama's policies have backfired

According to recent studies, middle income families average-annual income has dropped $2,500 since the start of Obama's presidency. The gap between the rich and others is wider than ever in history. Democrats boast they are for the little guy while Republicans care only for the rich and that this is all due to the Bush tax cuts for the wealthy. Just might it be partly due to Obama's policies and the Federal Reserve Bank's pumping $85 billion in imaginary money a month into the economy? This allows the banks to borrow at almost 0 percent while lending at over 3 percent. Peoples' savings accounts have been earning almost nothing. In the past folks could count on interest to supplement their income and build on savings for their retirement. These low interest rates are resulting in money seeking some kind of return and has flowed into the stock market, which has risen dramatically. But who has the money to invest in the market? The big, wealthy players, of course. Middle income families will continue to see their earnings erode further as more of Obamacare is implemented with people being laid off, hours reduced, salaries cut and insurance premiums skyrocketing.
Obama's goal to "redistribute the wealth" hasn't worked out as intended. It's been redistributed, but ironically, wealth has flowed from middle income folks to Wall Street's wealthy investors, banks and insurance companies. All the while keeping the public trough filled for high-paid government employees, politicians, Washington lobbyists and contractors.
Robert Johnston
Camano Island
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Herald Editorial Board

Jon Bauer, Opinion Editor: jbauer@heraldnet.com

Carol MacPherson, Editorial Writer: cmacpherson@heraldnet.com

Neal Pattison, Executive Editor: npattison@heraldnet.com

Josh O'Connor, Publisher: joconnor@heraldnet.com

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