Obama Admits: Top One Percent Is Winning, Poor are Losing On His Watch

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Common Dreams

Obama Admits: Top One Percent Is Winning, Poor are Losing On His Watch

Pressed by George Stephanopoulos, Obama confirms top one percent taking 95 percent of wealth gains since 2009

by
Sarah Lazare, staff writer

Five years after the financial collapse, President Obama admitted Sunday that his administration has overseen a deepening gulf between rich and poor, with 95 percent of all income gains going to the top one percent since the so-called "recovery" began in 2009.

Appearing on the Sunday morning show of ABC's "This Week with George Stephanopoulos," Obama was pressed by the host to respond to a recent study by University of California researchers that shows the rich have gotten richer while the poor continue to languish.

"95 percent of the gains to the top one percent. That is so striking," declared Stephanopoulos.

Obama responded, "It is. And the folks at—in the middle and at the bottom haven't seen wage or income growth, not just over the last three, four years, but over the last 15 years."

Obama went on to defend his record, claiming that his push for the Affordable Care Act, "fair" taxes, and a "strengthened" banking system will somehow shift the trend. He declared that creating more jobs, stabilizing the economy, and reducing income inequality are his top priorities.

Yet, Stephanopoulos repeatedly brought Obama back to the stark reality of growing class inequality and poverty under his administration.

"Still, 95 percent of the gains go to the top one percent," pressed Stephanopoulos.

"Right," Obama again confirmed, cutting off the host.

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