Obama’s unspoken inheritance: Bush 43 policy benefited low income earners

'Reason' magazine comprises Libertarian policy and principles and often focuses on economic issues. How many times have you heard President Barack Obama, speaking as his alter ego Robin Hood, declare socio-economic war on the so-called “rich”? Obama has campaigned relentlessly with propagandistic terms like “fair share” and the “billionaire tax.”

Not once has Obama crunched any numbers for his starry eyed followers, however. There's something else Obama has never done. The president has never spoken about a situation he really did inherit from Bush 43.

The nonpartisan Tax Foundation did crunch some numbers. Veronique de Rugy cited the Foundation in a column she wrote for Reason magazine (Feb., 2012)**.  De Rugy is a regular contributor to Reason; she’s also a senior research fellow at the Mercatus Center at George Mason University.

Here’s how the facts shake out. De Rugy wrote:

And things look rosier at the bottom of income distribution, too. The same Tax Foundation analysis showed that about 60 percent of households that were in the lowest income quintile in 1999 had moved to a higher quintile by 2007. And about one-third of those in the lowest quintile moved to the middle quintile or higher.

As for those millionaires Obama has such a grudge against although his political party gets millions from bundlers like Solyndra investor and Obama bundler George Kaiser, well not many rich folk stay rich permanently. De Rugy also wrote:

Using IRS data, the Tax Foundation has shown that of the 675,000 taxpayers who reported $1 million in pre-tax income at some point between 1999 and 2007, only about half remained millionaires just one year later…A tiny 6 percent, or 38,000 people, retained their millionaire status for all nine years.

Obama can’t campaign on the facts—his Democrats have blown every issue they’ve dealt with, from the insane, lobbyist-driven regulations in the Patient Protection and Affordable Care Act (ObamaCare) to the credit-obstructionist, for Main Street, Dodd-Frank fiasco.

All Democrats have for messaging is class warfare, or a favored standby, the race card.

Fact is President George W. Bush’s policies resulted in 60 percent of the lowest income group moving to higher ground. That’s one legacy you’ll never hear Obama say he inherited.

Print Source:

‘For Richer and for Poorer’ by Veronique de Rugy; Reason magazine; Feb., 2012, pg. 19

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