The Patriot Post® · Hanson on Obamanomics

For the Record

Historian Victor Davis Hanson: “The American middle class, like the American economy in general, is ailing. Labor-force participation has hit a 35-year low. Median household income is lower than it was five years ago. Only the top 5 percent of households have seen their incomes rise under President Obama. Commuters are paying more than twice as much for gas as they were in 2008. Federal payouts for food stamps, unemployment insurance and disability insurance have reached unprecedented levels. Meanwhile, the country is still running near-record budget deficits and is burdened by $17 trillion in aggregate debt. Yet the stock market is soaring. How can we make sense of all this contradictory nonsense? Irony. Obama promised to restore the middle class. In truth, he has enacted the very policies that have done it the most damage in years. That paradox may explain why his base of support remains the very rich and the very poor. … Never has it been so good to be invested in a vastly expanding federal government – either to distribute or receive federal subsidies. Never has it been so lucrative to work in banking or on Wall Street. And never has it been so bad to try to find a decent job making something real. To paraphrase the Roman historian Tacitus, where we have made a desert of the middle class, we call it a recovery.”