Middle class net worth in steep decline.
So the facts say that the working man has suffered mightily under the Obama administration and the rich have gotten richer but many still feed us the bull about how much democrats care
True. But you are oversimplifying some historical trends. Middle class decline pre-dates Obama by decades. (-just as many of the problems Bush was wrongly blamed for pre-dated his administration)
The apex of middle class power was in the 50s & 60s when their was no political opposition to the New Deal; and no political opposition to the protection of American Labor from cheap foreign labor markets. Think about it - both Eisenhower and Nixon were staunch New Deal Republicans; they did more to protect high union wages... and more to protect
government subsidies to things like education than any president thereafter. In short, they supported all of the FDR-style reforms that moved money and government resources to the middle class.
Problem is . . . business took over Washington in 1980 with the election of Ronald Reagan, who convinced the nation that we needed to remove all burdens on capital, and we needed to put business (rather than "brownshirt regulators") in charge of Washington. FYI: this pre-figures the current lobbying industrial complex where there is no longer a line between a lobbyist and Senator. Right now, in exchange for key votes, senators are given lucrative lobbying jobs once they leave office.
You understand the reforms that Reaganomics brought to the middle class government of FDR/Truman/Eisenhower/Kennedy/Nixon, right? One such reform had to do with the cost of production. Simply put, after decades of Liberal rule, the USA had the highest labor costs in the world. Our corporate sector and wealthy elite simply did not want to pay the wages (& tax burden) associated with a strong middle class - but they needed a president and a political party to do their bidding. So they invested an unprecedented amount of money into Reagan and Republican politicians. You get it right? Wealthy people were sick of all the resources that went into maintaining high wages and high benefits and all the government programs that went into giving the middle class an affordable cost of living (especially) through the investment in things like public universities and programs like the GI Bill. Reagan was purchased by a powerful movement that no longer wanted government to take an active role in building a strong middle class.
So the first thing the ol' gipper did was bust unions and remove the legal infrastructure that protected American labor from ultra cheap labor markets in Communist China. So . . . starting in the 80s we watched as our noble corporate sector shipped manufacturing to Taiwanese and Chinese sweatshops. This resulted in MASSIVE profits for our noble/patriotic corporate class (and all its investors), but it decimated the wages and benefits of the middle class. Our noble patriotic profit makers also got their Washington puppets to drastically reduce their taxes through the most loop-hole-ridden tax structure on planet earth (which eventually resulted in a situation where corporations like GE pay zero taxes and the upper class pays 15% on capital gains, as compared to the +30% the middle class pays on income).
But it gets better. What did we do after Reagan (and his liberal clone, Clinton) helped our noble/patriotic capitalists ship American jobs to tyrannical countries (from Mexico to China to Honduras)? What did we do when we decimated that jobs, wages, benefits and programs that created the strongest middle class in world history? What did we do to the largest middle class in recorded time, the middle class that existed in the 50s and 60s when we had the world's highest economic growth, highest wages and highest taxes? What happened when we ended all of these things because Reagan wanted to move ALL resources to the suppliers?
I'll tell you what happened. We undertook the most radical expansion of credit the world has ever seen. We replaced the high wages/benefits that the middle class enjoyed under liberal rule (1945-1980) with credit cards and every possible debt-based gimmick. This is why we all started receiving three credit cards offers a week starting in the 80s. This is why American Household Debt skyrocketed in the 80s.
[Don't trust me, do some research. Google: "Household Income and Debt Trends Since 1980". Reagan helped his corporate friends get rid of exorbitant middle class labor costs; and then he handed out credit cards so the middle class could stay afloat. And it worked incredibly for two decades. It's like trying to revive a depressed person with cocaine - it definitely works until the crash. This is why the economy is so stagnant. This is why Bush had the worst job creation of any president in the last 50 years (because he inherited the same problem, that is, he inherited an American consumer that is too indebted to consume
at the needed volume to incentivize investment and job growth).
We swallowed poison in 1980 and BOTH parties are to blame. Clinton was a deep believer in the Labor and Trade policies of Reaganomics that destroyed the middle class.
It was predicted in 1980 by Reagan's detractors that we would end up with an extremely narrow accumulation of wealth, one punctuated by an impoverished middle class coupled with the wealthiest 1% in history. This is why we now have more billionaires and more impoverished people than at any time prior. This is what happens when you transform the middle class into a cheap-labor goldmine for capital. This is what happens when you cut their benefits in order to expand profits.
We were told all those profits made possible by cheap labor and the immense Reagan tax reforms would trickle down. We were told that lowering Capital Gains taxes to 15% would trickle down. We were told that freeing capital to seek the cheapest possible labor costs across the globe would lift all our boats. Here is the thing though. When these promised didn't materialize, we covered up the problem by expanding credit to the middle class. We had to make up for the money that wasn't trickling down. And... after 30 years of expanding credit and accumulating debt, the middle class is now an indentured servant to interest payments so that the capitalists structure that shipped their jobs to freedom-hating nations can profit off their demise...