Occupy Wall Street won: the problem is slow growth, not rich CEOs.

Obama Is Obsessed with the Wrong 1 Percent

By James Pethokoukis

Occupy Wall Street won. 

In fact, the movement won even before taking to the parks in 2011. By the time the demonstrations started, America had already elected a president whose top priority was to reduce high-end income inequality — i.e., the inequality between the wealthy and everyone else. If Obamacare — at its heart a “spread the wealth” redistribution scheme — and a call for ever-more tax hikes on the rich and on businesses aren’t proof enough, there’s also Barack Obama’s recent speech at Knox College. The enormous disparity between the 1 percent and the 99 percent, the president argued last month, “is not just morally wrong, it’s bad economics.”

But that financial divide is hardly America’s biggest challenge, economic or moral. Obama’s Knox College claim that the income of the top 1 percent surged over the past 30 years, while the income of the typical family “barely budged,” has been thoroughly debunked. While the rich did get a lot richer, real median household income grew by roughly 20 percent before taxes and government transfers, and by about 40 percent after. And, says a Washington Post fact check, “it’s inaccurate of Obama to suggest otherwise.”

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