Obama’s Policies Make Income Inequality a Lot Worse

Income inequality has been growing since the 1970s, but President Obama’s economic policies are making it worse and making it grow much faster than did either Presidents Bush or Clinton.

Globalization is driving the sinking fortunes of many ordinary Americans.

Prior to World War II, the U.S. economy was largely isolated. It traded with the world much less than did rivals like Germany because labor was scarcer and wages were higher for ordinary workers than just about anyplace else.

The New Deal strengthened unions and the post-war growth of manufacturing created a thriving middle class. Competition for workers tended to raise wages in service activities too.

Subsequently, the United States championed freer trade through the World Trade Organization. Cheaper ocean freight, then jet travel and now the Internet blurred boundaries between national markets. Combined with the rise of Japan and China, those severely injured U.S. electronics, auto and other manufacturing are now eroding employment in many professional services.

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