National Politics | Politics

Under Obama, Wall Street thrives, Main Street dives

From Barack Obama to Virg Bernero to Big Labor to Nancy Pelosi, the Democratic class war mantra has been that their party looks out for Main Street, not Wall Street.

But the data betray that message. Take this week’s headline stories.

“The Dow Jones Industrial Average added 35.17 points to 14089 to notch its third-highest close of all time,” reported The Wall Street Journal Friday. Meanwhile, “Americans saw their income drop so dramatically in January that it marked the deepest one-month decline in 20 years,” reported CNN Money.

Why? While demon Wall Street has been buoyed by corporate cost efficiencies and the return of the banking sector to health (more irony since banks are Democrat Enemy #1), business growth has suffered under President Obama’s anti-business agenda – from jobs-killing coal regulations to Obamacare mandates chilling new hires.

This disconnect between Democratic rhetoric and reality is nothing new. Since Obama entered the Oval Office, household income has dropped $4,019 in real dollars – down $2,544 since the recession ended in 2009, or nearly 5 percent of Americans’ income.

So while Democrats claim to defend Main Street, the only numbers they can crow about belong to Wall Street.

Henry Payne
Henry Payne is the auto critic for The Detroit News. A 25-year newspaper veteran, Payne is also a Pulitzer Prize-nominated cartoonist with United Feature Syndicate, a former columnist and editorial writer for The News, and a contributor to The Wall Street Journal, New York Post, and other publications. His auto reviews appear every Thursday in the Drive section.