BHO has been stumping for reelection based on a very faulty study that showed the middle class has gotten screwed in the last couple of decades. Cornell University researchers have performed a more comprehensive study showing that the middle class is MUCH better off than BHO has been stating...
"Underlying Obama’s entire thesis is the work of two economists, Thomas Piketty and Emmanuel Saez. According to them, median American incomes rose just 3.2% from 1979 through 2007. (All figures are inflation adjusted.)
So what happened to the rest of the dough? The top 10%, 1% and 0.1% grabbed all the money. Or pretty much most of it. Time to crank up taxes on the rich and spend more on the middle class. It’s not overstating things to say that the findings of Piketty and Saez form the very heart of Obamanomics, giving a powerful economic rationale for Obama policies such as ending the upper-end Bush tax cuts to Obamacare to the Buffett Rule.
But it’s just not true, according to a new study in National Tax Journal from researchers at Cornell University.(Here’s an earlier, working-paper version.) The academics, led by economist Richard Burkhauser, don’t say the findings of Piketty and Saez are wrong — just incredibly, massively incomplete. According to the Cornell study,
median household income – properly measured – rose 36.7%, not 3.2% like Piketty and Saez argue. That’s a big miss."
http://hotair.com/archives/2012/04/12/new-study-exposes-income-inequality-crisis-as-bogus/
Wed Jan 23, 2013 6:46 pm by 
