By Jennifer Pompi –
Under President Obama, the richest 10 percent were the only income group of Americans to see their median incomes rise, according to a survey released this week by the Federal Reserve.
The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.
â€œData from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,â€ the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent.
â€œThe 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,â€ the report stated. The SCF is conducted by the Federal reserve triennially and compiles information about family incomes, credit use, net worth and finances.
Â AFL-CIO President Richard Trumka said the union group would not endorse any more Democrats that follow President Obamaâ€™s economic policy.
The 2010-2013 SCF found that even though real gross domestic product grew by 2.1 percent and civilian unemployment fell from 9.9 percent to 7.5 percent, only families at â€œthe very top of the income distribution saw widespread income gains,â€ though mean median income levels still lagged behind 2007 numbers.
The report comes just a week after AFL-CIO President Richard Trumka said the union group would not endorse any more Democrats that following President Obamaâ€™s economic policy.
â€œWe will call in and question all of the candidates,â€ he said. â€œOne of our biggest concerns is who is the candidateâ€™s economic team, because if the present economic team doesnâ€™t change, you are going get the same results.â€
The survey also found that family in the middle income bracket (40th to 90th percentiles) saw â€œvery littleâ€ change in average real incomes and still have not recovered losses from 2010 and 2007. Families at the bottom of the income distribution continued to see â€œsubstantial declinesâ€ in average real incomes, a continuing trend from the previous two surveys.
The top percentile of Americans also increased their wealth share since 2010, corresponding to a loss in wealth for the bottom 90 percent of Americans, according to the Fed data.
â€œThe wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013. â€¦ The share of wealth held by the bottom 90 percent fell from 33.2 percent in 1989 to24.7 percent in 2013,â€ the report stated.