Washington Post columnist George Will argued that President Barack Obama has practiced trickle-down economics through his Federal Reserve policy on Thursday’s broadcast of “Special Report” on the Fox News Channel.
“Now, the president we just heard disparage trickle-down economics while bragging about doubling the stock market value, he is practicing trickle-down economics by doubling the stock market. he and for six years now, and most recently, under his choice to be the head of the Fed, Janet Yellen, have had zero interest rates, the intended effect of which is to drive people out of bonds and into assets like farmland, but particularly into stocks. That is why this has been a boon to the 10 percent of Americans who own 80 percent of all the directly-owned stock, and this is why 95 percent of the wealth created in the last six years [has] gone to the dreaded top 1 percent,” he said.
Will added, “Well, the president went to the state of Illinois to brag about the economy. Illinois has 300,000 fewer jobs than it had in 2008, for the last four years in the state of Illinois, the number of new food stamp recipients has increased twice as fast as the number of new job recipients. Speaking in Illinois on a college campus, he did not mention that 40 percent of recent college graduates are either unemployed or underemployed, that is in jobs people that don’t require college degrees, and one in three recent college graduates is living at home with their parents.”
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