Under the reign of 'the People's President', America's rich have got richer this year - while the poor have got considerably poorer.

According to Forbes magazine's rich list, which has just been released, the combined net worth of the 400 richest Americans climbed 8% this year, to $1.37 trillion. Wealth rose for 217 members of the list, while 85 saw a decline.

Despite having screwed up the American and global economies, its the clowns on Wall Street who have been amassing the most cash - 109 of the richest 400 are in finance or investments. These are the same people who have been the direct beneficiaries of a $11.2 trillion bailout (as of November last year) by the Obama administration.

But the victims of Wall Street are doing it tough. Poverty in the United States has risen to a new post-war high. The official statistics say that 20 million can't work and more and more Americans are joining the ranks of the working poor - they simply cannot earn enough money just to get by. The median wage continues to decline.

Despite the appalling statistics Obama has done nothing to improve the situation. He doesn't even have the political will to overturn the Bush tax cuts of 2001 and 2003 which benefited only the rich.

It's ironic that 'the People's President' has this week been talking about a new global development plan to alleviate poverty in developing nations when he has so dismally failed to address the growing poverty of the very people who voted him into the White House.


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