Also in this playlist...
This transcript is automatically generated
OK look I realize and I'm often critical of the president's policies.
I have to commend him when he successful in accomplishing what he set out to do.
Now he has made the millionaires and billionaires.
The villains of the disastrous economy that the president still blames on George W.
Bush bush had -- White House and three and a half years.
Well except for the unveiling of his official portrait this week.
But somehow he is so powerful that he still controls the economy.
But you gotta hand it to President Obama he's been successful at one thing.
We learned this week that America has far fewer millionaires than it did a year ago but a lot fewer.
The number of households who had a million dollars -- -- assets fell by a 129000.
-- -- put that in perspective the rest of the world saw an increase.
Of a 175000.
But in our country alone there are 129000.
Fewer people that a -- thinks -- too rich.
Now as for the notion that the rich are the ones who get richer.
The wealth of the really really really rich people those -- over a hundred million in assets.
-- that declined by 2.4 percent is the largest drop in -- for any group.
I am not shedding tears for millionaires or billionaires because they're still better off even with a loss -- income than most other people.
And their lifestyles aren't going to be affected that much.
But the people who work for them are probably gonna feel the pinch.
That's when rich people have a loss and income they might hold off buying a new luxury car are building a third home.
That means the person who sells the car or who builds the car might lose his job.
When the rich person doesn't build -- third home it's the carpenters plumbers electricians.
Plaster specialists the brick layers in the -- who lose the work.
If the rich person has to selling -- otter airplane it's the person who cared for and clean the boat in the -- operator who gets hurt.
As well as the pilots in the line crew at the airport.
It might be some of the household staff of the rich guy who asked to go as well.
And if he doesn't eat is often an expensive restaurants.
It's the cooks the bus boys and the wait staff that might get like -- Oh yeah the president can celebrate this week.
This lousy economy has really hit the wealthiest -- -- and fewer of them are millionaires.
All they probably won't have to move out of their homes or start walking to work but some of the people who used to work -- them probably will.
The president loves to vilify the millionaires and billionaires and I guess that's OK if he wants to make -- the scapegoats for the bad economy.
But I've worked for several rich people in my lifetime.
And I found out that when things got tough.
The rich guy I worked for was far more likely to lay me off -- to fire himself.
President Obama is a millionaire.
And pay his jobs up for renewal in November and maybe he'll be the next.
Could no longer be -- since he seems to think it's not a bad thing.
Filter by section