Prairie State Wire

Steve Cortes, president of the League of American Workers, said on the Prairie State Wire podcast that economic policies under former President Barack Obama largely favored elites while many families experienced declining financial stability.

"During the eight years of his presidency, only the top 10% of American earners saw their net worth increase," said Cortes. "That's it. Ninety percent of Americans went backwards during his presidency."

During Barack Obama’s presidency, economic inequality in the United States remained a significant issue despite efforts to address it. According to The Brookings Institution, policies such as the Affordable Care Act and tax increases for high earners aimed to reduce disparities. However, the post-recession recovery disproportionately benefited the wealthy, and the income gap persisted throughout his two terms. Analysis indicates that while unemployment declined and some social safety nets were strengthened, overall wealth distribution stayed highly uneven.

From 2009 to 2017, Federal Reserve data shows that the top 10% of U.S. households saw their median net worth grow by nearly 100%, while the bottom 50% experienced little to no gains. By 2016, according to the Federal Reserve Bank of St. Louis, the top 1% held about 39% of national wealth, whereas the bottom half owned only about 1%. This widening wealth gap was a hallmark of the post-recession years.

According to Pew Research Center, during Obama’s tenure, middle-class households saw their wealth increase modestly—about 6% between 2010 and 2016—while upper-income families’ wealth grew by 13%. This disparity in wealth growth highlights how recovery favored higher earners, while the median net worth of lower-income groups declined or stagnated. The trend reinforced broader concerns about persistent wealth inequality in the United States.

Cortes is a financial commentator and strategist known for his work on CNBC and Fox News and as a senior advisor to Donald Trump’s 2020 campaign. According to Executive Speakers Bureau, he began his career trading on Wall Street before founding the research firm Veracruz TJM and has become a prominent voice in conservative economic circles. He now leads the League of American Workers and regularly advocates for populist economic policies.