Income inequality rises under Obama Administration

According to Nobel Prize winning economist, Donald Lambro, the U.S. Commerce Department in June slashed its previous 2.4 percent first-quarter economic growth estimate to a meager 1.8 percent annual rate. This follows a pathetic 0.4 percent growth rate in the last three months of 2012. Amid this weak economic recovery, now income inequality is back at the forefront for President Obama. And this time his economic policies are responsible for expanding this income inequality that he both railed and campaigned against. John Carlson and University of Maryland economics professor, Dr. Peter Morici, discuss the latest information about how Obama’s economic policies are backfiring.