Steve Cortes | Cortes Investigates
Steve Cortes | Cortes Investigates
Steve Cortes, founder of the League of American Workers, has raised concerns about the economic impact of former President Barack Obama's administration on American households. During Obama's presidency, Cortes claims that while the Obamas gained significant personal wealth through media deals, 90% of Americans—particularly Black households—experienced a decline in net worth, with only the top 10% seeing financial gains.
"During his presidency, only the top 10% of wage earners, only the top 10% saw their net worth increase from 2009 to 2016," said Cortes. "The other 90% of earners actually lost net worth during Obama's eight years in office, including a stunning 30% decline in the net worth of black households in America under Obama."
On July 20, Cortes released a documentary titled "YOU DON'T KNOW BARACK: EXPOSING OBAMA," which examines Obama's legacy. According to Cortes, despite Obama’s populist rhetoric, economic benefits during his administration predominantly favored the wealthiest Americans. He states that poorer communities, especially Black ones, faced economic hardships and real declines in net worth.
Between 2009 and 2016, aggregate household net worth increased due to rising stock markets and asset prices. However, according to Federal Reserve data cited by Cortes, these gains were largely concentrated among the top 10% of earners. The bottom 90% experienced stagnant or declining wealth during this period.
According to the National Bureau of Economic Research, median household net worth in 2016 was approximately 20% below its pre-recession peak in 2007. This suggests that most American families did not benefit from the recovery.
Black households were particularly affected. Data from the Survey of Consumer Finances indicates that between approximately 2010 and 2013—a critical period within Obama’s two terms—Black families saw their median net worth decline by around 20–34%, while white families' wealth remained stable or slightly increased.
Cortes is also a senior political advisor to CatholicVote and a former senior advisor to President Trump and JD Vance. Known for his commentary on Fox News and CNN, he regularly releases documentaries and columns at cortesinvestigates.com.
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