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| President Barack Obama / AP |
In an interview that aired Sunday on ABC's "This Week with George Stephanopoulos," the show host cited a recent study from the University of California, Berkeley, that found 95% of income gains from 2009 to 2012 went to the top 1% of the earning population.
The president agreed with Stephanopoulos.
"The folks in the middle and at the bottom haven't seen wage or income growth, not just over the last three, four years, but over the last 15 years," the president said.
In fact, other data also show that America's median household income has dropped by more than $4,000 since 2000, after adjusting for inflation.
Related: Why America's middle class is losing ground
During the interview, Obama said his priority as president has been to stabilize the economy and create jobs. He said the country has made progress with 42 straight months of economic growth and 7.5 million new jobs in the private sector.
His other focus he said has been to chip away at the growing trend of income inequality.
The president cited his efforts to tax the rich more, make health care more affordable, and usher in financial reforms to avoid future bailouts funded by taxpayers.
However, Stephanopoulos pressed the president, highlighting again that the economic recovery since the financial crisis has overwhelmingly favored the richest Americans.
"Do you look at that, four and a half years in, and say, 'Maybe a president just can't stop this accelerating inequality?'" he asked.
Read the full story: www.money.cnn.com
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