This is not to say that there's nothing going wrong with the income distribution in the U.S. Obama is totally right that incomes at the top of the distribution grew much, much faster in recent decades than median incomes:
And for some categories of workers — in particular those with less education, and men — wages are actually falling. Men with only some college education saw their wages fall by a third from 1969 to 2009; men with only a high school degree saw wages halved:
But real median household incomes in America are growing, and it's inaccurate of Obama to suggest otherwise.
Update: This post originally implied CBO numbers didn't include health insurance; they do.