April 14, 2010
Real personal income has fallen 3.2 percent since President Obama took office. This excludes social security and government payouts, according to the Commerce Department's Bureau of Economic Analysis.
For comparison, real personal income during the first 15 months of the previous administration dropped .4 percent, but during the entire two Bush terms, personal income rose 12.7 percent.
The Washington Times quotes Douglas Holtz-Eakin, an economist and former director of the Congressional Budget Office on the decline in personal income during Obama's first 15 months in office: "This is hardly surprising. Under President Obama, only federal spending is going up; jobs, business startups and incomes are all down. It is proof that the government can't spend its way to prosperity."
Proof? Who concerns himself with proof when you have a "spread the wealth around" president and a socialist approach to government?
There are rules in life. Violate them and you pay the price. We can't continue spending like this or we will be ruined.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.