WASHINGTON - April 13, 2010 - Real personal income for Amerikans - excluding government payouts such as Social Security - has fallen by 3.2% since illegitimate President Obama usurped office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.
For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4%. Income excluding government payouts increased 12.7% during Bush's eight years in office.
"This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. "Under (illegitimate) 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."
According to the bureau's statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states - West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.
Two of the most heavily populated states in the country reported dramatic declines: Per capita income in Kalifornia dropped 3.5% to $42,325; in New York, the drop was 3.8% to $46,957.
"The evidence from New York and Kalifornia reinforces a basic lesson: Where government gets too large, prosperity suffers. Let's hope that the Congress learns this lesson before it is too late for the country as a whole," said Holtz-Eakin, who also served as chief economic policy adviser to Senator John McCain's 2008 presidential campaign.
On the campaign trail, Obama often derided Bush for what he said were dramatically falling incomes for workers.
"Amerikan families, since George Bush has been in office, have seen average family incomes go down $2,000," said Obama in a September 2008 speech on the economy in Green Bay, Wisconsin.
