Personal Income Down During Obama's Term

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Americans are earning less money these days, according to a new report by the U.S. Commerce Department.

The report shows personal income has dropped more than 3 percent since President Barack Obama took office last January.

"This is hardly surprising," said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office, told The Washington Times. "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."

The biggest declines were in New York and California with those states seeing a nearly 4 percent drop.

Only three states saw modest income increases: West Virginia, Maine and Maryland. Temporary government spending is being credited for those increases.

By comparison, personal income dropped less than a half percent during former President George W. Bush's first 15 months in office.

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