Policy: Economy

Jeff Sessions: American household income has dropped $278 billion under Obama

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Beltway Confidential,Opinion,Joel Gehrke,Economy,Jeff Sessions

Americans have lost $278 billion in income during President Obama's time in office, according to the top Republican on the Senate Budget Committee, who sees the statistic as an argument against spending on government programs.

"Government debt has increased 64 percent since 2009, from $10.6 trillion to $17.4 trillion," Sessions said in response to the latest job report, which showed that the unemployment has risen to 6.7 percent. "Yet median household income has decreased 4.5 percent over that same time — that’s $2,268 per household, or $278 billion in total lost income. Not only did this unprecedented accumulation of debt drain the nation of its wealth, but it failed to provide even the temporary benefit promised."

According to Forbes, "[T]he number of long-term unemployed increased by 203,000 to 3.8 million in February, accounting for 37% of the total unemployed." But the 175,000 jobs added beat expectations by 25,000.

Sessions rejected the idea that the jobs report has any good economic news. “Since 2007, the population has grown by 15 million," he pointed out. "Yet there are 1 million fewer Americans who are working. The result is a shrinking workforce and expanding welfare rolls. Even over the last year, there were 13 percent more workforce dropouts than job gains, and 1 in 5 households are now on food stamps. The economy has consistently produced too few jobs to keep up with population growth, and did so again this month, falling 20,000 shy of the 195,000 jobs just needed to stay even."

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