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Pfeiffer Again Blames Financial Crisis Inherited by Obama for Poor Economic Recovery

• January 26, 2014 9:48 am

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White House adviser Dan Pfeiffer returned to a familiar Democratic talking point on Fox News Sunday, blaming the financial crisis "this president inherited" for the laundry list of Obama economic woes pointed out by host Chris Wallace.

After showing a graphic revealing median household income had decreased, poverty rate was up and the labor force participation rate was at a 36-year low during the Obama presidency, Pfeiffer implicitly blamed the Bush administration.

"I think it's important to remember this president inherited the worst economic situation since the Great Depression," Pfeiffer said. "A financial crisis."

Wallace cut him off, saying that was more than four years ago, before Pfeiffer rattled off a list of Obama achievements.

"But you talk about restoring opportunity," Wallace said. "Median household income is down. Labor force participation is down. Food stamps are up. Poverty rate is up. If things are so great, how come they're so lousy?"

Pfeiffer again said there was still much work to be done.

Full exchange:

CHRIS WALLACE: You talk about income inequality. Some experts say the real reason that you got such income inequality is because of the weak Obama economic recovery. Let's take a look at some of the numbers there. Since the president took office, median household income has dropped from $55,900 to $52,100. Poverty has increased by 6.7 million to a record 46.5 million, and participation in the labor force has dropped from 65.7 percent to a 36-year low of 62.8%. Wouldn't a stronger, more robust economy and recovery solve a lot of these problems the president is talking about?

DAN PFEIFFER: Well, absolutely, but I think it's important to remember this president inherited the worst economic situation since the Great Depression. A financial crisis. But —

WALLACE: But the recession ended four years ago.

PFEIFFER: Yes. And we have created in the last 46 months, eight million jobs. The unemployment rate has dropped to 6.7 percent. We are now producing more oil than before. The American auto industry is number one in the world again. We're making progress but there is more to do, and that's what you hear the president talk about. I think it's important to remember that what we're trying to do here is restore opportunity for all Americans. Grow the economy and create jobs.

WALLACE: But you talk about restoring opportunity. Median household income is down. Labor force participation is down. Food stamps are up. Poverty rate is up. If things are so great, how come they're so lousy?

Published under: Chris Wallace, Dan Pfeiffer