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Housing has led our nation's economic expansion over the past few years, accounting for 16 percent of our Gross Domestic Product. New housing starts and home sales hit record levels from 2003 through 2005.

After 25 quarters of so-called recovery under Obama, it has increased a total of only 14.3 percent. Compare this to earlier periods. After the JFK tax cuts of the early 1960s, the economy grew in total by roughly 40 percent. After the Reagan tax cuts of the 1980s, the economy grew by a total of 34 percent.

Anyone who has followed the U.S. economy in recent years can tell you while corporate America and their wealthy executives have recovered from the last recession, middle-class families have not. About 95 percent of income gains between 2009 and 2012 went to the top one percent.

There's no such thing as median income; there's a curve, and it really matters what side of the curve you're on. There's no such thing as the middle class. It's absolutely vanishing.

Median wages of production workers, who comprise 80 percent of the workforce, haven't risen in 30 years, adjusted for inflation.

If US per capita income continues to grow at a rate of 1.5 percent a year, the country will have plenty of money to finance comfortable retirements and high-quality healthcare for all citizens, including those at the bottom of the wage ladder.

When you are growing at a rapid rate, there is bound to be some inflation. I think a 5% rate of inflation is something that we should take in our stride.

Household spending growth has been particularly solid in 2015, with purchases of new motor vehicles especially strong. Job growth has bolstered household income, and lower energy prices have left consumers with more to spend on other goods and services.

Under Obama, income growth has been confined almost entirely to those at the top of the income distribution, continuing a pattern that began under President George W. Bush.