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Bill Clinton: Median Income Now Lower Than When I Left Office

"Those rates -- the problem with that and why I think they should be extended for the bottom 98% is that median income, after inflation, is lower than it was the day I left office," former President Bill Clinton said on CNN's "The Situation Room" on Thursday afternoon.

"So those people who would be affected by that, many, many of them have had no income increases in a decade while their costs have gone up. So you really would have a contractionary economic impact. It would be very bad for the economy if those folks in the bottom 98% had to shoulder a tax increase," Clinton told CNN host Wolf Blitzer.

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