Carly Fiorina on Monday debunked Hillary Clinton's argument that the middle class does better under a Democratic president by saying the economy under President Obama is failing the middle class.

"Hillary Clinton said on Oct. 13 in the first Democratic presidential debate, 'The economy does better when you have a Democrat in the White House,' and she offers variations on that line when campaigning," Fiorina wrote in the Wall Street Journal.

"Whose economy is she talking about?" Fiorina asked. "The middle class has shrunk under the Obama administration. According to government figures and industry analyses, median-income households have lost nearly $1,300 after inflation, while the prices of food, health care and college tuition have risen almost twice as fast as inflation."

"People at the top seem to be doing just fine under the policies she extols," she added. "That's because big government only works for big business, the powerful, the wealthy and the well-connected."

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