Campaign Of Broken Promises: Better Off?

Obama Decried The Economy In 2008, But In 2012 Obamanomics Has Made The Same Problems Worse

In 2008, Obama Asked Virginians “Are You Better Off?” OBAMA: “Wages are lower than they’ve been in a decade, at a time when the cost of health care and college have never been higher. It’s getting harder and harder to make the mortgage, or fill up your gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn’t just ‘are you better off than you were four years ago?’ It’s ‘are you better off than you were four weeks ago?'” (Senator Barack Obama, Remarks, Richmond, VA, 10/22/08)

INCOMES HAVE FALLEN UNDER OBAMA AND IT’S STILL “GETTING HARDER” FOR AMERICANS TO STAY IN THEIR HOMES

OBAMA IN 2008: “Wages Are Lower Than They’ve Been In A Decade …” (Senator Barack Obama, Remarks, Richmond, VA, 10/22/08)

OBAMANOMICS: Median Income Is At Its Lowest Level Since 1997. “The report also indicated that median household income, adjusted for inflation, was lower last year than any year since in 1997.” (Reid J. Epstein, “Poverty Rate Highest In 18 Years,” Politico, 9/13/11)

• The Census Bureau Reports That “Median Household Income In 2010 Fell To $49,445, The Lowest In More Than A Decade.” “The declines followed news from the Census Bureau that median household income in 2010 fell to $49,445, the lowest in more than a decade, and the poverty rate jumped to 15.1 percent, a 17-year high.” (Sho Chandra, “Falling U.S. Wages Threaten Consumer Spending,”Bloomberg , 10/3/11)

• Under President Obama, The Median Household Income Has Fallen By $2,400. “President Obama took office in the first quarter of 2009, when median household income was $54,797.63. As of the last quarter of 2011, median household income was $52,377.21. This was the interval Mr. Zandi suggested using to check Mr. Romney’s statement, and it shows an income drop of $2,420.42.” (Catherine Rampell, “Fact Check: Income Loses Under Obama,”The New York Times, 4/23/12)

OBAMA IN 2008: “It’s Getting Harder And Harder To Make The Mortgage …” (Senator Barack Obama, Remarks, Richmond, VA, 10/22/08)

OBAMANOMICS: In The Fourth Quarter Of 2011, The Number Of Homeowners Underwater On Their Mortgage Reached The Highest Level Since 2009; Representing 22.8 Percent Of All Residential Mortgages. “Last week, a data released by CoreLogic Inc., a leading provider of information, analytics and business services, shows that underwater mortgages or negative equity rose to its highest level since 2009, when the company started tracking the data. According to CoreLogic report, nearly 22.8% or 11.1 million of the entire mortgage residential properties in the U.S. were underwater in the October-December quarter, up from 22.1% or 10.7 million in the prior quarter. Additionally, about 2.5 million borrowers’ home value was merely 5% more than the loan value (close to underwater).” (“Underwater Mortgages Surge In 4Q,” Zacks Equity Research, 3/5/12)

• As Of March 2012, Over 5,591,000 Mortgages Are Either In Foreclosure Or 30 Or More Days Delinquent. (Press Release, “LPS ‘First Look’ Mortgage Report,”Lender Processing Services, 4/24/12)
• Only 62 Percent Of Americans Own Homes, “A New Low Since Gallup Began Tracking Self-Reported Homeownership In 2001.” “The 62% of Americans who say they own their own home marks a new low since Gallup began tracking self-reported homeownership in 2001. The current level of homeownership marks a decline from 68% in 2011.” (Dennis Jacobe, “U.S. Homeownership Hits Decade Low,” Gallup, 4/26/12)

RISING PRICES UNDER OBAMA ARE STILL HITTING SENIORS ON FIXED INCOMES

In 2008, Obama Told Ohioans That Even If He Fixed Social Security, Seniors Would Still Struggle “With The Cost Of Everything From Gas To Groceries” Because “Rising Costs Are Hardest For Folks On Fixed Incomes.” OBAMA: “Now, even if we keep Social Security strong for future generations, it’s still not enough to help seniors who are struggling with the cost of everything from gas to groceries – because we know that rising costs are hardest for folks on fixed incomes.” (Senator Barack Obama, Remarks, Columbus, OH, 6/13/08)

OBAMA IN 2008 : “Now, Even If We Keep Social Security Strong For Future Generations …” (Senator Barack Obama, Remarks, Columbus, OH, 6/13/08)

“IF” ONLY HE HAD: Obama Is Avoiding Social Security Reform Because His Political Team Says The Debate Could Be “Disastrous To His 2012 Reelection Hopes.” “But Obama’s political team, led by David Axelrod, David Plouffe and Jim Messina, are urging the president to understand that backing benefit cuts could prove disastrous to his 2012 reelection hopes, sources say.” (Alexander Bolton, “Social Security Reform Splits White House Political, Economic Teams,” The Hill, 3/15/11)

OBAMA IN 2008: “[I] t’s Still Not Enough To Help Seniors Who Are Struggling With The Cost Of Everything From Gas To Groceries …” (Senator Barack Obama, Remarks, Columbus, OH, 6/13/08)

OBAMANOMICS: Gas Prices Are At The Highest Price Ever Recorded In April. “The average price of a gallon of regular gas is now $3.94, up 2 cents from a week ago, and 26 cents from a year ago, according to the Department of Energy. This is the highest price recorded in April. The most expensive gas in the country is on the West Coast, where the average price for a gallon of regular is $4.23.” (Zunaira Zaki, “Highest Weekly Gas Price For April,” ABC News, 4/2/12)

• Grocery Store Goods Cost 6.9 Percent More In The First Quarter Of 2012 Than They Did In The First Quarter Of 2011. “In the U.S., those increases have resulted in grocery store goods costing 6.9% more in the first quarter than they did a year earlier, according to the American Farm Bureau Federation, which measures a standard basket of cheese, meats and other items. Americans spend less than 10% of their disposable annual income on food — less than any other country.” (Tiffany Hsu, “Food Is Getting More Expensive Internationally, Says World Bank,”Los Angeles Times , 4/25/12)

• The USDA Predicts A Food Price “Spike” In 2012. “ The USDA has long predicted that food prices would spike in 2012, due in large part to high commodity and energy prices.” (Tiffany Hsu, “Food Is Getting More Expensive Internationally, Says World Bank,” Los Angeles Times , 4/25/12)