Obamanomics Isn’t Working For The 23 Million Americans Struggling To Find Jobs, Pay Bills And Put Food On The Table

Obamanomics Isn’t Working For The 23 Million Americans Struggling To Find Jobs, Pay Bills And Put Food On The Table

Obama: “We Tried Our Plan – And It Worked. That’s The Difference. That’s The Choice In This Election. That’s Why I’m Running For A Second Term.” (President Barack Obama, Remarks By The President At A Campaign Event, Oakland, CA, 7/24/12)

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OBAMA’S PLAN RESULTED IN THE WORST RECOVERY SINCE THE GREAT DEPRESSION AND HAS LEFT AMERICANS MIRED IN A GRUELING “NEW NORMAL”

CBS News’ Scott Pelley: “This Is The Worst Economic Recovery America Has Ever Had.” PELLEY: “This is worst economic recovery America has ever had. We’ve been looking for hopeful signs, but today the chairman of the Federal Reserve threw a cold splash of reality on those hopes. Ben Bernanke said any improvement in unemployment will ‘likely be frustratingly slow.’ Well, yes, to say the least.” ( CBS Evening News With Scott Pelley , 7/17/12)

• The Columbus Dispatch: “Obama Has Delivered The Weakest Recovery Since The Great Depression.” “The best thing government can do is create an environment conducive to private-sector job creation. In the jurisdiction over which he presides – the nation – Obama has delivered the weakest recovery since the Great Depression.” (Editorial, “Ohio’s Recovery,” The Columbus Dispatch, 7/22/12)

The Associated Press : “The President Can’t Tell Voters About A Grand Economic Comeback Story Because There Isn’t One To Tell.” (Ken Thomas, “Obama Doesn’t Emphasize Issues He Fought Hard For,” The Associated Press, 6/12/12)

• “The U.S. Economy Is Not Doing Fine. Not In The Private Sector, And Especially Not In The Public Sector. President Obama Was Wrong To Say Otherwise – That The Private Sector Is Fine – Last Week.” (Jim Tankersley, “Three Iron Truths Of The (Not-Fine) Recovery,” National Journal, 6/11/12)
• Focus Group Participants When Asked What Obama Had Accomplished After Three Years In Office “Responded With Blank Stares And Silence.” “They expressed disappointment with the job Obama has done so far on the economy. When asked about what accomplishments he’d achieved in his three years in office, many of the women responded with blank stares and silence. In Richmond, the question hung in the air for a while until finally one woman piped up, ‘His wife is encouraging us to eat healthy.'” (Amy Walter, “Can Romney Convince Walmart Moms He’s Up To The Job?” ABC News, 6/8/12)

“The American Economy Is Stuck In A New Kind Of Normal…” “The American economy is stuck in a new kind of normal, somewhere between crisis and prosperity, and economic policy makers are struggling to define their role. The Fed, which has responded forcefully each time the economy tips back toward recession, remains divided over whether it should try with similar urgency to return the economy to prosperity.” (Binyamin Appelbaum, “Fed Is Torn On Tipping Point For Action,” The New York Times , 7/11/12)

• “Three Years Into Its Recovery, The Economy Is Once Again On A Rough Road.”“Three years into its recovery, the economy is once again on a rough road. Gross domestic product – the leading barometer of the nation’s economic health because it measures the value of all goods and services made in the U.S. – equals consumer spending plus business investment plus government outlays, less the trade deficit. And all four are in trouble.” (Tim Mullaney and Paul Davidson, “Fragile Economic Recovery Shows Growing Cracks,” USA Today, 7/21/12)

BY EVERY MEASURE OBAMANOMICS HAS FAILED THE AMERICAN PEOPLE

Jobs: Since President Obama Took Office, The Nation Has Lost 473,000 Jobs And The Unemployment Rate Has Remained Above Eight Percent For 41 Straight Months.(Bureau Of Labor Statistics, Accessed 7/25/12)

Unemployment: 23.4 Million Americans Are Either Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 7/25/12)

Long-Term Unemployment: Since Obama Took Office, The Average Duration Of Unemployment Has Doubled From 19.8 Weeks To 39.9 Weeks. (Bureau Of Labor Statistics, Accessed 7/25/12)

Government Assistance: “49.1%: Percent Of The Population That Lives In A Household Where At Least One Member Received Some Type Of Government Benefit In The First Quarter Of 2011.” (Phil Izzo, “Number Of The Week: Half Of U.S. Lives In Household Getting Benefits,” The Wall Street Journal’s “Real Time Economics,” 5/26/12)

Food Stamps: Since President Obama Took Office, The Number Of Americans Receiving Food Stamps Has Increased From 31.9 Million To 46.2 Million, A 45 Percent Increase. (Department Of Agriculture, 6/29/12)

Poverty: 97.3 Million Americans Now Qualify As Low-Income And Another 49.1 Million Are In Poverty; Together, 146.4 Million Americans Or 48 Percent Of The Population.(Hope Yen, “Census Shows 1 In 2 People Are Poor Or Low-Income,” The Associated Press, 12/15/11)

Median Household Income: “Real Median Household Income In March Was Down $4,300 Since Obama Took Office In January 2009 …” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,”Bloomberg, 4/30/12)

Food Prices: Since Obama Became President, The Monthly Price Of A Moderate-Cost Food Plan For A Family Of Four With Young Children Has Increased From $819.40 To $858.50. (“Official USDA Food Plans: Cost Of Food At Home At Four Levels, U.S. Average, January 2009,” USDA , 2/09; “Official USDA Food Plans: Cost Of Food At Home At Four Levels, U.S. Average, May 2012,” USDA, 6/12)

Gas Prices: Since Obama Took Office, The Average Price Per Gallon Of Gas Has Increased From $1.847 To $3.494. (“Gasoline And Diesel Fuel Update,” U.S. Energy And Information Administration, Accessed 7/25/12)

College Costs: Since President Obama Took Office, The Average Cost Of In-State Tuition At A Four Year College Has Risen From $6,585 To $8,244, A 25 Percent Increase. (“Trends In College Pricing 2009,” College Board, 2008; “Trends In College Pricing 2011,” College Board, 2011)

Student Loan Debt: The Federal Reserve Of New York Found That 27 Percent Of Student Loan Borrowers Have Past Due Balances And 21 Percent Are Delinquent. (Meta Brown, Andrew Haughwout, Donghoon Lee, Maricar Mabutas, And Wilbert van der Klaauw, “Grading Student Loans,” Federal Reserve Bank Of New York, 3/5/12)

Health Care Premiums: Under Obama, The Cost Of Family Health Care Premiums Has Increased From $13,375 To $15,073. (Phil Galewitz And Andrew Villegas, “Workers Face Higher Costs For Employer-Sponsored Insurance,” Kaiser Health News, 9/15/09; Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News , 9/27/11)

Foreclosures: Currently 5.7 Million Residential Mortgages Are Either 30 Days Delinquent Or In Foreclosure. (Press Release, “LPS ‘First Look’ Mortgage Report: June Month-End Data Shows Increase In Delinquencies,” Lender Processing Services, 7/25/12)

Negative Equity: 31.4 Percent, Nearly One-Third Of All Residential Mortgages, Were Underwater In The First Quarter Of 2012. (Press Release, “Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More Than Homes’ Worth,” Zillow, 5/24/12)

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July 26, 2012