The Big Fail: “Makes A Difference”

Biden’s Right: The Middle Class Is Hurting Under Barack Obamanomics

Vice President Joe Biden: “And by the way, where I come from, a thousand dollars makes a difference. A lot of these guys don’t know that a thousand dollars makes a difference.” (Vice President Joe Biden, Remarks At Event, Winston-Salem, NC, 6/6/12)

BIDEN SAYS ONE THOUSAND DOLLARS IS A LOT, BUT AMERICAN HOUSEHOLDS ARE OUT $4,300 THANKS TO OBAMA’S FAILED POLICIES

“Real Median Household Income In March Was Down $4,300 Since Obama Took Office In January 2009 …” “Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland.” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,”Bloomberg, 4/30/12)

• 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 MIDDLE CLASS IS BEING SQUEEZED BY OBAMA’S POLICIES

The Middle Class Is Shrinking And Millions Of Families Are Hurting. “The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families.” (Hope Yen, “Census Shows 1 In 2 People Are Poor Or Low-Income,” The Associated Press, 12/15/11)

• “Many Of The ‘New Poor’ Are The Former Middle Class.” “‘Many of the ‘new poor’ are the former middle class,’ broadcaster Tavis Smiley, who requested the study, said in a statement.” (Mary Wisniewski, “Poverty To Keep Rising Due To Slow Recovery: Study,” Reuters, 1/11/12)

Only 19 Percent Of Voters Believe Obama’s Policies Favor The Middle Class. “Just 19 percent of registered voters believe the president’s policies favor the middle class, compared with 25 percent who say they benefit the rich, according to a CBS-New York Times poll conducted Feb. 8-13.” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,” Bloomberg, 4/30/12)

Obama Has Failed To Produce The Middle Class Jobs He Campaigned On Creating.“Barack Obama campaigned four years ago assailing President George W. Bush for wage losses suffered by the middle class. More than three years into Obama’s own presidency, those declines have only deepened. The rebound from the worst recession since the 1930s has generated relatively few of the moderately skilled jobs that once supported the middle class, tightening the financial squeeze on many Americans, even those who are employed.” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,”Bloomberg, 4/30/12)

“More Than Half Of All The Jobs Created During The Past Six Months Have Been In Low-Paying Industries Such As Retail And Temporary Help, Joseph Brusuelas, Senior Economist At Bloomberg LP, Noted On Thursday.” (Mark Gongloff and Bonnie Kavoussi, “Job Market Recovery Led By Low-Wage Sectors,” The Huffington Post, 4/5/12)

• “The Jobs Are Lousy, And There Aren’t Enough Of Them.” “The job market these days is sort of like that old Catskills joke: The food is terrible, and the portions are so small. The jobs are lousy, and there aren’t enough of them.” (Mark Gongloff and Bonnie Kavoussi, “Job Market Recovery Led By Low-Wage Sectors,”The Huffington Post, 4/5/12)

Millions Of Americans Are Out Of Work

Since President Obama Took Office, The Nation Has Lost 552,000 Jobs And The Unemployment Rate Has Remained Above Eight Percent For 40 Straight Months.(Bureau Of Labor Statistics, Accessed 6/1/12)

23.2 Million Americans Are Either Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 6/1/12)

Since Obama Took Office, The Average Duration Of Unemployment Has Doubled From 19.9 Weeks To 39.7 Weeks. (Bureau Of Labor Statistics, Accessed 6/1/12)

Half Of The Population Relies On Government Assistance Just To Get By

“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.”“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. Cutting government spending is no easy task, and it’s made more complicated by recent Census Bureau data showing that nearly half of the people in the U.S. live in a household that receives at least one government benefit, and many likely received more than one.” (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)

Since President Obama Took Office, The Number Of Americans Receiving Food Stamps Has Increased From 31.9 Million To A Record 46.4 Million, A 45 Percent Increase. (Department Of Agriculture, 5/1/12)

• “The CBO Projected That One In Seven U.S. Residents Received Food Stamps Last Year.” (Damian Paletta, “Food Stamp Rolls To Grow Through 2014,”The Wall Street Journal’s “Real Time Economics,” 4/19/12)

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)

• The United States Ranks Second Among The World’s Developed Nations For “Relative Child Poverty.” “The latest edition of UNICEF’s report on child poverty in developed countries found that 30 million children in 35 of the world’s richest countries live in poverty. Among those countries, the United States ranks second on the scale of what economists call ‘relative child poverty’ — above Latvia, Bulgaria, Spain, Greece, and 29 others. Only Romania ranks higher, with 25.5 percent of its children living in poverty, compared with 23.1 percent in the U.S.” (Saki Knafo, “U.S. Child Poverty Second Highest Among Developed Nations: Report,” The Huffington Post, 5/30/12)
• “Growing Numbers Of Older Americans Are Spending Their Retirement Years In Poverty.” “Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.” (Emily Brandon, “Poverty Increasing Among Retirees,” U.S. News & World Report, 5/21/12)

Costs Have Risen Since Obama Took Office

Since Obama Became President, The Average Monthly Price Of A Moderate-Cost Food Plan For A Family Of Four With Young Children Has Increased From $819.40 To $855.50. (“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, March 2012,” USDA, 4/12)

Since Obama Took Office, The Average Price Per Gallon Of Gas Has Increased From $1.847 To $3.612. (“Gasoline And Diesel Fuel Update,” U.S. Energy And Information Administration, Accessed 5/12/21)

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)

• 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)

Under Obama, The Average 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)

Millions Of Americans Are Behind On Their Mortgages

“The Share Of Underwater Mortgages Is At Its Highest Level Since 2009.” “Many homeowners still owe more than their houses are worth. The share of underwater mortgages is at its highest level since 2009, according to a report released earlier this month by CoreLogic. There are 11.1 million homeowners underwater, accounting for 22.8 percent of mortgages.” (Jia Lynn Yang, “Housing Sales Report Disappoints,” The Washington Post, 3/21/12)

• Currently 5.6 Million Residential Mortgages Are Either 30 Days Delinquent Or In Foreclosure. (Press Release, “April Month-End Data Shows Delinquencies Increase for the First Time in Nine Months ,” Lender Processing Services, 5/22/12)

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)

“The S&P/Case-Shiller Home Price Index Of 20 Cities Recorded A Decline Of 3.5% From 12 Months Earlier. Home Prices Have Not Been This Low Since November 2002.” (Les Christie, “Home Prices Lowest Since 2002,” CNN Money, 4/24/12)