Friday, July 27, 2012

Obama Claims His Plan for Economic Recovery "Worked?"


Obama used to get criticized for being overreliant on a teleprompter. He even brought one to an elemenatry school to address kids in a classroom. Apparently his handlers think he will appear less robotic and scripted if he left the teleprompter at home in some of his campaign swings. They may be regretting that decision. First there was Obama's claim that "the private sector is doing fine." Next came the insult to successful businesses when Obama claimed they didn't get their success with hard work. "You didn't build that" will be a staple in ads this campaign.

And he's at it again. This time he was speaking at another fundraiser (how many is that now?) in Oakland, California where he said “Just like we’ve tried their plan, we tried our plan. And it worked.” He was talking about tax policy in which he totally ignored the success of the Reagan tax cuts in another bid to stall the economy with a whopping tax increase on the rich. More class warfare!

But the quote invites a comparison between "plans" for the economy and clearly Obama's plan has not worked. This is the same guy who promised unemployment would not go above 8% if Congress passed the Stimulus Bill. Unemployment went above 10% and it's 2.5% above where Obama's so-called plan forecasted it would be. Add to that five trillions in new debt, lowering of our credit rating, record foreclosures and more Americans in poverty and requiring federal assistance. What is there about that plan that works?

Once again, Obama's own words invite the criticism which was quick to follow:

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.”


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)

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)
The Bottom Line: Are you better off now than you were four years ago? For millions of Americans the answer is not just NO, but HELL NO!

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