RNC - Keene: Biden's Comments Don't Match Obama’s Record On Middle-Class

Today V.P. Biden campaigned in Keene, NH saying, “when the middle-class does well, America does well, everybody does well." Only problem is, after 3.5 years of President Obama’s failed policies the middle-class has suffered…

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NEW HAMPSHIRE

Since Obama Took Office, New Hampshire Has Lost Has Lost 16,600 Jobs. (Bureau of Labor Statistics, Accessed 4/20/12) 

Since 2008, New Hampshire’s Median Income Has Fallen $2,689. (U.S. Census Website, Accessed 10/17/11)

Since Obama Took Office, The Average Price For A Gallon Of Regular Gas In New Hampshire Has Increased From $1.724 In January 2009 To $3.692 Today. (AAA Fuel Gauge Report, Accessed 5/22/12)


 

Biden's Observations About The Middle-Class And Economy Don't Match The Obama Record

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BIDEN WAS RIGHT WHEN HE SAID AMERICA THRIVES WHEN THE MIDDLE-CLASS DOES WELL

Biden Was Right When He Said That America Thrives When The Middle-Class Does Well. BIDEN: "An idea that says when the middle-class does well, America does well, everybody does well." (Vice President Joe Biden, Remarks, Keene, NH, 5/22/12)

Unfortunately, Obama's Record Shows The Middle-Class Has Suffered

Poverty

97.3 Million Americans Now Qualify As Low-Income And Another 49.1 Million Are In Poverty; 48 Percent Of The Population. "About 97.3 million Americans fall into a low-income category, commonly defined as those earning between 100 and 199 percent of the poverty level, based on a new supplemental measure by the Census Bureau that is designed to provide a fuller picture of poverty. Together with the 49.1 million who fall below the poverty line and are counted as poor, they number 146.4 million, or 48 percent of the U.S. population. That's up by 4 million from 2009, the earliest numbers for the newly developed poverty measure." (Hope Yen, "Census Shows 1 In 2 People Are Poor Or Low-Income," The Associated Press, 12/15/11)

  • 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)

Where Are The Jobs?

The Recovery Has Failed To Produce The Middle Class Jobs Obama Campaigned On. "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)

Real Incomes Have Dropped

According To Sentier Research "Real Median Household Income In March Was Down $4,300 Since Obama Took Office In January 2009 … "As a candidate in 2008, Obama blamed the reversals largely on the policies of Bush and other Republicans. He cited census figures showing that median income for working-age households -- those headed by someone younger than 65 -- had dropped more than $2,000 after inflation during the first seven years of Bush's time in office. 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)

Underwater Mortgages And Foreclosures

22.8 Percent Of All Active Mortgages Are Underwater The "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)

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)

Health Care Costs

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)

  • In 2011, The Cost Of Health Insurance Climbed, Outpacing "Any Growth In Workers' Wages." "The cost of health insurance for many Americans this year climbed more sharply than in previous years, outstripping any growth in workers' wages and adding more uncertainty about the pace of rising medical costs." (Reed Abelson, "U.S. Health Insurance Cost Rises Sharply, Study Finds," The New York Times , 9/27/11)

Kaiser Study Found That Family Coverage Premiums "Climbed" 9 Percent In 2011. "A new study by the Kaiser Family Foundation, a nonprofit research group that tracks employer-sponsored health insurance on a yearly basis, shows that the average annual premium for family coverage through an employer reached $15,073 in 2011, an increase of 9 percent over the previous year." (Reed Abelson, "U.S. Health Insurance Cost Rises Sharply, Study Finds," The New York Times , 9/27/11)

Cost Of College At "All Time High"

The Cost Of College Is Currently At "An All Time High." "Nationally, the cost of a full credit load has passed $8,000, an all-time high. Throw in room and board, and the average list price for a state school now runs more than $17,000 a year, according to the twin annual reports on college costs and student aid published Wednesday by the College Board." (Justin Poe, "College Prices Up Again As States Slash Budgets," The Associated Press, 10/26/11)

  • With Average In-State Tuition And Fees At Four-Year Public Colleges Rising An Additional $631 Or 8.3 Percent In Fall 2011, The Cost Of College Is A "Kick In The Gut" For American Families. "It's a kick in the gut even for students and families hardened to bad financial news: Average in-state tuition and fees at four-year public colleges rose an additional $631 this fall, or 8.3 percent, compared with a year ago." (Justin Poe, "College Prices Up Again As States Slash Budgets," The Associated Press, 10/26/11)

Record Student Debt

Under Obama's Watch, Average Student Loan Debt Has Surpassed $25,000. "Average student loan debt recently topped $25,000, up 25 percent in 10 years. And the mushrooming debt has direct implications for taxpayers, since 8 in 10 of these loans are government-issued or guaranteed." (Tom Raum, "Recovery Threatened By Runaway Student Loan Debt," The Associated Press, 4/3/12)

  • "The Highest Level Of Student Debt In American History." "Nationally, the average student debt is about $25,000 per person, according to 2010 figures, the latest reported by the Institute for College Access & Success (TICAS). That's the highest level of student debt in American history, up nearly 43 percent since 1996, in today's dollars." (Alfred Lubrano, "Highly Educated, Deeply In Debt," The Philadelphia Inquirer, 4/14/12)

"The Rising Cost Of A College Education And The Failure Of Federal Grants To Keep Pace Has Led To Average Student Loan Debt Hitting An All-Time High." (Tim Grant, "Education's Cost Crisis," Pittsburg Post-Gazette, 11/15/11)

BIDEN WAS RIGHT WHEN HE SAID PEOPLE ARE STILL HURTING

Biden Was Right When He Said A Lot Of People Are Still Hurting. BIDEN: "But that doesn't mean a lot of people aren't still hurting." (Vice President Joe Biden, Remarks, Keene, NH, 5/22/12)

Under Obama, Americans Are Hurting

The Washington Post 's Fact Checker Said "Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era." "Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement." (Glenn Kessler, "Rick Perry's Claim That Obama Has 'Killed More Jobs' Than Any Other President," The Washington Post's "The Fact Checker" , 8/22/11)

  • The Washington Post's Fact Checker: "The Worst Numbers On Record Occurred Under His [Obama's] Watch." "The president said that policies from 2000 through 2008 produced the 'most sluggish job growth we've ever seen.' Perhaps so, but the worst numbers on record occurred under his watch." (Josh Hicks, "Obama's Remarks On Worst Job Growth: Did He End It Or Should He Own It?" The Washington Post's "Fact Checker," 5/21/12)
  • The Washington Post's Fact Checker: "Obama Comes In Either Last, Second-To-Last Or In The Bottom Half Among Presidents Since The Great Depression." "But Obama comes in either last, second-to-last or in the bottom half among presidents since the great depression, depending on which way you look at the numbers." (Josh Hicks, "Obama's Remarks On Worst Job Growth: Did He End It Or Should He Own It?" The Washington Post's "Fact Checker," 5/21/12)

ABC News/Washington Post Poll: 30 Percent Of Voters Say They Are Worse Off While Just 16 Percent Say They Are Better Off. "Asked where they stand financially compared with when Obama took office in January 2009, 30 percent say they are worse off, and only 16 percent say they are better off." (Jon Cohen and Dan Balz, "Poll: Obama, Romney In Dead Heat On Economy," The Washington Post , 5/22/12)

BIDEN WAS RIGHT WHEN HE SAID THE CHOICE IN NOVEMBER IS CLEAR

Biden Was Right When He Said The Choice Has Never Been More Clear. BIDEN: "The good news is the choice has never been more clear for the people in New Hampshire and the people of the United States of America." (Vice President Joe Biden, Remarks, Keene, NH, 5/22/12)

Obama's Record Of Disappointment For Americans Makes The Choice Clear

Since President Obama Took Office, The Nation Has Lost 572,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.1 Percent. (Bureau Of Labor Statistics, Accessed 5/4/12)

The Unemployment Rate Has Remained Above Eight Percent For A Record 39 Straight Months. (Bureau Of Labor Statistics, Accessed 5/4/12)

  • Congressional Budget Office: Unemployment Has Remained Above Eight Percent For The Longest Stretch Since The Great Depression. "The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression."("Understanding And Responding To Persistently High Unemployment," Congressional Budget Office, 2/16/12)

The Average Duration Of Unemployment Has Nearly Doubled From 19.9 Weeks To 39.1 Weeks. (Bureau Of Labor Statistics, Accessed 5/4/12)

  • "Long-Term Unemployment Has Devastated The Ranks Of The Middle Class." "Long-term unemployment has devastated the ranks of the middle class, with many people losing their homes and forced to turn to food banks and government aid after they run through their savings. It takes nearly 41 weeks, on average, for the jobless to find new work. Also, the steep decline in home values has hurt many in the middle class." (Tami Luhby, "Middle Class Dropouts," CNN Money, 1/11/12)

President Obama "Gets Mediocre Marks For His Handling Of The Economy" From An Associated Press Survey Of Economists. "President Barack Obama gets mediocre marks for his handling of the economy and Mitt Romney easily outpolls his Republican rivals in an Associated Press survey of economists." (Paul Wiseman and Derek Kravitz, "Economists: Obama's Policies 'Fair' Or 'Poor'," The Associated Press , 12/28/11)

BIDEN WAS RIGHT WHEN HE SAID EVERYONE SHOULD PLAY BY THE SAME RULES

Biden Was Right When He Said Everyone Should Play By The Same Rules. BIDEN: "The idea that what everybody deserves is a fair shot, a fair shake, and everybody should play by the same rules, and everyone should be held accountable." (Vice President Joe Biden, Remarks, Keene, NH, 5/22/12)

Under Obama, It's Been Anything But Playing By The Same Rules For His Bundlers And Donors

Obama's Biggest Donors Are Benefiting From The Obama Administration

Nearly 200 Of Obama's Biggest Donors Have Raked In Millions Of Taxpayer Dollars Or Top Positions In The Obama Administration. "More than two years after President Obama took office vowing to banish 'special interests' from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events, an investigation by iWatch has found." (Fred Schulte, John Aloysius Farrell, and Jeremy Borden, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More," iWatch News , 6/15/11)

Many Of Obama's Big Donors "Won Plum Jobs In His Administration." "Big donors considering whether to work the phones raising money for President Obama's reelection campaign might consider the fate of his 2008 bundlers. Many of them, it turns out, won plum jobs in his administration." (T.W. Farnum, "The Influence Industry: Obama Gives Administration Jobs To Some Big Fundraisers," The Washington Post , 3/7/12)

  • Obama's Placement Of Donors In Plum Positions Violates His "Claims To Have Changed Business As Usual In Washington." "While the Obama administration tightened restrictions on hiring lobbyists, the deference it has shown major donors contradicts its claims to have changed business as usual in Washington, critics said." (Fred Schulte, John Aloysius Farrell, and Jeremy Borden, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More," iWatch News , 6/15/11)

Billions Of Taxpayers' Dollars "Showered" From Department Of Energy To Obama's Bundlers

Obama Bundlers Worked In His Department Of Energy "As It Showered Billions In Taxpayer-Backed Stimulus Money On Alternative Energy Firms." "Several of Barack Obama's top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, iWatch News and ABC News have learned." (Ronnie Green And Matthew Mosk, "Bundlers On The Inside," iWatch , 9/29/11)

"$3.9 Billion In Federal Grants And Financing Flowed To 21 Companies Backed By Firms With Connections To Five Obama Administration Staffers And Advisers." (Carol D. Leonnig and Joe Stephens, "Venture Capitalists Play Key Role In Obama's Energy Department," The Washington Post , 2/14/12)

  • "The Administration Tapped Industry Players To Take On Key Energy Department Roles, Both As Agency Staffers And Outside Advisers On Agency Boards." (Carol D. Leonnig and Joe Stephens, "Venture Capitalists Play Key Role In Obama's Energy Department," The Washington Post , 2/14/12)

Solyndra

"Time And Again, The Government Handed Breaks To Solyndra Inc., An Upstart California Solar Panel Firm Backed By A Major Supporter Of The President." (Ronnie Greene, "Recurring Red Flags Failed To Slow Obama Administration's Race To Help Solyndra,"iWatch News , 9/13/11)

  • "And, Time And Again, Benefits Flowed From Washington Despite Warning Signs That The Government's $535 Million Investment Was A Risky Bet, At Best." (Ronnie Greene, "Recurring Red Flags Failed To Slow Obama Administration's Race To Help Solyndra,"iWatch News , 9/13/11)
  • Obama's Energy Department Announced The Loan Guarantee Before Receiving Final Legal Reviews, Which The GAO Said "Showed Favoritism And Put Taxpayers At Risk." "The department made the announcement before final marketing and legal reviews were in hand - an omission Government Accountability Office auditors chided, in a 2010 report, as the type of shortcut that showed favoritism and put taxpayers at risk." (Ronnie Greene, "Recurring Red Flags Failed To Slow Obama Administration's Race To Help Solyndra,"iWatch News , 9/13/11)

In August 2011, Solyndra Announced That It Will File For Bankruptcy, "Immediately Laying Off 1,100 Employees." "Solyndra, a Fremont solar tech manufacturer, announced Wednesday it is suspending operations and immediately laying off 1,100 employees. The company said it will also file for bankruptcy." (George Avalos, "Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers," The San Jose Mercury News, 8/31/11)

Corzine And MF Global

On October 31, 2011, Jon Corzine's Wall Street Firm, MF Global, Filed For Bankruptcy. "Broker-dealer MF Global, headed by former New Jersey governor and Goldman Sachs chairman John Corzine, has filed for bankruptcy protection, apparently because of holdings of European debt." ("Broker-Dealer MF Global Files For Bankruptcy," USA Today, 10/31/11)

  • $1.6 Billion Is Missing From Customer Accounts. "The MF Global Missing Money Caper continues. Earlier this week, MF Global's trustee provided an update on several things but not the missing money. Turns out he just needed a few more days so the world could get ready to hear this: There's another $400 million now included in the official figure. (Insert Law & Order sound effect here.) Colleague Jacob Bunge is reporting that the new estimate for the deficiency in customer accounts is $1.6 billion." (David Benoit, "MF Global Missing $1.6 Billion, counting U.K.," The Wall Street Journal's "Deal Journal," 2/10/12)

While At MF Global, Corzine Borrowed Money From Customer Accounts To Fund Firm Trading, Known As "Internal Repo." "At MF Global, his strategy was simple: 'We are transforming from sort of an old-like brokerage firm into an investment bank' Corzine told CNBC's Maria Bartiromo. Key to his plan was a massive bet on European government bonds - a bet that would swell to more than $6 billion, and ultimately lead to MF Global's collapse. Corzine's bet could not have occurred without a finance strategy known as 'internal repo.' In essence, MF Global was borrowing money from customer accounts and using it to fund trading in another part of the firm. During the summer of 2011, however, just months before MF Global filed for bankruptcy, internal repo was a strategy regulators were hoping to do away with." (Jason Breslow, "How Corzine Steered Regulators To Protect Fatal MF Global Bet," PBS' "Frontline," 5/22/12)

Corzine Met With CFTC Officials Three Times To Lobby To Keep Them From Changing The Rules. "As shown in the above excerpt from tonight's film Six Billion Dollar Bet, internal repo transactions were so important to Corzine that he met with officials at the Commodities Future Trading Commission (CFTC) on three occasions to lobby for their preservation." (Jason Breslow, "How Corzine Steered Regulators To Protect Fatal MF Global Bet," PBS' "Frontline," 5/22/12)

  • CFTC Commissioner Bart Chilton: "Sen. Corzine Was One Of The More Prominent Individuals Who Came In And Told Us What A Drastic Mistake It Would Be To Curtail The Use Of These Internal Repurchasing Agreements." "As CFTC Commissioner Bart Chilton told FRONTLINE: 'Sen. Corzine was one of the more prominent individuals who came in and told us what a drastic mistake it would be to curtail the use of these internal repurchasing agreements … And when he told me that we were making a big mistake, it certainly put some doubt into my mind for a little bit there as whether or not we were going down the right course. But certainly somebody that had his stature … added respect, in my view.'" (Jason Breslow, "How Corzine Steered Regulators To Protect Fatal MF Global Bet," PBS' "Frontline," 5/22/12)

Corzine Has Bundled Over $500,000 For Obama's Reelection Campaign. (Center For Responsive Politics, Open Secrets, Accessed 5/22/12)

FLASHBACK: In 2008, Obama Said Corzine Is "Our Wall Street Guy." " The rollout also provided a showcase for Corzine, the former Goldman Sachs CEO whom Obama referred to as 'our Wall Street guy' at a meeting of Democratic governors in Chicago on Friday." (Claire Heininger, "Corzine Profile Rises In Obama Camp," The Star-Ledger (NJ),6/23/08)