RNC - The upside-down Obama economy

Good morning,

As we have seen from the most recent jobs report, the economy is upside-down under President Obama. Here are some interesting pieces for your consideration. As it becomes increasingly clear every day that the President’s failed economic policies aren’t working, enthusiasm for Governor Romney’s pro-growth message continues to rise. In fact, the Romney campaign and the RNC raised $106.1 million in June, the details of which are below.


“President Obama may think our economy is taking a ‘step in the right direction,’ but for middle-class Americans the Obama economy is upside down. Instead of more jobs and lower unemployment, millions of Americans are struggling for work. President Obama’s failed policies have left the economy upside down from where it should be. From Day One, Mitt Romney will implement bold, pro-growth policies that finally turn around the Obama economy.” – Andrea Saul, Romney Campaign Spokesperson


The Obama Economy Is Upside Down With Fewer Jobs, Higher Unemployment, And Millions Of Americans Struggling For Work:


Before Taking Office, President Obama’s Advisers Predicted The Stimulus Would Drive Down Unemployment To 5.6% By Today – But It’s Remained Above 8% For 41 Straight Months. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)


Under President Obama, The National Unemployment Rate Has Increased From 7.8% To 8.2%. (Bureau Of Labor Statistics, www.bls.gov, 7/8/12)


Since President Obama Took Office, The Nation Has Lost 473,000 Jobs. (Bureau Of Labor Statistics, www.bls.gov, 7/8/12)


Under President Obama, Manufacturing Has Lost 590,000 Jobs. (Bureau Of Labor Statistics, www.bls.gov, 7/8/12)


More Than Twenty-Three Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 7/7/12)


The Current Number Of Long-Term Unemployed Americans Is “Staggering,” With “The Average Length Of Time The Unemployed Have Spent Out Of Work” Climbing Steadily Higher. “The numbers are staggering. The ranks of the long-term unemployed swelled last month from 5.1 million to 5.4 million, and those individuals now account for 42.8% of the unemployed. Meanwhile, the average length of time the unemployed have spent out of work has climbed steadily higher -- and older Americans have been the hardest hit.” (Charles Riley, “Long-Term Unemployment Crisis Rolls On,” CNN Money, 6/11/12)


And Hiring Has Dropped To A “Dismal” Rate In Recent Months As The Economy Posted Its “Weakest Job-Adding Quarter In Two Years”:


“The American Job Machine Has Jammed” And Has Settled Into A “Summer Slump For The Third Year In A Row.” “The American job machine has jammed. Again. The economy added only 80,000 jobs in June, the government said Friday, erasing any doubt that the United States is in a summer slump for the third year in a row.” (Paul Wiseman, “US Economy Adds 80,000 Jobs In Another Weak Month,” The Associated Press, 7/7/12)


“U.S. Job Growth Barely Picked Up In June, The Latest Sign That Economic Growth Has Slowed.” “U.S. job growth barely picked up in June, the latest sign that economic growth has slowed. Nonfarm payrolls grew by 80,000 last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, was unchanged at 8.2%.” (Jeffrey Sparshott and Eric Morath, “Jobs Data Indicate Slowing Growth,” The Wall Street Journal, 7/6/12)


Last Month, U.S. Employers “Hired At A Dismal Pace.” “U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and further imperiling President Barack Obama's chances of reelection in November.” (Jason Lange, “U.S. Hiring Stuck In Low Gear In June,” Reuters, 7/6/12)


“The Weakest Job-Adding Quarter In Two Years…” HARWOOD: “Just 80,000 jobs added in the month of June, Michelle. 8.2% unemployment rate, unchanged, 12.7 million unemployed people, also unchanged. That makes the second quarter the weakest job-adding quarter in two years, an average of 75,000 jobs added in the second quarter of this year.” (CNBC’s “Squawk Box,” 7/6/12)


The Upside-Down Economy Has Led Even President Obama’s Allies To Recognize It’s A “Depression” For Millions Of Americans:


Vice President Biden, On The Economy: “It’s A Depression For Millions And Millions Of Americans.” “Vice President Joe Biden today offered a blunt assessment of the plight of the unemployed, telling supporters at a campaign rally in Iowa that the economy remains “a depression for millions and millions of Americans.” … ‘It’s a depression for millions and millions of Americans,’ he said.” (Devin Dwyer, “Biden: Economy Feels Like A ‘Depression For Millions’,” ABC News, 6/27/12)


Leading House Democrat Henry Waxman: “The Economy Has Not Recovered. Some People Call It A Recession, I Think It’s A Depression.” (CSPAN’s “Newsmakers,” 7/1/12)


Obama Senior Adviser Robert Gibbs: “We Are Not Growing Fast Enough And We’re Not Adding Enough Jobs.” GIBBS: “We are not growing fast enough and we’re not adding enough jobs.” CROWLEY: “So what’s the argument – after four years – what is then the argument that—re-elect me?” (CNN’s “State Of The Union,” 7/8/12)


Former President Bill Clinton, On The State Of The Economy: “There’s A Recession.” “Former President Bill Clinton told CNBC Tuesday that the US economy already is in a recession and urged Congress to extend all the tax cuts due to expire at the end of the year. … ‘They're still pretty low, the government spending levels. But I think they look high because there's a recession,’ [Clinton] said.” (Jeff Cox, “US Already In 'Recession,' Extend Tax Cuts: Bill Clinton,” CNBC, 6/5/12)



Today, Romney for President, Romney Victory, and the Republican National Committee announced fundraising totals of $106.1 million in June. The campaign and RNC have approximately $160 million cash on hand.


And here are fast facts about Romney For President, Romney Victory, and RNC Fundraising:


  • ·        
  • ·         94% Of All Donations Received In June Were $250 Or Less
  • ·        
  • ·         536,729 Donations Received Under $250 In June
  • ·         Approximately $160 Million Cash On Hand

·         Contributions Received From All 50 States And Washington, D.C.