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Wrong For The Middle Class

- September 4, 2012

Obama Has Failed The Middle Class

FLASHBACK: At The Last Democrat National Convention, Obama Said He Measured Progress By Whether Americans Could Find A Job And Where Incomes Increased Instead Of Going Down. OBAMA: "We measure progress by how many people can find a job that pays the mortgage, whether you can put a little extra money away at the end of each month so you can someday watch your child receive her college diploma. We measure progress in the 23 million new jobs that were created when Bill Clinton was president... when the average American family saw its income go up $7,500 instead of go down $2,000, like it has under George Bush." (Sen. Barack Obama, Remarks At DNC Acceptance Speech, Denver, CO, 8/28/08)

YET FOUR YEARS OF OBAMANOMICS HAS FAILED THE MIDDLE CLASS BY EVERY MEASURE

For The First Time Since The End Of World War II, Mean Family Incomes Declined For Americans In All Income Tiers. "Their downbeat take on their economic situation comes at the end of a decade in which, for the first time since the end of World War II, mean family incomes declined for Americans in all income tiers. But the middle-income tier-defined in this Pew Research analysis as all adults whose annual household income is two-thirds to double the national median -is the only one that also shrunk in size, a trend that has continued over the past four decades." ("The Lost Decade Of The Middle Class," Pew Research Center, 8/22/12)

From June 2009 To June 2012, Real Median Annual Household Incomes Have Fallen By Nearly $4,000, From $54,916 To $50,964 "Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firm's study of income data for the 36- month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012." (Jeff Kearns, "U.S. Incomes Fell More In Recovery, Sentier Says," Bloomberg, 8/23/12)

Americans Of Every Demographic Earn Less Today Than They Did In June 2009. "Across the country, in almost every demographic, Americans earn less today than they did in June 2009, when the recovery technically started. As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier, when the inflation-adjusted median income was $53,508." (Catherine Rampell, "Big Income Losses For Those Near Retirement," The New York Times' " Economix," 8/23/12)

"The Idea That Living Standards Inevitably Improve From One Generation To The Next Is Under Threat ." "For the first time since the Great Depression, middle-class families have been losing ground for more than a decade. They, and the poor, have struggled particularly badly since the financial crisis led to a global recession in 2008. The idea that living standards inevitably improve from one generation to the next is under threat." (David Leonhardt, "A Closer Look At Middle-Class Decline," The New York Times' "Economix," 7/23/12)

  • "Many Of The Bedrock Assumptions Of American Culture - About Work, Progress, Fairness And Optimism - Are Being Shaken." (David Leonhardt, "A Closer Look At Middle-Class Decline," The New York Times' "Economix," 7/23/12)

Obama's Policies Have Left The Middle Class In Turmoil

Jobs: Since President Obama Took Office, The Nation Has Lost 316,000 Jobs And The Unemployment Rate Has Remained Above Eight Percent For 42 Straight Months. (Bureau Of Labor Statistics, Accessed 9/3/12)

  • The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Increased To 15.0 Percent. (Bureau Of Labor Statistics, Accessed 9/3/12)

Unemployment: 23.6 Million Americans Are Either Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 9/3/12)

  • Since Obama Took Office, 6.1 Million Workers Have Been Displaced From Jobs They Had Held For At Least 3 Years. "From January 2009 through December 2011, 6.1 million workers were displaced from jobs they had held for at least 3 years, the U.S. Bureau of Labor Statistics reported today." (Press Release, "Worker Displacement: 2009 - 2011," Bureau Of Labor Statistics, 8/24/12)

Long-Term Unemployment: Since Obama Took Office, The Average Duration Of Unemployment Has Nearly Doubled From 19.8 Weeks To 38.8 Weeks. (Bureau Of Labor Statistics, Accessed 9/3/12)

  • The Long-Term Unemployed Account For 41 Percent Of The Jobless; The Highest Mark In The Other Recoveries Was 22 Percent." (Paul Wiseman, "Economic Recovery Is Weakest Since World War II,"The Associated Press, 8/16/12)
  • CBS' Scott Pelley: "Nearly Four Million People, Almost A Third Of The Unemployed, Have Been Out Of Work More Than A Year. They've Been Severed From The Workforce." (CBS' "60 Minutes," 8/12/12)
  • There Are Currently 852,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 9/3/12)

Net Worth: "The Net Worth Of The American Family Has Fallen To Its Lowest Level In Two Decades." (Ylan Q. Mui, "Fed: Americans' Wealth Dropped 40 Percent," The Washington Post , 6/11/12)

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)

  • John Coder, Previous Director Of The Census Bureau's Income And Poverty Program, Says "Almost Every Group Is Worse Off Than It Was Three Years Ago." "'Almost every group is worse off than it was three years ago, and some groups had very large declines in income,' Green, who previously directed work on the Census Bureau's income and poverty statistics program, said in a phone interview today." (Jeff Kearns, "U.S. Incomes Fell More In Recovery, Sentier Says," Bloomberg, 8/23/12)

Savings: 23.4 Percent Of Families Have No Savings At All, Up From 18.5 Percent In 2009. (Christine Dugas, "Recession Added Debt, Drained Families' Savings,"USA Today, 5/12/12)

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 46.5 Million, A 45 Percent Increase. (Department Of Agriculture, 7/26/12)

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. "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 Ranks Of America's Poor Are On Track To Climb To Levels Unseen In Nearly Half A Century, Erasing Gains From The War On Poverty In The 1960s Amid A Weak Economy And Fraying Government Safety Net." (Hope Yen, "US Poverty On Track To Rise To Highest Since 1960s," The Associated Press , 7/22/12)
  • "Obama Hasn't Made A Single Speech Devoted To Poverty As President, And If You Visit Barackobama.Com These Days, You Would Be Hard-Pressed To Find Any Reference To The Subject Whatsoever." "Obama hasn't made a single speech devoted to poverty as president, and if you visit barackobama.com these days, you would be hard-pressed to find any reference to the subject whatsoever. As a result, he is missing - so far, at least - an important opportunity to change and elevate the national conversation on poverty." (Paul Tough, "Obama Vs. Poverty," The New York Times, 8/15/12)

Cost Of Living Has Increased Under Obama

Health Care Premiums: Under Obama, The Average Cost Of Family Health Care Premiums Have Increased From $12,680 To $15,073. ("Employer Health Benefits, 2011 Annual Survey, Exhibit 1.11" Kaiser Family Foundation, 2011)

Gas Prices: Since Obama Took Office, The Average Price Per Gallon Of Gas Has Increased From $1.847 To $3.776. ("Gasoline And Diesel Fuel Update," U.S. Energy And Information Administration, Accessed 8/27/12)

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 $861.60. ("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, June 2012," USDA, 7/12)

College Tuition: 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 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 Pope, "College Prices Up Again As States Slash Budgets," The Associated Press, 10/26/11)

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