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Biden: “They Are Still In Recession”

- May 6, 2012

Vice President Concedes That For Millions Of Unemployed Americans, The Recession Is Very Much Alive And Present

  

Click To Watch 

On NBC’s “Meet The Press” Today, Vice President Biden Acknowledged Millions Of Americans Are “Still In Recession.”  NBC’S DAVID GREGORY: “And the discouragement is real. Recent polling showing three-fourths, 76% of Americans still believe the country is in recession.” VICE PRESIDENT JOE BIDEN: “Well you know, for the people who are unemployed, they are still in recession. For the people whose wages are stagnant, it feels like a recession. I come from a household where whenever there was a massive recession, someone around that table was going to lose their job.” (NBC’s “Meet The Press,” 5/6/12)

OBAMA’S RECORD ON JOBS AND THE MIDDLE CLASS HAS BEEN A FAILURE

Obama Has “A Scattershot Record (At Best) Of Focusing On The Main Concern Of Main Street: Joblessness.” “Obama arrives at his reelection campaign not merely with a weak performance on Wall Street crime enforcement and reform but also with a scattershot record (at best) of focusing on the main concern of Main Street: joblessness.” (Frank Rich, “Obama’s Original Sin,” New York Magazine, 7/3/11)

  • Under Obama, The Unemployment Rate Has Remained Above Eight Percent For A Post-World War 2 Record 39 Straight Months(Bureau Of Labor Statistics, Accessed 5/4/12)

CNN Money: “Hiring Slowed In April And Workers Dropped Out Of The Labor Force In Droves – Not A Good Sign For The Job Market Going Forward.” “Hiring slowed in April and workers dropped out of the labor force in droves -- not a good sign for the job market going forward. The economy added just 115,000 jobs in the month, the Labor Department reported Friday, down from March when employers created 154,000 jobs.” (Annalyn Censky, “April Jobs Report: Hiring Slows, Unemployment Falls,” CNN Money, 5/4/12)

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)

Since President Obama Took Office, 6.3 Million Americans Have Fallen Into Poverty. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

  • In 2010, The Number Of Americans Living In Poverty (46.2 Million) Reached The Highest Level On Record. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)
  • Poverty Is Expected To Have Increased In 2011. “The study uses 2010 U.S. Census Bureau data released last year plus other government numbers. Poverty was expected to increase again in 2011 due to the slow pace of economic recovery, the high rate of unemployment, and the long duration of spells of unemployment, the study found. The study was produced out of the university's School of Public and Environmental Affairs.” (Mary Wisniewski, “Poverty To Keep Rising Due To Slow Recovery: Study,” Reuters, 1/11/12)

45 Million People Received Food Stamps In 2011, A 70 Percent Increase From 2007, And Will Continue Growing Until 2014. “The Congressional Budget Office said Thursday that 45 million people in 2011 received Supplemental Nutrition Assistance Program benefits, a 70% increase from 2007. It  said the number of people receiving the benefits, commonly known as food stamps, would continue growing until 2014.” (Damian Paletta, “Food Stamp Rolls To Grow Through 2014,” The Wall Street Journal’s “Real Time Economics,” 4/19/12)


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