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Biden Vs. Economic Reality

- October 23, 2011

Americans Are Well Aware That Vice President Biden’s Claims About The Economy Just Don’t Match The Facts  

BIDEN CLAIMS THE STIMULUS DID “VERY GOOD THINGS FOR THE ECONOMY”

Biden Claims The $825 Billion Stimulus Worked. CNN’s CANDY CROWLEY: “Aren't people also saying look we did almost $1 trillion in stimulus spending, and you all at that time said oh, unemployment won't go above 8%, GDP will be a lot higher than it is now and it isn't, and so now we need another leap with the jobs bill.” VICE PRESIDENT JOE BIDEN: “No. Look, here’s the deal. Nobody can look you in the eye and tell you that the Recovery Act and that stimulus did not create jobs and did not do very good things for the economy.” (CNN’s “State Of The Union,” 10/23/11)

REALITY CHECK ON THE STIMULUS

Since The First $825 Billion Stimulus Was Passed, The Nation Has Lost 1.5 Million Jobs And The Unemployment Rate Has Remained Over 8 Percent For A Post-WWII Record 32 Straight Months. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/03/311)

  • Unemployment Next Year Could Remain Higher Than 8 Percent, Meaning No Job Growth After “The Biggest Stimulus Package In The History Of The World.” “The White House anticipates unemployment at 8.25 percent and Goldman Sachs and others warn the number could be higher — close to 9 percent, which would mean no net job growth after the biggest stimulus package in the history of the world.” (Jim VandeHei and Mike Allen, “Obama’s Big Drags,” Politico, 8/4/11)

“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)

  • “Barring An Economic Miracle, Obama Will Likely Enter The Heart Of The Campaign Season With Unemployment North Of 8%.” (Charles Riley, “Jobs Report: Good News For Obama? Not Exactly,” CNN Money, 10/7/11)

In 2010, The Number Of Americans Living In Poverty (46.2 Million) Reached The Highest Level On Record. “The nation's official poverty rate in 2010 was 15.1 percent, up from 14.3 percent in 2009 ─ the third consecutive annual increase in the poverty rate.  There were 46.2 million people in poverty in 2010, up from 43.6 million in 2009 ─ the fourth consecutive annual increase and the largest number in the 52 years for which poverty estimates have been published.” (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

  • In 2010, Median Household Incomes Fell To $49,445 – “The Lowest In More Than A Decade.” “The declines followed news from the Census Bureau that median household income in 2010 fell to $49,445, the lowest in more than a decade, and the poverty rate jumped to 15.1 percent, a 17-year high.” (Sho Chandra, “Falling U.S. Wages Threaten Consumer Spending,” Bloomberg, 10/3/11)

AND ON THE ECONOMY, BIDEN SAYS “IT IS BETTER”

Biden Says The Economy Is Better. CNN’s CANDY CROWLEY: “Do you think that's good enough to reelect the Obama-Biden team? It would have been worse?” VICE PRESIDENT JOE BIDEN: “The answer is - that's not the argument, it would have been worse. It is better, number one, and number two, everything is a choice. There’s a clear choice emerging here” (CNN’s “State Of The Union,” 10/23/11)

BUT OBAMA SAID AMERICANS AREN’T BETTER OFF THAN THEY WERE FOUR YEARS AGO

President Obama Admits That Americans Are Not “Better Off Than They Were Four Years Ago.” OBAMA: “Well I don’t think they are better off than they were four years ago. They’re not better off than they were before Lehman’s collapse, before the financial crisis, before this extraordinary recession that we’re going through.” (ABC News/Yahoo News’ Live Interview, 10/3/11)

“Every Re-Election Race — From City Council To President — Ultimately Comes Down To A Simple Question: Are You Better Off Than You Were (Fill-In-The-Blank) Years Ago?” (Chris Cillizza and Aaron Blake, “President Obama’s ‘Are You Better Off’ Problem,” The Washington Post’s The Fix,” 9/6/11)

  • “And That Is A Major Problem For President Obama Heading Into His Re-Election Race Next Fall.” (Chris Cillizza and Aaron Blake, “President Obama’s ‘Are You Better Off’ Problem,” The Washington Post’s The Fix,” 9/6/11)

President Barack Obama's 11th Quarter In Office Was The Worst Of His Administration, Based On His Quarterly Average Job Approval Ratings.” (Jeffrey M. Jones, “Obama Approval Average Slides To New Low In 11th Quarter,” Gallup10/21/11)

  • “Among Those Surveyed, Less Than 40 Percent Say Obama's Proposed Remedies For High Unemployment Would Increase Jobs Significantly.” (Jim Kuhnhenn And Jennifer Agiesta, “AP-GfK Poll: Hope Weak For Economy, Obama Remedies,” The Associated Press10/20/11)

Less Than A Third Think That Obama’s Policies Have Helped Create Opportunities For Them To Get Ahead. “Just 31 percent of those polled said that his agenda has increased ‘opportunity for people like you to get ahead,’ while 37 percent said it has decreased their opportunities and 26 percent said it has had no effect.” (Ronald Brownstein, “The President,” National Journal10/14/11)

  • “A Huge Swath Of Americans — 77 Percent — Told Pollsters They Think The Economy Is Currently In A Recession.” (Mackenzie Weinger, “Pollster: ‘Trend Isn’t Good’ For Obama,” Politico10/6/11)
  • “Just 11 Percent Say They Think The Economy Is Improving, Compared With 44 Percent Who Said They Believe It Is Getting Worse.” (Mackenzie Weinger, “Pollster: ‘Trend Isn’t Good’ For Obama,” Politico10/6/11)

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