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Failed Promise To Scranton: Things Have Only Become Worse

- November 30, 2011

Candidate Obama Takes A Critical Look At … President Obama’s Record Of Failure

OBAMA’S FAILURE ON THE ECONOMY

OBAMA 2008: “Here in Pennsylvania, like the rest of the country, there’s a lot of economic hardship and a lot of economic anxiety.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

Obama’s Record Shows…

Since President Obama Took Office, Pennsylvania Has Lost 15,100 Jobs And The Unemployment Rate Has Increased From 6.8 Percent To 8.1 Percent. (Bureau Of Labor Statistics, Accessed 11/23/11)

Since President Obama Took Office, 189,790 Pennsylvanians Have Fallen Into Poverty And The Poverty Rate Has Increased From 12.3 Percent To 13.4 Percent. (U.S. Census Bureau, Accessed, 11/23/11)

As Of October 2011, Over 512,000 Pennsylvanians Are Unemployed, Over 50,000 More Than When Obama Took Office. (Bureau Of Labor Statistics, Accessed 11/23/11)

As Of August 2011, Over 1.7 Million Pennsylvanians Receive Food Stamps, 7.7 Percent More Than August 2010. (“Supplemental Nutrition Assistance Program: Number Of Persons Participating,” USDA, 10/31/11)

OBAMA’S FAILURE ON HOUSING

OBAMA 2008: “People are at risk of losing their home or they’ve seen their home values drop.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

Obama’s Record Shows…

22.1 Percent Of Residential Mortgages, Over 10 Million Properties, Are Underwater. “The number of properties with so-called negative equity -- in which the amount owed on the mortgage exceeds the property's value -- was 10.7 million, or 22.1 percent of all residential properties with a mortgage.” (Leah Schnurr, “Underwater Homes Ease Modestly In Q3: Core Logic,” Reuters, 11/29/11)

  • “As the housing market struggles to recover, the large number of underwater homeowners has prompted concerns of more foreclosures to come if borrowers become unable to keep up with their payments or decide to walk away.” (Leah Schnurr, “Underwater Homes Ease Modestly In Q3: Core Logic,” Reuters, 11/29/11)

Nationwide, 7.93% Of All Mortgage Loans, Over 4 Million Properties, Are 30 Or More Days Delinquent But Not In Foreclosure. (Press Release, “LPS ‘First Look’ Mortgage Report,” Lender Processing Services, 11/18/11) 

  • Currently, 2.2 Million Homes Are In Foreclosure. (Press Release, “LPS ‘First Look’ Mortgage Report,” Lender Processing Services, 11/18/11)
  • 6.3 Million Properties Are Either 30 Days Delinquent Or In Foreclosure. (Press Release, “LPS ‘First Look’ Mortgage Report,” Lender Processing Services, 11/18/11)

“The Alphabet Soup Of Housing Assistance Programs To Date -- HAMP, HARP, EHLP, 2MP -- Have Been Too Poorly Administered And Too Limited In Scope And Eligibility To Slow Or Halt The Slide In The U.S. Housing Market.” “Only 2 percent of President Obama's speech to Congress on Sept. 8 dealt with the plight of underwater homeowners, but those 72 words could do as much or more for the flagging U.S. economy as the entire $447 billion jobs bill. Especially if the White House is willing to think big. That's a big if, given that the alphabet soup of housing assistance programs to date -- HAMP, HARP, EHLP, 2MP -- have been too poorly administered and too limited in scope and eligibility to slow or halt the slide in the U.S. housing market.” (Eric Wieffering, “Fixing economy Requires More Work On Housing,” Star Tribune, 9/17/11)

“To Date, Administration Programs Have Permanently Reduced The Debt Of Just One Tenth Of 1 Percent Of Underwater Borrowers.” “But in reality, the programs were off-balance. Although advisers intended to address the debt problem, they set up programs in ways that were likely to limit their success — for example, asking banks to reduce debts without offering much taxpayer money to help cover the cost. To date, administration programs have permanently reduced the debt of just one tenth of 1 percent of underwater borrowers.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

OBAMA’S FAILURE ON JOBS

OBAMA 2008: “They’re concerned about jobs being shipped overseas.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

Obama’s Record Shows…

Since President Obama Took Office, Pennsylvania Has Lost 15,100 Jobs And The Unemployment Rate Has Increased From 6.8 Percent To 8.1 Percent. (Bureau Of Labor Statistics, Accessed 11/23/11)

Since President Obama Took Office, Pennsylvania Has Lost 18,000 Construction Jobs And 37,900 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 11/23/11)

OBAMA’S FAILURE ON HEALTHCARE

OBAMA 2008: “Their healthcare payments may be getting out of hand or they don’t have healthcare at all.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

Obama’s Record Shows…

“The Cost Of Health Insurance Skyrocketed In 2011 After Several Years Of Relatively Small Increases.” (Jane M. Von Bergen, “Health Insurance Costs Skyrocketing,” The Philadelphia Inquirer, 9/27/11)

Spending On Health Coverage For Workers “Spiked” By 9 Percent In 2011. “Employers' spending on health coverage for workers spiked abruptly this year, with the average cost of a family plan rising by 9 percent, triple the growth seen in 2010.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

Workers Paid An Average Of $132 More For Family Coverage This Year. “Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

  • Cost Of Single Employee Coverage Grew 8 Percent According To The Survey. “Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

OBAMA’S FAILURE ON THE FUTURE

OBAMA 2008: “They’re trying to figure out how to save money for retirement at the same time as they’re trying to make college affordable for their kids.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

But The Record Shows…

Americans Are “More Negative About Their Personal Finances.” “Gallup Daily tracking data show that Americans became more negative about their personal finances last August, just after Congress was wrangling over the federal budget deficit and barely managing to reach a last-minute agreement on postponing steps to cut the deficit.” (Frank Newport, “Fewer Americans Feeling Better About Their Finances,” Gallup11/25/11)

  • “Forty-Nine Percent Of Americans Are Feeling Better About Their Financial Situations These Days, Representing A Continuing Downturn From The Average Of 53% Who Were Feeling Better In Mid-Summer.” (Frank Newport, “Fewer Americans Feeling Better About Their Finances,” Gallup11/25/11)

Only 21 Percent Of Voters Say The Next Generation Will Be Better Off Economically. “A severe crisis of national confidence grips the country. Only 21 percent believe the next generation will be better off economically than the current one. Two-thirds say it will not.” (James Hohmann, “Battleground Poll: Obama Vulnerable,”Politico, 11/13/11)

When Asked For A Single Word About How Respondents Feel About The Country, 58 Percent Had Negative Responses, Including “We’re In The Gutter.” “The poll asked respondents to give a single word or short phrase to best describe how they feel about where things stand in the country. Some of the answers: ‘We are in the dump.’ ‘Very unstable.’ ‘We’re in the gutter.’ ‘Very challenging.’ Overall, 58 percent of these responses are negative, 33 percent are neutral and just 9 percent are positive.” (Mark Murray, “NBC Poll: Despite National Pessimism, Obama Tops GOP Foes,” MSNBC11/7/11)

86 Percent Of Americans Are Dissatisfied With The Direction The Country Is Headed, While Just 12 Percent Are Satisfied. “The ongoing concern about the economy helps explain the high level of dissatisfaction with current conditions in the United States. Now, 12% of Americans are satisfied and 86% dissatisfied with the way things are going in the U.S. Satisfaction has ranged between 11% and 13% since August, slightly above Gallup's historical low rating of 7% in October 2008.” (Jeffrey Jones, “Jobs, Economy Remain Dominant Concerns for Americans,” Gallup11/14/11)

Over The Past Year, The Cost Of College Has Increased By Thousands At Public Universities. “Public four-year universities charged residents an average of $8,244, up 8.3% from last year, while public two-year schools charged an average of $2,963, up 8.7%, says the report by the non-profit College Board. About 80% of the nation’s undergraduates attend public institutions.” (Mary Beth Marklein, “Tuition And Fees Rise More Than 8% At U.S. Public Colleges,” USA Today, 10/25/11)

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)

OBAMA’S FAILURE TO CHANGE WASHINGTON

OBAMA 2008: “But all of that’s not going to make any difference if we can’t reduce the influence of the drug companies, the insurance companies, the banks, the financial institutions, all of whom have a place in the debate, but who have come to dominate it so much that ordinary people’s voices aren’t heard. And that’s what this campaign’s been about, it’s to try to lift up those voices and give people an opportunity to really have an impact on public policy.” (Candidate Barack Obama, “One-On-One With Barack Obama,” WNEP, 3/31/08)

Obama’s Record Shows…

Obama Cut A Deal With PhRMA To Boost Their Profits, And Cut A Deal With The Drug Industry To Oppose Drug Reimportation In Exchange For Supporting ObamaCare. “Earlier this year, the administration struck a deal with PhRMA and the Senate Finance Committee limiting the industry's hit to $80 billion over ten years. The deal has never been officially confirmed, but the Huffington Post reported at the time that the White House agreed to oppose re-importation. The Senate Finance Committee bill, as well as the merged bill sent to the floor by Majority Leader Harry Reid (D-Nev.), stuck to that deal. Along with its pledge of support, PhRMA offered to spend $150 million on ads backing reform. Most of that money stands ready to be used to kill reform, should it come to that.” (Ryan Grim, “Pharma Deal Shuts Down Senate Health Care Debate,” The Huffington Post12/11/09)

Federal Reserve Chairman Ben Bernanke Was Asked If The Dodd-Frank Financial Regulatory Reform Bill Still Allowed Bailouts, And He Said Yes.  “As bad as this news is for taxpayers, the potentially worse news came when Mr. Hennessey asked if, in times of crisis, the government could still assist a particular company now that Dodd-Frank reform is the law of the land. Mr. Bernanke quickly put the matter to rest by noting that a too-big-to-fail company undergoing the government's new resolution process could still receive money from the Treasury. Uh, oh.”  (Editorial, “The Diviner of Systemic Risk,” The Wall Street Journal, 9/4/10)

  • Former SEC Chair Arthur Levitt Says That Dodd-Frank’s Solution For Too-Big-To-Fail Institutions Is “Ill-Advised.” LEVITT: “And most significantly, its efforts as preventing too-big-to-fail, and systemic risk, I think were ill-advised. The creation of a council of regulators is almost—in my judgment—by definition the wrong solution. A council of regulators, with the kind of turf battles that continue in Washington, with the different balance of power between heads of relatively small agencies and heads of the Department of the Treasury or the chairman of the Fed, like the president working group, are bound not to be terribly effective or responsive in a period were timing becomes of critical importance.” (Dan Freed and Laurie Kulikowski, “Ex-SEC Chief Blasts Dodd-Frank,” The Street, 10/19/10)

President Obama Has Granted Numerous Exceptions To His Lobbyist Ban. “Yet in the past few days, a number of exceptions have been granted, with the administration conceding at least two waivers and that a handful of other appointees will recuse themselves from dealing with matters on which they lobbied within the two-year window.” (Kenneth P. Vogel & Mike Allen, “Obama Finds Room For Lobbyists,” Politico, 1/30/09) 

  • Politifact: “We Rate Obama's ‘Revolving Door’ Policy For Former Lobbyists His Biggest Broken Promise.” (Angie Drobnic Holan, “Not So Fast On Obama Revolving Door Policy,” Politifact1/23/09)

Bundlers Meet With Obama In The White House To Talk About Policy And Later Host Fundraisers For Obama’s Campaign. “They glide easily through the corridors of power in Washington, with a number of them hosting Mr. Obama at fund-raisers while also visiting the White House on policy matters and official business.” (Eric Lichtblau, “Obama Backers Tied To Lobbies Raise Millions,” The New York Times10/27/11)

  • Obama’s Promises Of Change Were “Either Hopelessly Naïve” Or Were “A Little Bit Of A Shell Game.” “‘Any president who says he’s going to change this is either hopelessly naïve or polishing the reality to promise something other than can be delivered,’ said Paul Light , a New York University professor and expert on presidential transitions. ‘At best it’s naïve and a little bit of a shell game.’” (Fred Schulte, John Aloysius Farrell, And Jeremy Borden, “Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More,” IWatch, 6/15/11)

Obama Awards Top Donors With "VIP Access To The White House." "During his first nine months in office, President Obama has quietly rewarded scores of top Democratic donors with VIP access to the White House, private briefings with administration advisers and invitations to important speeches and town-hall meetings... High-dollar fundraisers have been promised access to senior White House officials in exchange for pledges to donate $30,400 personally or to bundle $300,000 in contributions ahead of the 2010 midterm elections, according to internal Democratic National Committee documents obtained by The Washington Times." (Matthew Mosk, "EXCLUSIVE: Democratic Donors Rewarded With W.H. Perks," The Washington Times, 10/28/09)


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