Contribute
CONNECT:

research

The Big Fail: How’s Obama Working For You?

- April 19, 2012

Americans Continue To Struggle Three Years Into Obama’s Presidency

UNDER OBAMA, AMERICANS CONTINUE TO STRUGGLE ON HOUSING

Nearly Two-Thirds Of Americans Are Worried About Paying For Housing, And One In Five Americans With Mortgages Say They Are “Underwater.” “Nearly two-thirds of people are concerned about paying for their housing, the poll found, and one in five people with mortgages say they are underwater.” (Jeff Zeleny and Allison Kopicki, ”In Wariness on Economy, Poll Finds Opening for Romney,” The New York Times, 4/18/12)

  • “The Number Of Foreclosed Homes On The Market—And The Threat Of More To Come—Continues To Drag Down Sales.” “New Commerce Department data show that new homes sales fell 1.6 percent in February, which follows a decline in January. The number of foreclosed homes on the market—and the threat of more to come—continues to drag down sales. ‘It is unlikely that home prices can recover on a sustained basis until the number of distressed properties is significantly reduced,’ Steven Wood, president of Insight Economics, told Bloomberg News.” (Karen Weise, “Foreclosures Still Haunt The Housing Market,” Businessweek, 3/23/12)
  • The International Monetary Fund Highlighted The Failure Of Obama’s HAMP Foreclosure Prevention Program As A Drag On The Economy. “The Obama administration's struggle to stem the U.S. foreclosure crisis illustrates how high household debt can slow recovery from a deep recession, according to the International Monetary Fund. The global lending organization cited the failure of the administration's signature foreclosure-prevention program in a report it released on household debt. Fewer than 1 million mortgages have been modified under the Home Affordable Modification Program, or HAMP, the IMF noted. That's far short of the administration's initial goal of helping 3 million to 4 million struggling homeowners.” (Derek Kravitz and Martin Crutsinger, “IMF Notes Failures Of US Foreclosure Programs,” The Associated Press, 4/10/12)
  • Since Obama Launched The Hardest Hit Fund Two Years Ago, It Has Only Spent Three Percent Of Its Funds And Helped Only 30,640 Homeowners. “A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office.” (Annie Lowrey, “Treasury Faulted In Effort To Relieve Homeowners,” The New York Times, 4/12/12)
  • Obama’s Housing Efforts Have Been “Repeatedly Criticized” For Their Failure To Aid Homeowners. “The report is just the latest to criticize the Obama administration’s efforts to relieve homeowners battered by the nationwide drop in housing prices and the broader recession. The office of the special inspector general has repeatedly criticized Treasury’s management of the Home Affordable Modification Program, Washington’s main initiative to prevent foreclosures. The Treasury Department had estimated that the program would reach three million to four million homeowners. It has aided fewer than a million, though the program has been completing more and more permanent modifications recently.” (Annie Lowrey, “Treasury Faulted In Effort To Relieve Homeowners,” The New York Times, 4/12/12)
  • Over Half Of Latinos Have Exhausted Their Savings Keeping Up With Housing Costs And 31 Percent Are Underwater On Their Mortgages. “Over half of Latinos interviewed admitted to having used up all or most of their savings in order to make pricey mortgage or rent payments, and 34 percent have been forced to forego basic necessities such as food, utilities, and other bills in an attempt to make ends meet and not default on these obligations. Falling home prices only compound these problems, and approximately 31 percent of homeowners of color now find themselves ‘underwater,’ or owing more in mortgage payments than the market value of their home, which is about eight percentage points higher than the national average.” (Jennifer Rokosa, “Latinos Bearing Brunt Of The Foreclosure Crisis,” Center For American Progress, 4/19/12)
    • “The Current Foreclosure Rate Among Latinos Is Staggering.” “The current foreclosure rate among Latinos is staggering. They face a foreclosure rate of 11.9 percent, significantly higher than the foreclosure rate among African Americans (9.8 percent), and appallingly higher than among whites (5 percent), according to the State of Communities of Color report.” (Jennifer Rokosa, “Latinos Bearing Brunt Of The Foreclosure Crisis,” Center For American Progress, 4/19/12)

UNDER OBAMA, PARENTS HAVE HAD TO ALTER THEIR DREAMS FOR THEIR CHILDREN

“Four In 10 Parents Say They Have Had To Alter Expectations For The Type Of College They Can Afford For Their Children.” (Jeff Zeleny and Allison Kopicki, ”In Wariness on Economy, Poll Finds Opening for Romney,” The New York Times, 4/18/12)

  • Anxiety Over College Costs Is “At An All-Time High” According To The Pew Research Center.  “A report last year by the Pew Research Center and the Chronicle of Higher Education warned that public anxiety over college costs is at an all-time high.” (Eric Plainin, “Student Loans Seen As Potential ‘Next Debt Bomb,’ For U.S. Economy,” The Washington Post, 3/10/12)
  • 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)
  • THEN: When Obama Took Office, The Tuition For An In-State Four Year College Was $6,591. ("Trends In College Pricing 2009," College Board, 2009-10) 
     
    • NOW: The Tuition For An In-State Four Year College Is $8,244, An Increase Of 25 Percent. ("Trends In College Pricing 2011," College Board, 2011-12)
  • 8.3 Percent Year-To-Year Increase For In-State Public Institutions Is A “Kick In The Gut.” “It's a kick in the gut even for students and families hardened to bad financial news: Average in-state tuition and fees at four-year public colleges rose an additional $631 this fall, or 8.3 percent, compared with a year ago.” (Justin Poe, “College Prices Up Again As States Slash Budgets,” The Associated Press, 10/26/11)

UNDER OBAMA, HIGH GAS PRICES HAVE CREATED “SERIOUS FINANCIAL HARDSHIPS”

“And More Than One-Third Of Respondents Said High Gas Prices Had Created Serious Financial Hardships.” (Jeff Zeleny and Allison Kopicki, ”In Wariness on Economy, Poll Finds Opening for Romney,” The New York Times, 4/18/12)

  • When Obama Took Office, The Price For A Gallon Of Regular Gasoline Was $1.847. (Energy Information Administration, Accessed 4/19/12)
     
    • On April 16, 2012, The Price For A Gallon Of Regular Gasoline Was $3.922. (Energy Information Administration, Accessed 4/19/12)
    • Most Americans Say Higher Prices Are Already Taking A Toll On Family Finances, And Nearly Half Say They Think That Prices Will Continue To Rise, And Stay High.” (Dan Balz and Jon Cohen, “Gas Prices Sink Obama’s Ratings On Economy, Bring Parity To Race For White House,” The Washington Post, 3/11/12)

UNDER OBAMA, AMERICANS ARE CONCERNED WITH JUST MAKING ENDS MEET

The Biggest Economic Concern For Americans Surveyed Was Paying Everyday Bills. (CBS News/The New York Times Poll, 952 A, MoE 3%, 4/13-17/12)


Previous post

#ObamaCare: “Crown Jewel”?

Next post

They Said It!
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com