OBAMA HAS PRESIDED OVER A RECORD PERIOD OF ECONOMIC
STAGNATION
Since
Obama Took Office, The Nation Has Lost 61,000 Jobs And The Unemployment Rate Has
Remained At Or Above 7.8 Percent (What The Rate Was When Obama
Took Office) For 45 Straight Months. (Bureau
Of Labor Statistics, Accessed 10/5/12)
- Jim Pethokoukis: "10.7%: Unemployment Rate If Labor Force Participation Rate Was The Same As When Obama Took Office" (Jim Pethokoukis, Twitter Feed, 10/5/12)
- By This Point Obama's Advisers Predicted The Unemployment Rate Would Be Near 5.4 Percent. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)
- Under Obama, The Nation Has Lost 1,035,000 Construction Jobs And 610,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 10/5/12)
- The Manufacturing Sector Shed 16,000 Jobs In September And 22,000 Jobs In August. (Bureau Of Labor Statistics, Accessed 10/5/12)
Former
Obama Council Of Economic Advisers Chairman Austan Goolsbee Said The Jobs
Numbers "Need To Be A Lot Better." FORMER OBAMA COUNCIL OF ECONOMIC
ADVISERS CHAIRMAN AUSTAN GOOLSBEE: "You want to take multiple months to take an
average, that's far more accurate than any one month. If you look at the last
few months, it's been okay. We should take some heart in that the numbers are
improving but they're not improving fast enough. They need to be a lot better. I
mean if you look around the world, I think one of the things to note is, we're
not growing that fast, and we're one of the fastest growing of all the advanced
countries. This is a pretty tough spot that the entire advanced economic world
is in, especially in Europe, and so that's just a big weight that we're trying
to get off. We're making slow progress but it's got to be faster." (CNBC's
"Squawk Box," 10/5/12)
- "The Economy Is Growing At The Same Sluggish Pace It Has Been Since The Spring." "Those figures are roughly in line with economists' forecasts, and although the revisions were positive, the economy is growing at the same sluggish pace it has been since the spring." (Annalyn Censky, "September Jobs Report: Unemployment Rate Tumbles," CNNMoney, 10/5/12)
- "The Country Generally Needs At Least 150,000 New Jobs Each Month Just To Keep Up With Population Growth." (Annalyn Censky, "September Jobs Report: Unemployment Rate Tumbles," CNNMoney, 10/5/12)
- "That's Hardly Fast Enough To Recover All The Jobs Lost Since 2007." "That's hardly fast enough to recover all the jobs lost since 2007. Of the 8.8 million jobs cut during the recession, about 4.3 million have been added back. The Labor Department signaled last week that it may revise the job gains higher, but even so, the job market still has a long way to go before it's fully healed." (Annalyn Censky, "September Jobs Report: Unemployment Rate Tumbles," CNNMoney, 10/5/12)
CNBC's
Brian Sullivan: "It's Not Good News For The
Economy." CNBC'S BRIAN SULLIVAN: "It's not good news for the economy
because as we've talked about you really need 125,000 jobs created a month to
keep up with population and immigration growth." (MSNBC's "Morning Joe,"
10/5/12)
- Sullivan: "The Labor Force Participation Rate At 65.6% Rate Is Awful." MSNBC'S JOE SCARBOROUGH: "Again just to push back with you though, Brian, the only reason that number went down below 8 is because, not because we're adding jobs to bring the unemployment rate down but because people have stopped looking for work, right? CNBC'S BRIAN SULLIVAN: "I agree with that, the labor force participation rate at 65.6% rate is awful." (MSNBC's "Morning Joe," 10/5/12)
The
Average Duration Of Unemployment Has More Than Doubled From 19.8 Weeks To 39.8
Weeks. (Bureau
Of Labor Statistics, Accessed 10/5/12)
- There Are Currently 802,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 10/5/12)
The
Real Unemployment Rate, Including Those That Are Working Part-Time Due To
Economic Reasons, Is At 14.7 Percent. (Bureau
Of Labor Statistics, Accessed 10/5/12)
There
Are Currently 23.2 Million Americans That Are Either Unemployed, Underemployed
Or Have Given Up Looking For Work. (Bureau
Of Labor Statistics, Accessed 10/5/12)
- There Are Currently 12.1 Million Unemployed Workers. (Bureau Of Labor Statistics, Accessed 10/5/12)
- The Number Of Workers Working Part-Time For Economic Reasons Is 8.6 Million. (Bureau Of Labor Statistics, Accessed 10/5/12)
- There Number Of Workers Marginally Attached To The Labor Force Is 2.5 Million. (Bureau Of Labor Statistics, Accessed 10/5/12)
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A Tax Policy Center analysis of Romney’s proposal for a 20 percent across-the-board tax cut in all federal income tax rates, eliminating the Alternative Minimum Tax, eliminating the estate tax & other tax reductions, would reduce federal revenue $480 billion in 2015. This amounts to $5 trillion over the decade. It also concluded, Romney’s plan can’t both exempt middle class families from tax cuts & remain revenue neutral. To cover the cost of his tax cut without adding to the deficit, he’d have to find a way to raise taxes on middle income people or people making less than $200,000 a year,” the Center found.
Romney -“I will not under any circumstances raise taxes on middle-income families. The studies Romney cites actually further prove that Romney would, in fact, have to raise taxes on the middle class if he were to keep his promise not to lose revenue with his tax rate reduction.
Far less than half of the people affected by the expiration of the upper income tax cuts get any of their income at all from a small businesses. & those people could very well be receiving speaking fees or book royalties, which qualify as “small business income” not creating jobs.
Romney -”your administration has cut the number of permits & licenses in half.” Oil production from federal land is higher, not lower: up slightly in 2011
When Obama took office, the national debt stood at $10.626 trillion. Now the national debt is over $16 trillion. That $5.374 trillion increase is nowhere near as much debt as all the other presidents combined – Romney debate.
Romney’s plan to shift the country to a territorial tax system would allow corporations to do business & make profits overseas without ever being taxed on it in the United States. This encourages American companies to invest abroad & could cost the country up to 800,000 jobs.
Romney -Obamacare siphons off $716 billion from Medicare, to the detriment of beneficiaries. In actuality, that money is saved primarily through reducing over-payments to insurance companies under Medicare Advantage, not payments to beneficiaries. Paul Ryan’s budget plan keeps those same cuts, but directs them toward tax cuts for the rich & deficit reduction.
Romney -”unintended consequences of Dodd-Frank… We need to get rid of that provision because it’s killing regional & small banks.” The law states that the biggest, systemically risky banks need to abide by more stringent regulations. If those banks fail, they will be unwound by a new process in the Dodd-Frank law that protects taxpayers from having to pony up for a bailout.
Obamacare, the CBO has said it will cost $2,500 a year more than traditional insurance. Obamacare will actually provide millions of families with tax credits to make health care more affordable.
Romney - “I like the way we did it [health care] in Massachusetts…We didn’t raise taxes.” Romney raised fees, but, the federal government funded almost half of his reforms.
Romney- “Preexisting conditions are covered under my plan.” Only people who are continuously insured would not be discriminated against because they suffer from pre-existing conditions, not people who are uninsured.
Romney -“In one year, you provided $90 billion in breaks to the green energy world... that’s about 50 years’ worth of what oil & gas receives.” The $90 billion was given out over several years & included loans, loan guarantees & grants through the American Recovery Act. $23 billion of the $90 billion “went toward “clean coal,” energy-efficiency upgrades, updating the electricity grid & environmental clean-up, largely for old nuclear weapons sites.”
Romney - “If the president’s reelected you’ll see dramatic cuts to our military.” Romney is referring to the sequester, which his running mate Paul Ryan supported. Obama opposes the military cuts & has asked Congress to find a balanced approach that would avoid the trigger.
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