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Romney Campaign Press Release - One Year Later, Not Better Off In The Obama Economy

August 06, 2012

"It's been a year since the nation received its first ever credit downgrade — and middle-class Americans still aren't better off in the Obama economy. Economic growth is sluggish, while families are increasingly being squeezed by high gas prices and fewer job opportunities. It's clear that middle-class families need a new direction and a new president who understands what it takes to deliver good-paying jobs and economic growth." — Amanda Henneberg, Romney Campaign Spokesperson

One Year Ago Today, The Nation Woke Up To Headlines About President Obama's Disastrous Credit Downgrade:

The Boston Herald: "Downgrade Caps Disastrous Week" (The Boston Herald, 8/6/11)

The Associated Press: "S&P Downgrades US Credit Rating From AAA" (The Associated Press, 8/6/11)

The New York Times: "S.&P. Downgrades Debt Rating Of U.S. For The First Time" (The New York Times, 8/6/11)

The Washington Post: "S&P Downgrades U.S. Credit Rating For First Time" (The Washington Post, 8/6/11)

USA Today: "S&P Downgrades U.S. Credit Rating From AAA" (USA Today, 8/6/11)

Reuters: "United States Loses Prized AAA Credit Rating From S&P" (Reuters, 8/6/11)

The Wall Street Journal: "S&P Strips U.S. Of Top Credit Rating" (The Wall Street Journal, 8/6/11)

Los Angeles Times: "S&P Downgrades U.S. Credit Rating" (Los Angeles Times, 8/6/11)

And One Year Later, Middle-Class Americans Still Aren't Better Off — Unemployment Claims Are Jumping And The Economy Is Stuck In Neutral:

The U.S. Economy "Expanded At A Slower Pace" In The Second Quarter Of 2012 With GDP Falling To 1.5%. "The U.S. economy expanded at a slower pace in the second quarter as a softening job market prompted Americans to curb spending. Gross domestic product, the value of all goods and services produced, rose at a 1.5 percent annual rate after a revised 2 percent gain in the prior quarter, Commerce Department figures showed today in Washington." (Shobhana Chandra, "Economy In U.S. Grows At 1.5% Rate As Consumer Spending Cooled," Bloomberg, 7/27/12)

  • One Year Ago, The Commerce Department Reported That The "Economy Slowed To A Snail's Pace In The First Half Of 2011." "The economy slowed to a snail's pace in the first half of 2011, underscoring a growing risk that the recovery itself may hang in the balance with budget and debt decisions in Washington. The broadest measure of the economy, known as the gross domestic product, grew at an annual rate of less than 1 percent in the first half of 2011, the Commerce Department reported on Friday. The figures for the first quarter and the second quarter, 0.4 percent and 1.3 percent respectively, were well below what economists were expecting, and signified a sharp slowdown from the early months of the recovery." (Catherine Rampell, "New Data Shows Sharp Slowdown In Growth Rate," The New York Times, 7/29/11)

Last Week, First-Time Filers For Unemployment Benefits "Reported A Jump" To 365,000 Claims. "First-time claims for unemployment benefits continued their seesaw routine last week with an increase of 8,000. The Labor Department on Thursday reported a jump up to 365,000 claims for the week ended July 28, from the previous week's revised figure of 357,000." (Vicki Needham, "Jobless Claims Tick Up To 365,000," The Hill, 8/2/11)

  • One Year Ago, The Number Of First-Time Filers For Unemployment "Jumped," Signaling That The Job Market Was "Stuck In The Mud." "The number of first-time filers for unemployment benefits rose more than expected last week and jumped back above the key 400,000 level, signaling that the job market remains stuck in the mud. There were 408,000 initial unemployment claims filed in the week ended Aug. 13, the Labor Department said Thursday, up 9,000 from an upwardly revised 399,000 the prior week." (Hibah Yousuf, "Unemployment Claims Jump Back Above 400,000," CNN Money, 8/18/11)

In July, "The U.S. Manufacturing Sector Remained In A Weakened State." "The U.S. manufacturing sector remained in a weakened state in July, according to the closely followed ISM index. The index was basically unchanged last month, edging up to 49.8% from 49.7% in June, the Institute for Supply Management said Wednesday. Readings below 50% indicates more manufacturers are contracting instead of expanding." (Jeffry Bartash, "U.S. ISM Survey Remains Below 50% In July," MarketWatch, 8/1/12)

  • One Year Ago, Manufacturing Activity "Slumped" To Levels "Lower Than The Most Pessimistic Forecast." "Manufacturing in the U.S. almost stalled in July, threatening to deprive the two-year recovery of one of its main drivers. The Institute for Supply Management's factory index slumped to 50.9, the lowest since July 2009, from 55.3 a month earlier ... [T]he July index was lower than the most pessimistic forecast in a Bloomberg News survey. ... The median forecast in the Bloomberg survey of 80 economists called for a decline to 54.5." (Alex Kowalski, "Manufacturing Index Falls To Two-Year Low," Bloomberg, 8/1/11)

"Gas Prices Have Surged In Recent Weeks..." "Gas prices have surged in recent weeks creating fresh openings for GOP attacks against President Obama. Gas prices have surged in recent weeks and analysts predict they'll keep rising..." (Ben Geman, "Rising Gas Prices Haunt Obama," The Hill, 8/5/12)

  • One Year Ago, High Gas Prices "Squeezed Household Budgets." "High gas prices and unemployment have squeezed household budgets this spring, leading to tepid overall economic growth in the April-June quarter." (Martin Crutsinger, "Americans Cut Spending For First Time In 20 Months," The Associated Press, 8/2/11)

Under President Obama, America Is Facing Its Fourth Consecutive Year Of Trillion-Dollar Budget Deficits. "The latest budget figures from the White House predict this year's federal budget deficit will end up at $1.2 trillion. That would make the fourth consecutive year of trillion dollar-plus deficits during President Obama's administration." (Andrew Taylor, "Administration Projects $1.2T 2012 Budget Deficit," The Associated Press, 7/27/12)

  • One Year Ago, The Congressional Budget Office Officially Projected The Third Trillion-Dollar Deficit Under President Obama. "The government will run another $1.3 trillion deficit in fiscal 2011, Congress' chief scorekeeper said Wednesday in a report that highlighted both an economy that will struggle over the next few years and a federal budget showing massive red ink for the foreseeable future. The deficit marks the third-largest shortfall in history, and the third straight $1 trillion gap under President Obama..." (Stephen Dinan, "Trillion-dollar Deficits Seen For Years To Come," The Washington Times, 8/24/11)

Mitt Romney, Romney Campaign Press Release - One Year Later, Not Better Off In The Obama Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302577

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