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Press Release: A "Buried" Middle Class Can't Take Four More Years Of This

October 16, 2012


The Obama Years Have Been Devastating For America's Middle Class, With Fewer Jobs, Rising Costs, And Falling Incomes

Earlier This Month, Vice President Biden Said The Middle Class Has Been "Buried" Over The Last Four Years:

Vice President Biden: "The Middle Class ... Has Been Buried The Last Four Years." BIDEN: "This is deadly earnest. How they can justify, how they can justify, raising taxes on the middle class that has been buried the last four years." (Vice President Joe Biden, Remarks, Charlotte, NC, 10/2/12)

With Chronic Unemployment, Falling Incomes, Higher Costs, And Mounting Debt, The Middle Class Can't Take Four More Years Of The Same:

The Middle Class Has Been "Buried" Under More Than $16 Trillion In Debt — An Increase Of $5.5 Trillion Under President Obama. (U.S. Treasury Department, 10/16/12)

The Middle Class Been "Buried" Under Record Levels Of Chronic Unemployment As More Than 23 Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau of Labor Statistics, 10/16/12)

The Middle Class Has Been "Buried" Under Falling Incomes That Have Declined More Than $4,500 Since President Obama Took Office "Median household incomes have fallen 8.2 percent since President Obama took office and continue to drop despite the official end of the  recession, a new study shows. Data compiled by Sentier Research found that since the economic recovery technically began in June 2009, median household income has dropped 5.7 percent. As of August, that median income was $50,678 — also down 1.1 percent from the month prior.  And since Obama took office in January 2009, the median income has fallen 8.2 percent, from $55,198 to its present figure." (Fox News, 9/26/12)

Middle-Class Families Have Been "Buried" Under Gas Prices That Have More Than Doubled From $1.85 Per Gallon To $3.82 Per Gallon. (U.S. Energy Information Agency, 10/16/12)

Middle-Class Families Have Been "Buried" Under The Rising Cost Of College, Which Has Increased By 25% At Four-Year Public Schools Across The Country. ("Trends In College Pricing," College Board, 2011)

Middle-Class Families Have Been "Buried" Under Skyrocketing Health Care Premiums That Have Increased From $12,680 To $15,745 — An Average Increase Of Over $3,000 Per Family. (Kaiser Family Foundation, 2012)

And The Choice Is Clear For The Next Four Years — President Obama's Policies Will Drive Up Middle-Class Taxes And Produce Fewer Jobs And More Debt:

The Annual Cost Of President Obama's Current And Looming Debt Burden Amounts To $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that's another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years." (American Enterprise Institute, 10/2/12)

President Obama's Tax Hikes Would Subject Small-Business Owners To Higher Taxes And Would Jeopardize 710,000 Jobs. "Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs." (The Washington Post, 7/17/12)

Under President Obama's Policies, The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 — An Increase Of More Than $4 Trillion In New Debt. (Office of Management and Budget, 7/27/12)

Mitt Romney, Press Release: A "Buried" Middle Class Can't Take Four More Years Of This Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303570

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