Romney Campaign Press Release - Three Years of Middle Class Failures

"This morning, Vice President Biden demonstrated just how ‘out of touch' the Obama Administration is with reality. After three years of record unemployment and skyrocketing gas prices, the only thing President Obama has delivered is a string of broken promises that have decimated the middle class." —Andrea Saul, Romney Campaign Spokeswoman

President Obama Has Hurt The Middle Class By Failing To Keep The Unemployment Rate Below 8%:

In January 2009, President-Elect Obama's Economic Team Promised That The Trillion-Dollar Stimulus Package Would Keep Unemployment Below 8%. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)

February Was The Thirty-Seventh Straight Month With National Unemployment Above 8%. The jobless rate has been above 8% since February 2009, a thirty-seven month span unequaled in recorded history. (Bureau Of Labor Statistics, www.bls.gov, 4/1/12)

"The Congressional Budget Office Is Projecting Unemployment Of More Than 8% Throughout This Election Year And Into 2014." (David Jackson, "CBO Projects 8%-Plus Unemployment Into 2014," USA Today, 2/16/12)

Nearly Twenty-Four Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 4/1/12)

During President Obama's Term In Office, Nearly 1 Million Jobs Have Been Lost. (Bureau Of Labor Statistics, www.bls.gov, 4/1/12)

President Obama Has Hurt The Middle Class By Failing To Stop Skyrocketing Gas Prices:

Under President Obama, Gas Prices Have More Than Doubled From The Nationwide Average Of $1.85 Per Gallon When He Was Sworn Into Office To $3.92 Per Gallon Today. (U.S. Energy Information Administration, www.eia.gov, Accessed 4/1/12)

Gas Prices Have Hit "A Record For This Time Of Year." "U.S. gas prices have jumped 8.8 percent since the start of this year, according to the Energy Information Agency, topping an average of $3.65 a gallon in the week ended February 22. This was a record for this time of the year, when prices are usually on the low side because of slow seasonal demand." (Nivedita Bhattacharjee, "Analysis: Gas Prices Siphon Sales From Restaurants," Reuters, 2/29/12)

NBC's Chuck Todd On President Obama's Energy Policies: "He's Made No Progress." TODD: "There is no issue that has been a, I guess, a bigger bust for the president than energy policy in general. There's a lot of, we can come up with a lot of excuses as to why, but boy, it's just like you can't — he's made no progress." (MSNBC's "The Daily Rundown," 2/23/12)

President Obama Has Hurt The Middle Class By Making Health Care Less Affordable And Will Cause Millions Of Americans To Lose Employer-Provided Health Insurance:

Factcheck.org On Obamacare: "Falls Short Of Making Health Care 'Affordable And Available To Every Single American,' As Promised." "Furthermore, the law falls short of making health care 'affordable and available to every single American,' as promised. The law provides subsidies to help some Americans buy insurance, expands Medicaid and doesn't allow insurance companies to exclude persons with preexisting conditions." (D'Angelo Gore, "Promises, Promises," Factcheck.org, 1/4/12)

Obamacare Has Made Health Care "Less Affordable" And Has Caused "Insurance Premiums To Rise." "At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year's premium increases cast even more doubt on another promise the president has made - that the health care law would 'lower premiums by up to $2,500 for a typical family per year.'" (D'Angelo Gore, "Promises, Promises," Factcheck.org, 1/4/12)

According To The Nonpartisan Congressional Budget Office, Obamacare Could Cause As Many As 20 Million Americans To Lose Their Employer-Provided Coverage. "A Congressional Budget Office report issued this week says that 3 million to 5 million people could move from employer-based health care plans to government-based programs as the Affordable Care Act takes effect. And in the worst-case scenario, it could be as many as 20 million." (David Nather, "Health Care Reform: 4 Inconvenient Truths," Politico, 3/16/12)

President Obama Has Hurt The Middle Class By Failing To Address The Trillions Of Dollars In Mounting Debt And Deficits:

President Obama's Latest Budget "Does Not Come Close" To Meeting His Promise To Cut The Deficit In Half By The End Of His First Term. "The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president's budget claims it will be $901 billion in 2013." (Jack Tapper, "Obama's Broken Deficit Promise," ABC News, 2/13/12)

"Obama's Budget Projects That The Deficit For The Current Year Will Total $1.33 Trillion, The Fourth Straight Year Of Deficits Over $1 Trillion." ("Highlights Of Obama's $3.8 Trillion Budget," The Associated Press, 2/13/12)

"Over The Coming Decade, CBO Says Obama's Policies Would Result In Deficits Totaling $6.4 Trillion." ("CBO: Obama Budget Produces 2013 Deficit Of $977B," The Associated Press, 3/16/12)

In Just Over Three Years, President Obama Added Nearly $5 Trillion To The National Debt—More Than What Was Added In All Eight Years Of The Bush Administration. "The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency. The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office." (Mark Knoller, "National Debt Has Increased More Under Obama Than Under Bush," CBS News, 3/19/12)