Say It Ain’t So, Bill & Joe: Middle Class Falling Behind in the Dem Economy

October 4, 2012

Say It Ain’t So, Bill & Joe: Middle Class Falling Behind in the Dem Economy

Former President Bill Clinton Joins VP Joe Biden in Criticizing How the Obama Economy Has “Buried” Middle Class Families

Former president Bill Clinton on Wednesday joined Vice President Joe Biden’s criticism of the Democrats’ failed economic policies that have “buried” the middle class, noting that household income has dropped to historically low levels.
It’s not hard to see why, with a bad economy and a manufacturing sector that continues to struggle. Meanwhile, Democrats are creating new job-destroying regulations and tax hikes that send jobs overseas.
Instead of learning from the failure of their policies, Democrats are proposing more of the same failed spending and debt.

Former president Bill Clinton on Wednesday joined Vice President Joe Biden’s criticism of the Democrats’ failed economic policies that have “buried” the middle class, noting that household income has dropped to historically low levels:

FORMER PRESIDENT BILL CLINTON: FAMILIES “WOULD LOVE IT IF REAL FAMILY MEDIAN INCOME WERE NOT WHERE IT WAS IN 1995”: “They would love it if real family median income were not where it was in 1995. They would love it, to see an America growing again with new jobs again and rising wages again. And they would love to get that tax bill because it would mean that they were moving on up and so were their kids.” (Bill Clinton, Remarks At A Campaign Event, Durham, NH, 10/3/2012)

“BIDEN: U.S. MIDDLE CLASS ‘BURIED THE LAST FOUR YEARS’”: (Patricia Zengerle, “Biden: U.S. Middle Class ‘Buried the Last Four Years,’” Reuters, 10/2/2012)

BIDEN WAS “DEADLY EARNEST”: “”This is deadly earnest. How they can justify … raising taxes on the middle class that has been buried the last four years?” (Patricia Zengerle, “Biden: U.S. Middle Class ‘Buried the Last Four Years,’” Reuters, 10/2/2012)

MEDIAN INCOME WAS $55,198 WHEN OBAMA TOOK OFFICE; IT IS $50,678 TODAY: (“Household Income Down 8.2 Percent Since Obama Took Office,” Fox News, 9/26/2012)

STUDY: U.S. INCOMES FELL MORE AFTER STIMULUS THAN DURING RECESSION: (Jeff Kearn, “U.S. Incomes Fell More in Recovery, Sentier Says,” Bloomberg, 8/23/2012)

REPORT: MIDDLE CLASS FAMILIES “STRUGGLING TO ADVANCE” IN OBAMA ECONOMY: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

75% SAY GETTING AHEAD IS HARDER THAN IT HAS BEEN FOR PREVIOUS GENERATIONS: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

51% AGREE THAT GETTING AHEAD MEANS NOT FALLING BEHIND: “In the survey, a 51 percent majority agreed that ‘because of the recent economic downturn,’ getting ahead these days in essence means not falling behind: ‘holding a job, being able to pay bills, avoid debt, and save some money for the future.’ Only 45 percent said they still defined getting ahead in the traditional manner of ‘advancing in a job and achieving greater financial success each year.’” (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

ONLY 20% THINK THEY’VE “BEEN ABLE TO GET AHEAD CONSISTENTLY IN THEIR LIVES”: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

JUST 32% THINK “TODAY’S CHILDREN WILL HAVE MORE OPPORTUNITIES THAN OLDER AMERICANS”: (Ronald Brownstein, “Struggling to Advance,” National Journal, 9/28/2012)

It’s not hard to see why, with a bad economy and a manufacturing sector that continues to struggle. Meanwhile, Democrats are creating new job-destroying regulations and tax hikes that send jobs overseas:

TIME: “ARE WE ALREADY IN A RECESSION?”: (Christopher Matthews, “Are We Already in a Recession?”, Time, 10/1/2012)

WASHINGTON POST: “THE MANUFACTURING RECOVERY THAT WASN’T”:(Neil Irwin, “The Manufacturing Recovery That Wasn’t,” The Washington Post, 10/1/2012)

MANUFACTURING JOBS ON THE SLIDE: “The advocates of a vibrant U.S. factory sector have been fighting a longer historical tide. There were 17 million U.S. manufacturing jobs in 2000, which fell to 13.7 million even before the deep recession started at the end of 2007. (There are now fewer than 12 million such jobs.)” (Neil Irwin, “The Manufacturing Recovery That Wasn’t,” The Washington Post, 10/1/2012)

DEMOCRATS’ FAILED STIMULUS AND GOVERNMENT HEALTHCARE TAKEOVER ARE SENDING JOBS OVERSEAS:

PRICE TAG FOR FAILED STIMULUS: $833 BILLION: (Congressional Budget Office, 8/23/2012)

FACTCHECK.ORG: STIMULUS DOLLARS “DEFINITELY” WENT TOWARDS CREATING JOBS IN CHINA, CHINESE COMPANIES GOT $2.6 MILLION: “As we know from Choma’s exhaustive research, it is true that foreign-owned companies have received $2.4 billion in grants to build wind farms in the U.S. Choma gives this breakdown: Spain, $1.1 billion; Germany, $474.4 million; Portugal, $333 million; Australia, $178 million; Japan, $130.5 million; Italy, $84.2 million; France, $69.5 million; United Kingdom, $42.2 million; China, $2.6 million. Choma said wind turbines have 8,000 components and he found proof that some of them were manufactured in China and other countries. … In a blog post on Sept. 27, Choma wrote: ‘…we can’t say for sure how much of this stimulus money went to create jobs in China. Some money definitely did, but it is safe to say more money went to creating jobs in the U.S. and Europe.’” (Eugene Kiely, Lara Seligman, Lauren Hitt and Melissa Siegel, “Stimulus Jobs in China?,” FactCheck.org, 10/29/2010)

STUDY: OBAMACARE MEDICAL DEVICE TAX WILL SEND JOBS TO CHINA AND INDIA: “The United States is the world’s leading exporter of medical devices, and each new industry job adds more than four to the overall U.S. economy. An industry report claims that 43,000 U.S. jobs will be lost because of the tax, many of them to foreign countries such as India and China, where labor, taxes and raw materials are cheaper. That’s more than 10 percent of the nation’s 422,000 medical-device workers.” (Tony Pugh, “Medical Device Makers Push Congress to Repeal Excise Tax,” McClatchy News, 9/22/2011)

“SOME WELCH ALLYN ACCOUNTING JOBS WILL MOVE TO MEXICO” DUE TO OBAMACARE TAX: (Charley Hannagan, “Some Welch Allyn Accounting Jobs Will Move to Mexico,” The Syracuse Post-Standard, 9/11/2012)

MEDICAL DEVICE ASSOCIATION SAID OBAMACARE’S HEART ATTACK TAX COULD FORCE “43,000 JOBS OVERSEAS”: “The Advanced Medical Technology Association (AdvaMed) released a report Wednesday that says device-makers might ship 43,000 jobs overseas once the tax takes effect in 2013.” (Sam Baker, “Device-Makers Say Tax Will Cost 43,000 U.S. Jobs,” The Hill‘s ” Health Watch,” 9/7/2011)

Instead of learning from the failure of their policies, Democrats are proposing more of the same failed spending and debt:

“DEMOCRATS LAY OUT SECOND-TERM WISHLIST FOR PRESIDENT OBAMA,” COMPLETE WITH DEMANDS FOR MORE GOVERNMENT AND MORE SPENDING:(Mike Lillis, “Democrats Lay Out Second-Term Wish List for Obama,” The Hill, 9/29/2012)

BUT DEMOCRATS’ SPENDING ADDICTION HAS ALREADY BURDENED WORKING FAMILIES WITH A HUGE DEBT BURDEN:

STUDY: ANNUAL COST OF OBAMA’S DEBT AMOUNTS TO $4,000 A YEAR IN HIGHER TAXES ON THE MIDDLE CLASS: “In a new paper, AEI’s Aspen Gorry and Matt Jensen look 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.” (James Pethokoukis, “Study: Obama’s Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike,” American Enterprise Institute, 10/2/12)

CHINA OWNS $1.15 TRILLION IN U.S. DEBT: (“Major Foreign Holders of Treasury Securities,” U.S. Department of the Treasury, 9/18/2012)

$5.53 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 10/2/2012)

NATIONAL DEBT CURRENTLY STANDS AT $16.16 TRILLION; SIZE OF NATION’S ECONOMY AT $15.59 TRILLION: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 10/2/2012; Bureau of Economic Analysis, Accessed 9/18/2012)

Say It Ain’t So, Bill & Joe: Middle Class Falling Behind in the Dem Economy http://ow.ly/ecqDM