We Can’t Afford Four More Years of Economic Failure

November 2, 2012

We Can’t Afford Four More Years of Economic Failure

Unemployment Remains Sky High and Too Many Workers Have Given Up on the Job Search, But Democrats Keep Defending Their Failed Stimulus Spending Spree

Four years of the Democrats’ stimulus spending sprees have resulted in four years of economic failure. The jobs Democrats promised have not materialized and the unemployment rate remains far above what Democrats promised.
The Obama economy is taking a toll on the middle class. Family incomes are falling, gas prices are as high as ever and record numbers of Americans are in poverty.
Despite this economic misery, Democrats still think we can spend our way out of this mess while they continue to defend the burdensome regulations that are preventing small businesses from creating jobs.

Four years of the Democrats’ stimulus spending sprees have resulted in four years of economic failure. The jobs Democrats promised have not materialized and the unemployment rate remains far above what Democrats promised:

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

DEMOCRATS PROMISED STIMULUS WOULD BRING UNEMPLOYMENT RATE TO 5.4% BY NOW: (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

UNEMPLOYMENT RATE AT 7.8%, NO LOWER THAN WHEN OBAMA TOOK OFFICE: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

UNDEREMPLOYMENT RATE UP TO 14.7% RATE FROM 14.2% WHEN OBAMA TOOK OFFICE: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

LABOR FORCE PARTICIPATION DOWN FROM 65.7% TO 63.6%: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

10.7% UNEMPLOYMENT RATE IF WORKFORCE PARTICIPATION WAS THE SAME: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

23 MILLION UNEMPLOYED, UNDEREMPLOYED AND DISCOURAGED WORKERS: (“The Employment Situation—August 2012,” Bureau of Labor Statistics, 9/7/2012)

AVERAGE WEEKS OF UNEMPLOYMENT HAS DOUBLED FROM 19 WEEKS WHEN OBAMA TOOK OFFICE TO 39 WEEKS NOW: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

UNEMPLOYMENT AT OR ABOVE 8% FOR 43 STRAIGHT MONTHS UNDER OBAMA, MORE THAN 11 PREVIOUS PRESIDENTS COMBINED: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

AP: “ECONOMIC RECOVERY IS THE WEAKEST SINCE WORLD WAR II”: (Paul Wiseman, “Economic Recovery is the Weakest Since World War II,” Associated Press, 8/15/2012)

NOT SO SHOVEL-READY: 610K FEWER MANUFACTURING JOBS AND 1.035 MILLION FEWER CONSTRUCTION JOBS THAN WHEN OBAMA TOOK OFFICE: (U.S. Bureau of Labor Statistics, Accessed 11/1/2012)

The Obama economy is taking a toll on the middle class. Family incomes are falling, gas prices are as high as ever and record numbers of Americans are in poverty:

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)

GAS PRICES AT $3.507/GALLON; WERE AT $1.832/GALLON WHEN OBAMA TOOK OFFICE: (“AAA’s Daily Fuel Gauge,” AAA, Accessed 11/1/2012; “Gasoline and Diesel Fuel Update,” Energy Information Administration, Accessed 11/1/2012)

46.7 MILLION AMERICANS ON FOOD STAMPS, UP FROM 32 MILLION IN JAN. 2009 WHEN OBAMA TOOK OFFICE: (“Supplemental Nutrition Assistance Program,” U.S. Department of Agriculture, 9/28/2012)

46.2 MILLION PEOPLE BELOW THE POVERTY LINE IN 2011, “THE HIGHEST IN MORE THAN HALF A CENTURY”: (Hope Yen, “US Poverty Rate 15 Percent; Record Numbers Persist,” Associated Press, 9/12/2012)

“US POVERTY RATE 15 PERCENT; RECORD NUMBERS PERSIST”: (Hope Yen, “US Poverty Rate 15 Percent; Record Numbers Persist,” Associated Press, 9/12/2012)

Despite this economic misery, Democrats still think we can spend our way out of this mess while they continue to defend the burdensome regulations that are preventing small businesses from creating jobs:

OBAMA TO DES MOINES REGISTER: NO WAY “WE WOULD HAVE GOTTEN ADDITIONAL STIMULUS OUT OF THE REPUBLICANS”: “And the suggestion somehow that if we hadn’t pursued Obamacare, somehow we would have gotten additional stimulus out of the Republicans, for example, that we could have primed the pump more, that’s just not borne out by any of the evidence.” (“After Editor’s Blog, President Obama Releases Transcript of Register Interview,” The Des Moines Register, 10/24/2012)

TRANSLATION: MORE STIMULUS SPENDING WOULD HAVE BEEN BETTER: (“After Editor’s Blog, President Obama Releases Transcript of Register Interview,” The Des Moines Register, 10/24/2012)

DEMOCRATS HAVE ALREADY BALLOONED THE DEBT BY $5.5 TRILLION: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 10/30/2012)

NEW E-MAILS: “REID MAY BE DESPERATE. WH MAY WANT TO HELP. … WHAT’S A BILLION ANYHOW?”: “Since this is not going to go into the DOE, and just to be clear, the translation is: Reid may be desperate. WH may want to help. Short term considerations may be more important than longer term considerations and what’s a billion anyhow?” (“E-mails Contradict President Obama, Administration Officials on Energy Dept. Loan Program,” House Committee on Oversight and Government Reform, 10/31/2012)

FEDERAL REGISTER: 11,327 MORE PAGES OF REGULATIONS SINCE 2009: (“Code of Federal Regulations,” The Federal Register, Accessed 10/30/2012)

STUDY: OBAMACARE REGS HAVE ALREADY COST $27.6 BILLION, KILLED 18,000 JOBS: “Fully implementing Obamacare regulations have already cost the U.S. economy $27.6 billion and more than 18,000 jobs according to a new study released today. Just the top ten most expensive regulations have cost $24.4 billion, according to the new non-partisan and independent American Action Forum (AAF) report.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner, 10/9/2012)

We Can’t Afford Four More Years of Economic Failure http://ow.ly/eX8ZC