Romney Campaign Press Release - Four Years Later, Obama Still Isn't Working

"When President Obama last took the stage at the Democratic Convention, he promised Americans a better future with more jobs, lower bills, and larger incomes. But after four years, it's clear the President just hasn't lived up to his promises. Jobs have declined, incomes have plummeted, and household costs are skyrocketing. Mitt Romney will get our country back on track by creating 12 million new jobs and higher take-home pay for American workers." – Andrea Saul, Romney Campaign Spokesperson

Four Years Ago, Candidate Obama Criticized An Economy "In Turmoil" With More Americans Out Of Work And Bills That Are "Beyond Reach":

Candidate Obama, At The 2008 Democratic Convention: "Our Economy Is In Turmoil ... More Americans Are Out Of Work And More Are Working Harder For Less...." OBAMA: "We meet at one of those defining moments – a moment when our nation is at war, our economy is in turmoil, and the American promise has been threatened once more. Tonight, more Americans are out of work and more are working harder for less.

Candidate Obama: "More Of You Have Lost Your Homes ... Credit Card Bills You Can't Afford To Pay, Tuition That's Beyond Reach. ... We Are A Better Country Than This." OBAMA: "More of you have lost your homes and even more are watching your home values plummet. More of you have cars you can't afford to drive, credit card bills you can't afford to pay, and tuition that's beyond your reach. ... America, we are better than these last eight years. We are a better country than this." (Senator Barack Obama, Remarks, Denver, CO, 8/28/08)

But Under President Obama, "More Americans Are Out Of Work" And Those Who Have Work Are "Working Harder For Less":

More Than Twenty-Three Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 8/26/12)

• Since President Obama Took Office, The Nation Has Lost 316,000 Jobs And The Unemployment Rate Has Remained Above 8% For 42 Straight Months. (Bureau Of Labor Statistics, www.bls.gov, 8/26/12)

"Almost 5.2 Million Americans Have Been Out Of Work For At Least Six Months." (Jeff Kearn, "U.S. Incomes Fell More In Recovery, Sentier Says," Bloomberg, 8/23/12)

"Across The Country, In Almost Every Demographic, Americans Earn Less Today Than They Did In June 2009, When The Recovery Technically Started." (Catherine Rampell, "Big Income Losses For Those Near Retirement," The New York Times, 8/23/12)

Under President Obama, The Middle Class Is In Decline With Lower "Income And Wealth." "As the 2012 presidential candidates prepare their closing arguments to America's middle class, they are courting a group that has endured a lost decade for economic well-being. Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future." ("The Lost Decade Of The Middle Class," Pew Research Center, 8/22/12)

And While Incomes And Wealth Are In Decline, Middle-Class Families Are Being Squeezed With Bills They "Can't Afford" And Homes That Are Underwater:

Since President Obama Took Office, The Average Cost Of In-State Tuition At A Four-Year College Has Increased From $6,585 To $8,244 – A 25 Percent Increase. ("Trends In College Pricing 2009," College Board, 2008; "Trends In College Pricing 2011," College Board, 2011)

• A Recent Report By The Department Of Education And CFPB Calculated Outstanding Student Loan Debt At More Than $1 Trillion. "As in the housing market, securitization of student loans led to more aggressive underwriting for borrowers who could not possibly afford the debt they took on, according to a government report. The 131-page report was formally released by the Education Department and the Consumer Financial Protection Bureau on Friday. It provides new estimates for total outstanding student loan debt: more than $1 trillion in 2011, composed of $864 billion in federal government loans and $150 billion in private student loan debt. Cumulative defaults on private student loans exceeded $8 billion, a sum from over 850,000 distinct loans." (Catherine Rampell, "Report Details Woes Of Student Loan Debt," The New York Times, 7/20/12)

Since President Obama Took Office, The Average Price Per Gallon Of Gas Has More Than Doubled From $1.85 To $3.84. (U.S. Energy And Information Administration, Accessed 9/6/12)

Under President Obama, Family Health Care Premiums Have Increased $2,393 During President Obama's First Three Years In Office. (Kaiser Family Foundation, 2011)

Since President Obama Took Office, The Monthly Price Of A Moderate-Cost Food Plan For A Family Of Four With Young Children Has Increased 4.8% From $819.40 To $859.40. ("Official USDA Food Plans: Cost Of Food At Home At Four Levels, U.S. Average, January 2009," USDA, 2/09; "Official USDA Food Plans: Cost Of Food At Home At Four Levels, U.S. Average, July 2012," USDA, 8/12)

More Than 11 Million Homeowners Are Underwater On Their Mortgage. "CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released new data showing that 11.4 million, or 23.7 percent, of all residential properties with a mortgage were in negative equity at the end of the first quarter of 2012." (CoreLogic, "CoreLogic Reports Negative Equity Decreases In First Quarter Of 2012," Press Release, 7/12/12)

The Next Generation Will Also Pay A Price For President Obama's Policies – They Will Be Forced To Repay The Nation's Skyrocketing Debt:

Under President Obama, The National Debt Has Surpassed $16 Trillion – An Increase Of Over $5.3 Trillion. (U.S. Department Of The Treasury, Accessed 9/6/12)

• "It's The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News, 8/22/11)

"The Federal Budget Deficit For Fiscal Year 2012 ... Will Total $1.1 Trillion ... Marking The Fourth Year In A Row With A Deficit Of More Than $1 Trillion." "The federal budget deficit for fiscal year 2012 (which ends on September 30) will total $1.1 trillion, the Congressional Budget Office (CBO) estimates, marking the fourth year in a row with a deficit of more than $1 trillion." ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)