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Romney Campaign Press Release - Not Quite the Clinton Economy

September 05, 2012

"When it comes to the state of the economy, President Obama just can't match President Clinton. Just this week, gas prices set a new record, the national debt topped $16 trillion, manufacturing slowed, and the number of Americans on food stamps hit a record high. Mitt Romney will reverse President Obama's record of decline and disappointment by passing pro-growth policies that will get Americans back to work." – Amanda Henneberg, Romney Campaign Spokesperson

This Week, President Obama's Economy Continued To Disappoint Struggling Middle-Class Families:

This Week, Gas Prices Hit Their Highest Price Ever For Labor Day. "The national average for a gallon of regular gasoline hit $3.80 on Monday, up 14 cents from the same time last year, the highest price ever recorded during a Labor Day weekend, GasBuddy.com reports." ("U.S. Gas Prices At Highest Ever For Labor Day Weekend," Fox News, 9/3/12)

Today, The National Debt Hit $16 Trillion – "A New Record." "The gross debt of the United States has reached $16 trillion, the Treasury Department announced Tuesday on the first day of the 2012 Democratic National Convention. The Daily Treasury Statement puts the debt at $16.016 trillion, a new record." (Erik Wasson, "National Debt Reaches $16 Trillion As Dems Begin Their Convention," The Hill, 9/4/12)

Manufacturing Contracted "For The Third Straight Month In August" – "A Worrying Sign" For The Economy. "The U.S. factory sector contracted for the third straight month in August, a worrying sign from a corner of the economy that has been a bright spot in a lackluster recovery. A closely watched gauge of the factory sector, released Tuesday by the Institute for Supply Management, showed manufacturing activity slipped to 49.6 from 49.8 in July." (Conor Dougherty, "Manufacturing Contracts As New Orders Show Decline," The Wall Street Journal, 9/4/12)

"A Record 46.7 Million Americans Received Food Stamps In June..." "A record 46.7 million Americans received food stamps in June, up 0.4 percent from the previous month, the government said. Participation was 3.3 percent higher than a year earlier and has remained higher than 46 million all year as the unemployment rate has stagnated just above 8 percent. New jobless numbers will be released Sept. 7." (Alan Bjera, "Food-Stamp Use Climbed To Record 46.7 Million In June, U.S. Says," Bloomberg, 9/4/12)

  • "A Marked Increase From The Time When President Obama Took Office, When Enrollment Was At Roughly 32 Million." "Food-stamp enrollment climbed to a record 46.7 million people in June, a steadily rising statistic that reflects the trouble millions of Americans have had finding work and paying the bills. ... And they reflect a marked increase from the time when President Obama took office, when enrollment was at roughly 32 million." ("Food-Stamp Enrollment Hits Record 46.7M In June," Fox News, 9/5/12)

An Annual Survey By The World Economic Forum Found America's Ability To Compete On The Global Stage Has Slipped For The Fourth Straight Year. "The United States' ability to compete on the global stage has fallen for the fourth year running as confidence in the country's politicians continues to decline, an annual survey from the World Economic Forum found Wednesday. ... The report found that some aspects of the U.S.'s political environment continue to raise concern among business leaders, 'particularly the low public trust in politicians and a perceived lack of government efficiency.'" ("Survey Finds US Competitive Ranking Down Again," The Associated Press, 9/15/12)

  • Before President Obama Took Office, The United States Ranked First In Global Competitiveness. "The U.S. was in fourth place [in 2010], after falling from no. 1 in 2008." ("US Falls To 5th In Global Competitiveness, Survey Shows," The Associated Press, 9/7/11)

Economists Projected That "Job Growth Likely Cooled In August" With The "Elevated Unemployment Rate Remaining Stuck." "Jobs growth likely cooled in August with the elevated unemployment rate remaining stuck as businesses worried over an uncertain economic outlook, an outcome that could potentially seal the case for a further easing of monetary policy. Employers are expected to have increased payrolls by 125,000 workers last month, according to a Reuters survey of economists, a step down from July's 163,000-job gain." (Lucia Mutikani, "Jobs Growth Seen Lackluster In August, Fed Action Eyed," Reuters, 9/4/12)

Economic Confidence Index Fell To Its Lowest Level Of The Year. "The Gallup Economic Confidence Index registered -27 in August, matching the prior monthly low for the year, recorded in January." (Lydia Saad, "Americans' Economic Confidence In August Ties 2012 Low," Gallup.com, 9/4/12)

And In Swing States Across The Country, Americans Confronted A Shrinking Middle Class With Fewer Good-Paying Jobs:

In Ohio, "Jobs That Traditionally Supported A Middle-Class Lifestyle - Often With Only A High School Diploma -Are Disappearing." "The middle may have fallen out of the Cleveland area labor market. On this Labor Day, upper- and lower-level jobs are proliferating, but jobs that traditionally supported a middle-class lifestyle - often with only a high school diploma -are disappearing." (Olivera Perkins, "Jobs With Mid-Range Pay Are Disappearing From Cleveland Area Labor Market," Plain Dealer, 9/3/12)

  • More Than Half Of The Fast-Growing Jobs In Cleveland "Are Lower-Paying" With Wages Just Above The State's Minimum Wage. "Six of the 10 fastest-growing occupations are lower-paying, most with median hourly pay less than $2 above Ohio's minimum wage of $7.70, according to a Plain Dealer analysis of U.S. Labor Department data from 2006-11." (Olivera Perkins, "Jobs With Mid-Range Pay Are Disappearing From Cleveland Area Labor Market," Plain Dealer, 9/3/12)

"North Carolina's Middle Class Is Starting To Show The Wear And Tear" Of The Obama Economy. "They've cut back on the dinners out, the family trips, the movie nights. They've lost health insurance and struggled with kids in college. Many are burning through savings and retirement funds – the final assurances of a middle-class income. But after more than three years with an unemployment rate higher than the national rate, North Carolina's middle class is starting to show the wear and tear." (Craig Jarvis, "North Carolina's Middle Class Shows The Strain Of Years Of Job Losses," Raleigh News & Observer, 9/2/12)

"Florida's Employment Recovery Hasn't Brought Back Many Well-Paying Jobs." "Florida's employment recovery hasn't brought back many well-paying jobs. That's the conclusion of a new study timed for Labor Day showing the gaps of the Sunshine State's slow but unmistakable bounce back in hiring. And it reflects a national trend, driven largely by the ripple effects of the collapsed housing market." (Douglas Hanks, "In Florida's Employment Recovery, Minimum-Wage Jobs Lead The Way," Miami Herald, 9/3/12)

Mitt Romney, Romney Campaign Press Release - Not Quite the Clinton Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303071

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