Romney Campaign Press Release - Biden Was Right: The Middle Class Has Been "Buried" In The Obama Years

"The choice for voters is clear this November. Americans simply can't afford another four years of a 'buried' middle class. President Obama's failed economic policies have produced mounting debt, chronic unemployment, and falling incomes — and he's promised more of the same in a second term. Mitt Romney and Paul Ryan will implement pro-growth policies that deliver 12 million new jobs, higher take-home pay, and a brighter future for all Americans." — Andrea Saul, Romney Campaign Spokesperson

Earlier This Month, Vice President Biden Said The Middle Class "Has Been Buried" Over The "Last Four Years" Under President Obama:

Vice President Biden: "The Middle Class ... Has Been Buried In The Last Four Years." BIDEN: "This is deadly earnest. How they can justify, how they can justify, raising taxes on the middle class that has been buried in the last four years." (Vice President Joe Biden, Remarks, Charlotte, NC, 10/2/12)

Vice President Biden Is Right — The Middle Class Has Been "Buried" Under Chronic Unemployment, Falling Incomes, Higher Costs, And Mounting Debt:

The Middle Class Has Been "Buried" Under $16 Trillion In Debt — An Increase Of $5.4 Trillion Under President Obama. (U.S. Treasury Department, Accessed 10/2/12)

The Middle Class Been "Buried" Under 43 Straight Months Of Unemployment Above 8%, While More Than 23 Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work.(Bureau Of Labor Statistics, www.bls.gov, 10/2/12)

The Middle Class Has Been "Buried" Under Falling Incomes That Have Declined More Than $4,500 Since President Obama Took Office "Median household incomes have fallen 8.2 percent since President Obama took office and continue to drop despite the official end of the  recession, a new study shows. Data compiled by Sentier Research found that since the economic recovery technically began in June 2009, median household income has dropped 5.7 percent. As of August, that median income was $50,678 -- also down 1.1 percent from the month prior.  And since Obama took office in January 2009, the median income has fallen 8.2 percent, from $55,198 to its present figure." ("Household Income Down 8.2 Percent Since Obama Took Office, Study Shows," Fox News, 9/26/12)

Middle-Class Families Have Been "Buried" Under Gas Prices That Have More Than Doubled From $1.85 Per Gallon To $3.80 Per Gallon.(U.S. Energy Information Agency, 10/2/12)

Middle-Class Families Have Been "Buried" Under The Rising Cost Of College — Which Has Increased By 25% At Four-Year Public Schools Across The Country. ("Trends In College Pricing," College Board, 2011)

Middle-Class Families Have Been "Buried" Under Skyrocketing Health Care Premiums That Have Increased From $12,680 To $15,745 — An Average Increase Of Over $3,000 Per Family. ("Employer Health Benefits, 2012 Annual Survey, Exhibit 6.4" The Kaiser Family Foundation, 2012)

And The Choice Is Clear For The Next Four Years — The Obama-Biden Administration's Policies Will Drive Up Middle-Class Taxes And Produce Fewer Jobs And More Debt:

The American Enterprise Institute Has Calculated That The Annual Cost Of President Obama's Current And Looming Debt Burden Amounts To $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks 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)

President Obama's Tax Hikes Would Subject Small-Business Owners To Higher Taxes And Would Jeopardize 710,000 Jobs. "Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs." (J.D. Harrison, "Obama Plan To Lift Top Tax Rates Would Plague Millions Of Small Businesses, Study Warns," The Washington Post, 7/17/12)

Under President Obama's Policies, The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 — An Increase Of More Than $4 Trillion In New Debt. ("Fiscal Year 2013 Mid-Session Review: Budget Of The U.S. Government," Office Of Management And Budget, 7/27/12)