Romney Campaign Press Release - It Didn't Work: Falling Incomes

"The Obama economy hasn't 'worked' for millions of middle-class families, who are working harder for less than they were four years ago. President Obama's policies have left wages down, prices up, and poverty at record levels. If Americans are ready for a new direction, it's clear that they'll need a new president." — Ryan Williams, Romney Campaign Spokesman

Last Week, President Obama Claimed His Economic Policies Have "Worked":

President Obama: "We Tried Our Plan -- And It Worked." OBAMA: "Just like we've tried their plan, we tried our plan — and it worked. That's the difference. That's the choice in this election. That's why I'm running for a second term." (President Barack Obama, Remarks, Oakland, CA, 7/23/12)

But President Obama's Policies Haven't "Worked" — They've Left Incomes Down And Family Wealth At Two-Decade Lows:

Since President Obama Took Office, Median Household Income Has Declined More Than $4,000. "Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland." (Mike Dorning, "Obama Fails To Stem Middle-Class Slide He Blamed On Bush," Bloomberg, 4/30/12)

Median Family Net Worth Has Hit A Two-Decade Low. "The Great Recession shrank Americans' wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday. Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less." (Martin Crutsinger, "Fed Report: Middle Class Net Worth Tumbles," The Associated Press, 6/12/12)

Average Weekly Wages Declined In 2011, "One Of Only Five Declines Since The Category Was Created In 1978." "Unemployment ebbs and flows, but one measure of the nation's economic health, average weekly wages, rarely dips. Until now. In the latest demonstration of the struggling economy that threatens President Obama's reelection, average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics." (Paul Bedard, "Wages Drop, Only 5th Time In 33 Years," The Washington Examiner, 7/2/12)

"BLS Found That Weekly Wages Dropped Over The Year By 1.7 Percent..." "In a just-released review of employment in the nation's largest 322 counties, BLS found that weekly wages dropped over the year by 1.7 percent to $955 in the fourth quarter of 2011 from a high of $971 in the fourth quarter of 2010." (Paul Bedard, "Wages Drop, Only 5th Time In 33 Years," The Washington Examiner, 7/2/12)

With Wages Declining And Americans Struggling For Work, Poverty In The Obama Economy Has Hit Record Levels:

"The Ranks Of America's Poor Are On Track To Climb To Levels Unseen In Nearly Half A Century..." "The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net." (Hope Yen, "US Poverty On Track To Rise To Highest Since 1960s," The Associated Press, 7/22/12)

 The Associated Press Headline: "US Poverty On Track To Rise To Highest Since 1960s." (Hope Yen, "US Poverty On Track To Rise To Highest Since 1960s," The Associated Press, 7/22/12)

Since President Obama Took Office, 6.3 Million Americans Have Fallen Into Poverty. (Press Release, "Income, Poverty And Health Insurance Coverage In The United States: 2010," U.S. Census Bureau, 9/13/11)

And While Americans Are Making Less, They're Paying More For Everything From Food To Health Care Premiums:

Since President Obama Took Office, The Average Price Per Gallon Of Gas Has Increased From $1.847 To $3.494. ("Gasoline And Diesel Fuel Update," U.S. Energy And Information Administration, Accessed 7/25/12)

Under President Obama, The Monthly Price Of A Moderate-Cost Food Plan For A Family Of Four With Young Children Has Increased From $819.40 To $858.50.  ("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, May 2012," USDA, 6/12)

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)

Under President Obama, Family Health Care Premiums Have Increased $2,393. Average annual family premiums have increased from $12,680 in 2008 to $15,073 in 2011. ("Employer Health Benefits, 2011 Annual Survey, Exhibit 1.11" Kaiser Family Foundation, 2011)