Vice President Biden Claims The Obama Presidency Produced “Progress You Can See” But American Families Aren’t Feeling It

Vice-President Joe Biden: “We’ve made important progress, but there’s much more to do. But progress you can measure, just look at the chart. Progress that cannot be denied. Progress you can see. Progress people know are occurring.” (Vice President Joseph Biden, Remarks At A Campaign Event, Keene, NH, 5/22/12)

NOT BETTER OFF: Americans Are Taking Home Smaller Paychecks

According To Sentier Research “Real Median Household Income In March Was Down $4,300 Since Obama Took Office In January 2009 … “As a candidate in 2008, Obama blamed the reversals largely on the policies of Bush and other Republicans. He cited census figures showing that median income for working-age households — those headed by someone younger than 65 — had dropped more than $2,000 after inflation during the first seven years of Bush’s time in office. 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)

• “In The Past Year, Most Americans Have Barely Seen a Bump In Earnings.” “Americans’ take-home pay - one of the critical economic benchmarks for presidents seeking reelection - declined in January and February. Research shows that the amount of money Americans earn after taxes and inflation is one of the most reliable predictors of a president’s November chances - more so than the unemployment rate. In the past year, most Americans have barely seen a bump in earnings, according to the Bureau of Economic Analysis.” (Josh Boak, “Shrinking Paychecks May Hurt Obama,” Politico, 4/3/12)

NOT BETTER OFF: Obama’s Middle Class Jobs Haven’t Shown Up

The Recovery Has Failed To Produce The Middle Class Jobs Obama Campaigned On. “Barack Obama campaigned four years ago assailing President George W. Bush for wage losses suffered by the middle class. More than three years into Obama’s own presidency, those declines have only deepened. The rebound from the worst recession since the 1930s has generated relatively few of the moderately skilled jobs that once supported the middle class, tightening the financial squeeze on many Americans, even those who are employed.” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,” Bloomberg, 4/30/12)

• “A President Who Attacked Bush’s Policies For Favoring The Rich Has Overseen A Recovery In Which The Wealthiest 1 Percent Captured 93 Percent Of Per-Capita Real Income Gains In 2010.” “A president who attacked Bush’s policies for favoring the rich has overseen a recovery in which the wealthiest 1 percent captured 93 percent of per-capita real income gains in 2010, according to an analysis of tax data by Emmanuel Saez, an economics professor at the University of California at Berkeley. On average, families in the top 1 percent saw their inflation-adjusted incomes rise by $105,637 that year from 2009, according to Saez.” (Mike Dorning, “Obama Fails To Stem Middle-Class Slide He Blamed On Bush,” Bloomberg, 4/30/12)

NOT BETTER OFF: The Middle Class Is Shrinking

97.3 Million Americans Now Qualify As Low-Income And Another 49.1 Million Are In Poverty; 48 Percent Of The Population. “About 97.3 million Americans fall into a low-income category, commonly defined as those earning between 100 and 199 percent of the poverty level, based on a new supplemental measure by the Census Bureau that is designed to provide a fuller picture of poverty. Together with the 49.1 million who fall below the poverty line and are counted as poor, they number 146.4 million, or 48 percent of the U.S. population. That’s up by 4 million from 2009, the earliest numbers for the newly developed poverty measure.” (Hope Yen, “Census Shows 1 In 2 People Are Poor Or Low-Income,” The Associated Press, 12/15/11)

• The Middle Class Is Shrinking And Millions Of Families Are Hurting. “The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families.” (Hope Yen, “Census Shows 1 In 2 People Are Poor Or Low-Income,” The Associated Press, 12/15/11)
• “Many Of The ‘New Poor’ Are The Former Middle Class.” “‘Many of the ‘new poor’ are the former middle class,’ broadcaster Tavis Smiley, who requested the study, said in a statement.” (Mary Wisniewski, “Poverty To Keep Rising Due To Slow Recovery: Study,” Reuters, 1/11/12)

NOT BETTER OFF: Americans Are Struggling To Stay In Their Homes

“Meanwhile, 2.5 Million Homes Have Been Lost To Foreclosure Since 2009 …” “Meanwhile, 2.5 million homes have been lost to foreclosure since 2009, an additional 4 million are in the foreclosure process or seriously delinquent, and home prices are still falling in much of the U.S., shrinking household wealth for millions of Americans.” (Julie Schmit, “What Went Wrong With Foreclosure Aid Programs,” USA Today, 12/12/11)

Obama Has Helped Only 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners He Promised. “President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasn’t worked out. Obama has spent just $2.4 billion of the $50 billion he promised. The initiatives he announced have helped 1.7 million people.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post , 10/23/11)

As Of March 2012, Over 5,591,000 Million Mortgages Are Either In Foreclosure Or 30 Or More Days Delinquent. (Press Release, “LPS ‘First Look’ Mortgage Report,” Lender Processing Services, 4/24/12)

• The Administration’s Foreclosure Prevention Programs “Have Had Little Impact On The Overall Housing Sector.” “The administration is already using taxpayer funds from its $700 billion bank bailout program to help prevent foreclosures and give struggling Americans a reprieve on their mortgage payments. But the programs have had little impact on the overall housing sector.” (“White House Says Needs To Deal With Housing Problems,” Reuters, 6/5/11)
• “To Date, Administration Programs Have Permanently Reduced The Debt Of Just One Tenth Of 1 Percent Of Underwater Borrowers.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

NOT BETTER OFF: Millions More Rely On Food Stamps To Put Dinner On The Table

Since President Obama Took Office, The Number Of Americans Receiving Food Stamps Has Increased From 31.9 Million To A Record 46.3 Million, A 45Percent Increase. (Department Of Agriculture, 5/1/12)

45 Million People Received Food Stamps In 2011, A 70 Percent Increase From 2007, And Will Continue Growing Until 2014. “The Congressional Budget Office said Thursday that 45 million people in 2011 received Supplemental Nutrition Assistance Program benefits, a 70% increase from 2007. It said the number of people receiving the benefits, commonly known as food stamps, would continue growing until 2014.” (Damian Paletta, “Food Stamp Rolls To Grow Through 2014,” The Wall Street Journal’s “Real Time Economics,” 4/19/12)

• “Some 11.2 Million More People Have Joined The Rolls From 2009 Through 2011, Including 4.4 Million Last Year During What Was Ostensibly An Economic Recovery.” “But Mr. Obama is now outstripping that dubious achievement, and in only three years rather than eight. The 2009 stimulus bill increased maximum benefits and authorized more money for states to administer the program. Some 11.2 million more people have joined the rolls from 2009 through 2011, including 4.4 million last year during what was ostensibly an economic recovery.” (Editorial, “Food Stamps Nation,” The Wall Street Journal, 1/19/12)