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Democrats Early Vote Lead Collapsing

The Obama campaign sent out a panicked memo this morning trying to spin the Ohio early vote for a simple reason - for 12 straight days Republicans have outpaced Democrats in early voting and absentee ballots. Their 20 point advantage in 2008 is now less than 7 and shrinking.

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CNN: Republicans Point To Early Vote Gains In Ohio

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Debate Highlight: Obama’s Failed Record On College Education

Obama: “We’ve Seen Millions Of Young People Be Able To Afford College.” OBAMA: “And as a consequence, we’ve seen millions of young people be able to afford college, and that’s going to make sure that young women are going to be able to compete in that marketplace.” (President Barack Obama, Presidential Debate, Hempstead, N.Y., 10/16/12)

Under Obama, The Cost Of College Is At “An All Time High”

Over The Past Two Years, “The Average Cost Of Attending A Four-Year Public University Increased By 15 Percent” According To The U.S. Department Of Education. “The average cost of attending a four-year public university increased by 15 percent over a two-year period, fueled by state budget cuts and tuition increases of 40 percent or more at universities in Georgia, Arizona and California. The U.S. Education Department released the figures Tuesday in its annual look at college affordability.” (Christine Armario, “Average Price Of 4-Year University Up 15 Percent,” The Associated Press , 6/12/12)

In The Past Year, Tuition For Instate Public College Rose 8.3 Percent. “Published in-state tuition and fees at public four-year institutions average $8,244 in 2011-12, $631 (8.3%) higher than in 2010-11. Average total charges, including tuition and fees and room and board, are $17,131, up 6.0% from 2010-11.” (“Trends In College Pricing 2011,” College Board, 2011-12)

  • In The Past Year, Tuition For Public Two-Year Colleges Rose 8.7 Percent. “Published tuition and fees at public two-year colleges average $2,963, $236 (8.7%) higher than in 2010-11.” (“Trends In College Pricing 2011,” College Board, 2011-12)

With In-State Tuition And Fees At Four-Year Public Colleges Rising An Additional $631 Or 8.3 Percent In Fall 2011, The Cost Of College Is A “Kick In The Gut” For American Families. “It’s a kick in the gut even for students and families hardened to bad financial news: Average in-state tuition and fees at four-year public colleges rose an additional $631 this fall, or 8.3 percent, compared with a year ago.” (Justin Pope, “College Prices Up Again As States Slash Budgets,” The Associated Press, 10/26/11)

  • The Cost Of College Is Currently At “An All Time High.” “Nationally, the cost of a full credit load has passed $8,000, an all-time high. Throw in room and board, and the average list price for a state school now runs more than $17,000 a year, according to the twin annual reports on college costs and student aid published Wednesday by the College Board.” (Justin Pope, “College Prices Up Again As States Slash Budgets,” The Associated Press, 10/26/11)

The Cost Of College Has Increased “Faster Than The Rate Of Inflation” And If The Current Trend Continues, The Cost Of College “Will Have More Than Doubled In Just 15 Years.” “Nationally, state and local spending per college student, adjusted for inflation, reached a 25-year low this year, jeopardizing the long-held conviction that state-subsidized higher education is an affordable steppingstone for the lower and middle classes. All the while, the cost of tuition and fees has continued to increase faster than the rate of inflation, faster even than medical spending. If the trends continue through 2016, the average cost of a public college will have more than doubled in just 15 years, according to the Department of Education.” (Andrew Martin and Andrew W. Lehren, “A Generation Hobbled By The Soaring Cost Of College,” The New York Times , 5/12/12)

  • The Price Of College Increased “More Than Double” The Rate Of Inflation Between July 2010 And July 2011. “That increase is more than double the inflation rate of 3.6% between July 2010 and July 2011. Family earnings dropped across all income levels. And state funding per student declined by 4% in 2010, the latest year available, and 23% over the past decade, the report says.” (Mary Beth Marklein, “Tuition And Fees Rise More Than 8% At U.S. Public Colleges,”USA Today, 10/25/11)

Under Obama, A Record Number Of Households Struggle With Student Debt

“Student Debt Has Stretched To A Record Number Of U.S. Households - Nearly 1 In 5.” “With college enrollment growing, student debt has stretched to a record number of U.S. households - nearly 1 in 5 - with the biggest burdens falling on the young and poor.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

  • “22.4 Million Households, Or 19 Percent, Had College Debt In 2010… Up From 15 Percent In 2007.” “The analysis by the Pew Research Center found that 22.4 million households, or 19 percent, had college debt in 2010. That is double the share in 1989, and up from 15 percent in 2007, just prior to the recession - representing the biggest three-year increase in student debt in more than two decades.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

“Across All Households, The Average Outstanding College Debt Increased From $23,349 To $26,682.” “Across all households, the average outstanding college debt increased from $23,349 to $26,682. For the poorest 20 percent of households, the average debt rose from $19,018 to $20,640.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

“Because Of The Sluggish Economy, Fewer College Students Than Before Are Able To Settle Into Full-Time Careers Immediately Upon Graduation, Contributing To A Jump In Debt.” “Because of the sluggish economy, fewer college students than before are able to settle into full-time careers immediately upon graduation, contributing to a jump in debt among lower-income households as the young adults take on part-time jobs or attend graduate school, according to Pew.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

  • “40 Percent Of U.S. Households Headed By Someone Younger Than Age 35 Owed College Debt, The Highest Share Of Any Age Group.” “As a share of household income, the debt burden was the greatest for the poorest 20 percent of households, or those making less than $21,044. In all, 40 percent of U.S. households headed by someone younger than age 35 owed college debt, the highest share of any age group.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

Under Obama, More Borrowers Are Defaulting On Student Loans

Last Year, 13.4 Percent Of Borrowers Defaulted On Student Loans Within The First Three Years Of Payments. “The percentage of borrowers who defaulted on federal education loans within the first three years of payments rose to an average of 13.4 percent last year - 22.7 percent for those who attended for-profit colleges - according to statistics released on Friday by the Department of Education.” (Tamar Lewin, “Education Department Report Shows More Borrowers Defaulting On Student Loans,” The New York Times , 9/28/12)

  • “The Rate Of Students Defaulting On Federal Loans Within Two Years, Also Released On Friday, Increased To 9.1 Percent, The Highest Level In More Than A Decade.” (Tamar Lewin, “Education Department Report Shows More Borrowers Defaulting On Student Loans,” The New York Times , 9/28/12)
A TEXT POST

Is Biden Joining Pelosi And Schumer To The Right Of Obama’s Position On Tax Hikes?

Last Night, Biden Suggested “The White House Might Be Willing To Accept Higher Tax Rates On Families Earning More Than $1 Million, A Higher Threshold Than The $250,000 Limit It Has Stood By For Years.” “Vice President Joe Biden on Thursday night delved into one of the most contentious political issues in Washington—taxes—and he might have tweaked the White House’s bargaining stance in the process. He suggested that the White House might be willing to accept higher tax rates on families earning more than $1 million, a higher threshold than the $250,000 limit it has stood by for years.” (Damian Paletta and John D. McKinnon, “Did Biden Open Door For Tweak In Tax Talks,” The Wall Street Journal, 10/11/12)

  • Biden: “[P]eople Making A Million Dollars Or More Will Begin To Contribute Slightly More.” BIDEN: “The middle class will pay less, and people making a million dollars or more will begin to contribute slightly more.” (Vice President Joe Biden, “2012 Vice Presidential Debate”, Danville, KY, 10/11/12)

The Washington Post’s The Fact Checker:  “Obama’s Proposed Tax Increase Reaches Farther Down The Income Ladder Than Millionaires.” “Obama’s proposed tax increase reaches farther down the income ladder than millionaires. He wants to roll back Bush-era tax cuts for individuals making over $200,000 and couples making more than $250,000.” (Glenn Kessler, “Fact Check: Biden on Bin Laden,” The Washington Post’s The Fact Checker, 10/11/12)

Rep. Pelosi, Sen. Schumer And Senate Democrats Disagree With Obama’s Definition Of Rich

Democrats Are Increasingly Abandoning Their Biggest Talking Point On Taxes: Families Earning More Than $250,000 A Year Are ‘Wealthy’ And Should Pay More.” “Democrats are increasingly abandoning their biggest talking point on taxes: Families earning more than $250,000 a year are ‘wealthy’ and should pay more. That figure — $250,000 for a household — has been at the tip of the tongue of so many Democratic candidates and lawmakers in the past few elections that it’s become ingrained in the party’s tax philosophy.” (Manu Raju, “Democrats: $250K Isn’t Rich,” Politico, 10/5/11)

  • Democrats Have Become “Increasingly Divided On The Issue.” “But they’ve taken a beating from Republicans and have grown increasingly divided on the issue, since that income level would not only cause tax increases for some small businesses but also hit upper-middle-class suburban voters in swing states.” (Manu Raju, “Democrats: $250K Isn’t Rich,” Politico, 10/5/11)
  • Senate Democrats Rejected Obama’s Tax On Incomes Over $250,000, Instead Proposing A Surtax For Incomes Over $1 Million. “And on Wednesday came clear evidence of this shift: Senate Democratic leaders scrapped Obama’s proposal to cover the cost of his jobs bill by raising taxes on income over $250,000 a year, the old Democratic standard for defining the wealthy. Instead, they are proposing a 5.6 percent surtax on annual income of more than $1 million.” (Lori Montgomery, “Democrats Shift The Definition Of ‘Rich’ In Battle Over Taxes,” The Washington Post, 10/5/11)

Rep. Nancy Pelosi (D-CA) Asked For The Bush Tax Cuts To Be Extended For Incomes Below $1 Million. “Is House Democratic Leader Nancy Pelosi abandoning President Barack Obama in his effort to raise taxes on households making more than $250,000? It sure sounded that way on Wednesday. In a letter to House Speaker John Boehner, Ms. Pelosi called on Republicans to pass a permanent extension of Bush-era tax levels for the middle class. The only group Ms. Pelosi singled out for a tax increase was people earning $1 million or more.” (John D. McKinnon, “Pelosi Pushes Tax Hike For Those Making $1 Million Or More,” The Wall Street Journal, 5/23/12)

  • Rep. Pelosi: “Democrats Believe That Tax Cuts For Those Earning Over A Million Dollars A Year Should Expire And That We Should Use The Resulting Revenues To Pay Down The Deficit.” (Rep. Nancy Pelosi, Letter To Speaker John Boehner, 5/23/12)

Sen. Chuck Schumer (D-NY) Does Not Support Obama’s Tax On Incomes Over $250,000 Because That Is “Firmly In The Middle Class” And “Not Rich.” “But the president also wanted to raise taxes on families making more than $250,000 a year by limiting income-tax deductions they can take. That didn’t sit well with rank-and-file Democrats. Schumer said families that earn $250,000 or $300,000 a year aren’t rich enough to deserve extra taxes. He described them as ‘firmly in the middle class. They are not rich, and in large parts of the country, that kind of income does not get you a big home or lots of vacations or anything else that’s associated with wealth in America,’ he said.” (S.A. Miller, “Million-Dollar Idea,” New York Post, 10/6/11)

  • Sen. Schumer Said That Raising Taxes On Families Over $250,000 “Fuzzies The Picture.” “Democrats have long argued that, in addition to cutting government spending, lawmakers should ask people at the top of the income spectrum to pay more in taxes to help tame the national debt. But setting the dividing line at $250,000, as Obama did during the 2008 campaign, ‘fuzzies the picture,’ said Sen. Charles E. Schumer (D-N.Y.), the leading architect of the surtax proposal.” (Lori Montgomery, “Democrats Shift The Definition Of ‘Rich’ In Battle Over Taxes,” The Washington Post, 10/5/12)
  • Sen. Schumer Said Obama’s Tax Plan Would Unfairly Affect The New York Metropolitan Area. “Schumer said the $250,000 limit is unacceptable since it will hit the metropolitan area disproportionately because of the high cost of living here. ‘$250,000 makes you really rich in Mississippi but it doesn’t make you rich at all in New York and there ought to be some kind of scale based on the cost of living on how much you pay,’ Schumer said.” (“Sen. Schumer Expresses Reservations About President Obama’s Tax Plan,” CBS News, 9/20/11)
A PHOTOSET

What’s So Funny Joe?

The Washington Post’s Chris Cillizza: “Ok. I have decided. I find the Biden smile slightly unsettling.” (Chris Cillizza, Twitter Feed, 10/11/12)

Las Vegas Sun’s Jon Ralston: “Biden’s facial expressions guarantee he will have a talk show after his elected career, but may not be good for a debate.” (Jon Ralston, Twitter Feed, 10/11/12)

CNN’s Piers Morgan: “Joe, seriously, STOP SMIRKING. This is serious stuff. Be Vice-Presidential.” (Piers Morgan, Twitter Feed, 10/11/12)

Bloomberg’s Josh Barro: “Biden smirk is…not good.” (Josh Barro, Twitter Feed, 10/11/12)

Pittsburg Tribune-Review’s Salena Zito: “Smirk = not good decision.” (Salena Zito, Twitter Feed, 10/11/12)

NBC’s Betsy Fischer Martin: “Biden constant smiling is reminding me of Gore constant sighing in 2000.” (Betsy Fischer Martin, Twitter Feed, 10/11/12)

NBC’s David Gregory: “Biden’s smile is out of control.” (David Gregory,  Twitter Feed, 10/11/12)

NBC News’ Mike O’Brien: “Biden Really Has To Rein In His Mannerisms.”(Mike O’Brien, Twitter Feed, 10/11/12)

A TEXT POST

Obama Recycled His Plans For A Teacher Corps, Even Though It Is Already Predicted To “Fall Flat”

At Last Night’s Debate, Obama Reiterated His Pledge To “ Hire Another Hundred Thousand Math And Science Teachers.” OBAMA: “But what I’ve also said is let’s hire another hundred thousand math and science teachers to make sure we maintain our technological lead and our people are skilled and able to succeed.” (President Barack Obama, Presidential Debate, Denver, CO, 10/4/12)

Over The Years Obama Has Recycled His Goal To Hire STEM Teachers, But All He Offers Are Failed Plans That Won’t Accomplish Anything

2010 : Obama Announced A “Goal Of Recruiting 10,000 Science, Technology, Engineering, And Math (STEM) Teachers Over The Next Two Years.” “Today, President Barack Obama announced a new goal of recruiting 10,000 Science, Technology, Engineering, and Math (STEM) teachers over the next two years. This announcement will move the country forward on the Obama Administration’s ambitious goal of preparing 100,000 STEM teachers over the next decade.” (Press Release, “President Obama Announces Goal Of Recruiting 10,000 STEM Teachers Over The Next Two Years,” The White House , 9/27/10)

  • Obama: “We Need To Recruit And Train Math And Science Teachers To Support Our Nation’s Students.” OBAMA: “When I came into office, I set a goal of moving our nation from the middle to the top of the pack in math and science education. Strengthening STEM education is vital to preparing our students to compete in the 21st century economy and we need to recruit and train math and science teachers to support our nation’s students.” (Press Release, “President Obama Announces Goal Of Recruiting 10,000 STEM Teachers Over The Next Two Years,” The White House , 9/27/10)

2010: The President’s Council Of Advisors On Science And Technology: “The Federal Government Should Help Recruit, Prepare, And Support At Least 100,000 New STEM Teachers.” “The Federal Government should help recruit, prepare, and support at least 100,000 new STEM teachers with these attributes at the middle school and high school levels over the next decade. It also should support the professional development of all teachers to help them achieve deep STEM content knowledge and mastery of STEM pedagogy. And the Federal Government should recognize and reward the best STEM teachers nationwide through the creation of a STEM Master Teachers Corps.” (“Prepare And Inspire: K-12 Education In Science, Technology, Engineering, And Math (STEM) For America’s Future,” The White House, 9/10)

July 2012: The White House Announced A Master Teacher Corps To Increase The Number Of STEM Teachers. “The Obama administration is launching a new teacher initiative designed to retain and train the next generation of science, technology, engineering and math (STEM) teachers. The administration is launching a Master Teacher Corps, composed of top educators in those fields - who will be given an annual stipend on top of their salary. According to the White House, 50 teachers will be chosen across 50 different locations. The plan is to explain the corps over the next four years to add more than 10,000 teachers.” (Byron Tau, “White House Launches Teacher Corps,” Politico’s 44, 7/18/12)

  • The Administration Says It Will Be Funded Through Obama’s 2013 Education Budget Request. “According to the administration, funds for the new corps will come from the president’s 2013 education budget request that Congress is currently considering.”(Byron Tau, “White House Launches Teacher Corps,” Politico’s 44, 7/18/12)

Due To The High Price Tag, The Plan Is “Likely To Fall Flat Relatively Quickly.” “The idea embodies some of the Obama administration’s most cherished concepts-pay for performance, competitions among local jurisdictions, and asking Congress for money. The last concept probably won’t work. A Republican-led Congress is unlikely to sign off on $1 billion for such a project. That means the competitive and merit pay elements also are likely to fall flat relatively quickly. Even so, the administration is devoting $100 million to the project now, with 35 school districts already lined up to help select 50 winning teachers. President Obama is requesting $1 billion to increase this initial micro-corps to 10,000 teachers.” (Fawn Johnson, “Obama’s Plan For Teaching Corps Could Fall Flat,” National Journal, 7/18/12)

“The House And Senate Both Voted Down Obama’s Budget Earlier In The Year, Making It Far From Certain That Obama Will Be Able To Get Congressional Approval To Spend $1 Billion On Master Teachers.” “The administration will make $100 million available immediately out of an existing fund to incentivize top-performing teachers. Over the longer term, the White House said it plans to launch the program with $1 billion included in Obama’s budget request for fiscal year 2013. But the House and Senate both voted down Obama’s budget earlier in the year, making it far from certain that Obama will be able to get congressional approval to spend $1 billion on master teachers.” (Josh Lederman, “Master Teacher Corps: Barack Obama Proposes $1 Billion Effort To Boost Students’ Achievement In Math Science,” The Associated Press, 7/18/12)

“Democrats Tried To Secure Funding For A Similar Program Last Year, But The Proposal Didn’t Reach Either The House Or Senate Floors.” (“Obama Proposes $1 Billion Math And Science Teaching Corps,” NBC News, 7/18/12)

A VIDEO

“Buried The Last FOUR Years”

Biden Says The Middle Class “Has Been Buried The Last Four Years.” BIDEN: “All kidding aside, all the boos, stop all the malarkey. Look guys, this is deadly earnest man. This is deadly earnest. How they can justify - how they can justify raising taxes on a middle class that has been buried the last four years? How in Lord’s name can they justify raising their taxes with these tax cuts?” (Vice President Biden, Remarks At A Campaign Event, Charlotte, NC, 10/2/12)

OBAMA AND BIDEN HAVE LEFT THE MIDDLE CLASS BURIED UNDER FALLING INCOMES, RISING COSTS AND A STAGNANT ECONOMY

“Far From A New Dawn Of Broad-Based Growth, America’s Middle Class Decline Is Getting Worse.” “Second, the hollowing out of America’s middle class - still politely described as median income stagnation rather than ‘decline’ - is accelerating rather than slowing. According to the US Census last week, the US median household is 4.8 per cent poorer now than at the start of the recovery in 2009. Median incomes have now fallen to the pre-internet level of 1993. All of the gains of the Clinton years have been lost. The decline in the past three years follows a 3.2 per cent drop during the recession, which itself followed a shrinkage during the 2000-2007 cycle. Far from a new dawn of broad-based growth, America’s middle class decline is getting worse.” (Edward Luce, “The US Economy Is Still In A Sorry State,” Financial Times, 9/23/12)

Better Off: 56 Percent Of Swing State Voters Say They Aren’t Better Off Than They Were Four Years Ago. (Jeffrey M. Jones, “Swing-State Voters Say They Are No Better Off Than In 2008,” Gallup, 8/20/12)

Jobs: Since Obama Took Office, The Nation Has Lost 261,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.1 Percent. (Bureau Of Labor Statistics, Accessed 10/1/12)

Unemployment: 23.1 Million Americans Are Either Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 10/1/12)

Disappearing Labor Force: About Four Million Workers Are Missing From The Labor Force, “Primarily Due To A Lack Of Jobs Rather Than The Normal Aging Of America’s Population.” “Economists, analyzing government data, estimate about 4 million fewer people are in the labor force than in December 2007, primarily due to a lack of jobs rather than the normal aging of America’s population. The size of the shift underscores the severity of the jobs crisis.” (Lucia Mutikani, “America’s Hidden Unemployed: Too Discouraged To Count,” Reuters, 9/23/12)

Long-Term Unemployment: The Average Duration Of Unemployment Has Nearly Doubled From 19.8 Weeks To 39.2 Weeks. (Bureau Of Labor Statistics, Accessed 10/1/12)

Net Worth: “The Net Worth Of The American Family Has Fallen To Its Lowest Level In Two Decades.” (Ylan Q. Mui, “Fed: Americans’ Wealth Dropped 40 Percent,” The Washington Post , 6/11/12)

Median Household Income: Household Income Is Down $4,520 From $55,918 In January 2009 To $50,678 In August 2012. (“Household Income Trends, August 2012,” Sentier Research, 9/25/12)

Savings: 23.4 Percent Of Families Have No Savings At All, Up From 18.5 Percent In 2009. (Christine Dugas, “Recession Added Debt, Drained Families’ Savings,”USA Today, 5/12/12)

Government Assistance: “49.1%: Percent Of The Population That Lives In A Household Where At Least One Member Received Some Type Of Government Benefit In The First Quarter Of 2011.” (Phil Izzo, “Number Of The Week: Half Of U.S. Lives In Household Getting Benefits,” The Wall Street Journal’s “Real Time Economics,” 5/26/12)

Food Stamps: Since Obama Took Office, The Number Of Americans Receiving Food Stamps Has Increased From 31.9 Million To 46.7 Million, A 46 Percent Increase. (Department Of Agriculture, 8/30/12)

Poverty: 97.3 Million Americans Now Qualify As Low-Income And Another 49.1 Million Are In Poverty; Together, 146.4 Million Americans Or 48 Percent Of The Population Are Low-Income Or In Poverty. “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)

Food Prices: Since Obama Became President, The Monthly Price Of A Moderate-Cost Food Plan For A Family Of Four With Young Children Has Increased From $819.40 To $858. (“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, August 2012,” USDA, 9/12)

Gas Prices: Since Obama Took Office, The Average Price Per Gallon Of Gas Has More Than Doubled From $1.847 To $3.804. (“Gasoline And Diesel Fuel Update,” U.S. Energy And Information Administration, Accessed 10/2/12)

College Costs: Since Obama Took Office, The Average Cost Of In-State Tuition At A Four Year College Has Risen 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)

Health Care Premiums: Under Obama, The Average Cost Of Family Health Care Premiums Has Increased By $3,065 From $12,680 To $15,745, A 24.2 Percent Increase. (“Employer Health Benefits, 2012 Annual Survey, Exhibit 6.4,” The Kaiser Family Foundation, 2012)

Foreclosures: Currently 5. 45 Million Residential Mortgages Are Either 30 Days Delinquent Or In Foreclosure. (Press Release, “LPS ‘First Look’ Mortgage Report: August Month-End Data Shows Continued Decline In Delinquencies,” Lender Processing Services, 9/24/12)

Negative Equity: As Of The Second Quarter Of 2012, 30.9 Percent - 15.3 Million - Of U.S. Homeowners With A Mortgage Are Underwater. (Stan Humphries, “Negative Equity Declines Slightly On The Back Of Modest Home Value Gains,” Zillow, 8/22/12)

Student Loan Debt: The Federal Reserve Of New York Found That 27 Percent Of Student Loan Borrowers Have Past Due Balances And 21 Percent Are Delinquent. (Meta Brown, Andrew Haughwout, Donghoon Lee, Maricar Mabutas, And Wilbert van der Klaauw, “Grading Student Loans,” Federal Reserve Bank Of New York, 3/5/12)

Debt: The National Debt Is Now Over $16 Trillion Dollars. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 10/2/12)

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During the 2008 presidential debates, then-Senator Barack Obama promised the American people to solve the nation’s problems, unite the country, and take us toward a better future.

These were not vague promises. He outlined a number of actions and policy positions he would take, and he vowed specific, tangible results.

Obama’s promises addressed nearly every issue relevant to this election. They range from the everyday concerns of middle-class Americans like lowering the cost of health insurance to the national hope of changing the way Washington works.

Despite his lofty rhetoric, the president has not met the very standards he set for himself. And America’s still waiting for hope and change.

Whatever the issue, Barack Obama has failed to keep his promises to the American people, and the nation has paid a heavy price.

Read Promises Made, Promises Broken – A Comprehensive Guide To Candidate Obama’s Debate Promises At FailedPromise.com

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A TEXT POST

Under Obama, Student Loan Debt Sets New Records

Candidate Obama Promised To Tackle The Rising Cost Of Colleges

Obama In 2008: “The Key Is Going To Be Going Forward, Making Sure That Young People In The Future Are Able To Afford To Go To College.” OBAMA: “As I said, what we are looking at potentially is being able to consolidate some of the loans, and if they are part of a broader pool, we may be able to lower interest rates on the debt that they already owe. But the key is going to be going forward, making sure that young people in the future are able to afford to go to college.” (“Barack Obama Answers Your Questions,” MTV, 11/2/08)

  • Obama Promised To Take Steps To Lower Student Loans. OBAMA: “And I meet students - I think the average student is taking out $25,000 to $30,000. That’s a huge burden, especially in a time when wages and income are not going up. So here is what we want to do: increase the Pell Grant program, eliminate banks as middlemen from the direct loan program - they’re taking out billions of dollars in profits - take that money, apply that to increasing the number of loans that are out there and reducing the rates, and then what I want to do is provide a $4,000 tuition credit for every student, every year, in exchange for national service.” (“Barack Obama Answers Your Questions,” MTV, 11/2/08)

Under Obama, A Record One In Five Households Have Student Loan Debt

The Share Of Households With Student Loan Debt Has “Increased Sharply.” “Even as the nation’s households have reduced their total debt in recent years, the share that owes student loans has increased sharply, an analysis of the latest available Federal Reserve data shows.” (Mary Beth Marklein, “Report Shows Increase In Those With Student Debt, Loans,” USA Today, 9/27/12)

  • One In Five Households Have Outstanding Student Debt. “Nearly one in five (19%) households in 2010 had outstanding student debt or loans in deferment, up from 15% in 2007, and more than double the number two decades earlier, says the Pew Research Center in a report released Wednesday.” (Mary Beth Marklein, “Report Shows Increase In Those With Student Debt, Loans,” USA Today , 9/27/12)
  • “22.4 Million Households, Or 19 Percent, Had College Debt In 2010… Up From 15 Percent In 2007.” “The analysis by the Pew Research Center found that 22.4 million households, or 19 percent, had college debt in 2010. That is double the share in 1989, and up from 15 percent in 2007, just prior to the recession - representing the biggest three-year increase in student debt in more than two decades.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

“Across All Households, The Average Outstanding College Debt Increased From $23,349 To $26,682.” “Across all households, the average outstanding college debt increased from $23,349 to $26,682. For the poorest 20 percent of households, the average debt rose from $19,018 to $20,640.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

“Among Households Headed By Someone Younger Than 35, A Record 40% Owe Student Debt, The Highest Share Among Any Age Group.” “The Pew center’s deeper dive into the data found, that among households headed by someone younger than 35, a record 40% owe student debt, the highest share among any age group. Among households earning less than $21,000, outstanding debt represented 24% of household income.” (Mary Beth Marklein, “Report Shows Increase In Those With Student Debt, Loans,” USA Today, 9/27/12)

“Because Of The Sluggish Economy, Fewer College Students Than Before Are Able To Settle Into Full-Time Careers Immediately Upon Graduation, Contributing To A Jump In Debt.” “Because of the sluggish economy, fewer college students than before are able to settle into full-time careers immediately upon graduation, contributing to a jump in debt among lower-income households as the young adults take on part-time jobs or attend graduate school, according to Pew.” (Hope Yen, “Student Debt Stretches To Record 1 In 5 Households,” The Associated Press, 9/27/12)

Student Loan Debt Is “Crushing The Economy”

Student Debt Has Become “Everyone’s Problem Because It Is Crushing The Economy.” “Now we’re talking about how student debt is everyone’s problem because it is crushing the economy.” (Dan Kadlec, “New Frontier In Student Debt: It Stifles The Housing Recovery,” Time’s “Moneyland,” 9/4/12)

Student Loan Debt “Is Shutting Young People Out Of The Housing Market, Further Depressing What Is Already The Economy’s Most Troubled Sector.” “New findings conclude that this debt is shutting young people out of the housing market, further depressing what is already the economy’s most troubled sector.” (Dan Kadlec, “New Frontier In Student Debt: It Stifles The Housing Recovery,” Time’s “Moneyland,” 9/4/12)

According To A New Report, “As Monthly Student Debt Payments Increase For College Graduates, So Does Their Struggle To Qualify For A Mortgage.” “As monthly student debt payments increase for college graduates, so does their struggle to qualify for a mortgage. Looking at a key factor in qualifying for a mortgage-the debt-to-income ratio-we find some disturbing results.” (Jen Mishory and Rory O’Sullivan, “Denied? The Impact Of Student Debt On The Ability To Buy A House” Young Invincibles , 8/14/12)

  • “Home Purchases Create Jobs And Spur Economic Growth. Cutting Out A Cohort Of Graduates Who Previously Participated In This Market Will Add Another Drag To An Economy Only Just Emerging From The Great Recession.” (Jen Mishory and Rory O’Sullivan, “Denied? The Impact Of Student Debt On The Ability To Buy A House” Young Invincibles , 8/14/12)

“The Student Loan Burden Can’t Help But Forestall Things Like Auto And Home Purchases. Starting Salaries For College Grads Have Not Kept Pace.” “Student debt held at graduation has jumped 46% since 2000; total debt held by the public has soared by 511% in that period. Fed Chief Ben Bernanke has said he does not believe student loans will foment another financial crisis, as mortgage debt did five years ago. But the student loan burden can’t help but forestall things like auto and home purchases. Starting salaries for college grads have not kept pace.” (Dan Kadlec, “New Frontier In Student Debt: It Stifles The Housing Recovery,” Time’s “Moneyland,” 9/4/12)

A TEXT POST

Cory Booker Chided For His Defense Of Bain Capital

Cory Booker Opposed The Obama Campaign’s Attacks On Bain Capital, Calling Them “Nauseating”

Mayor Cory Booker (D-Newark, NJ) Is Uncomfortable With Attacks On Bain Capital. “I have to say from a very personal level I’m not about to sit here and indict private equity. To me, it’s just, we’re getting to a ridiculous point in America. Especially, I know, I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, they’ve done a lot to support businesses, to grow businesses, and this to me, I’m very uncomfortable with.” (NBC’s “Meet The Press,” 5/20/12)

Booker Called The Attacks “Nauseating.” “The attack came after the Obama campaign came under pressure from some of its allies over its frequent criticism of Romney’s background at Bain Capital, the private-equity firm he founded.  Newark, N.J., Mayor Cory Booker, an Obama surrogate, said the Obama campaign attacks were ‘nauseating’ during a Sunday appearance on ‘Meet the Press.’ The previous week, former Obama auto czar Steve Rattner, who headed a private-equity firm, also criticized the Obama campaign over the issue.” (Jeremy Herb and Amie Parnes, “President: Bain Capital Jabs Fair Game,” The Hill, 5/21/12)

Booker: “If You Look At The Totality Of Bain Capital’s Record, They’ve Done A Lot To Support Businesses, To Grow Businesses.”  “Mr. Booker uttered his apostasy on NBC’s “Meet the Press,” calling out both Presidential campaigns for what he called a “nauseating” focus on side issues. He deplored attacks on President Obama for his long-ago association with the Reverend Jeremiah Wright, but he added that “I have to just say, from a very personal level, I’m not about to sit here and indict private equity… . Especially that I know I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, they’ve done a lot to support businesses, to grow businesses.’” (Editorial, “Cory Booker’s Apostasy,” The Wall Street Journal, 5/21/12)

After His Comments, Booker Was Pressed By The Obama Campaign To Retract His Statement

Booker Admitted He Had “Good Conversations” With The Obama Campaign Before Releasing The YouTube Clarifying His Meet The Press Remarks. “Less than 24 hours after Obama 2012 press secretary Ben La Bolt told CNN that the Obama campaign did not reach out to Cory Booker following his remarks on Meet The Press, the Newark Mayor went on MSNBC to confirm that he had, in fact, had ‘good conversations’ with the Obama campaign before deciding to clarify his remarks in a YouTube video. ‘I certainly did talk with campaign officials, but they didn’t force me to do anything,’ Booker told Rachel Maddow last night. ‘They had good conversations with me, and after having good conversations with them… all of those things made me say, you know what, I need to go on and clarify.’” (Dylan Byers, “Booker: I Had ‘Conversations’ With Campaign,” Politico’s “On Media,” 5/22/12)

Ben LaBolt Said No One From The Campaign Spoke To Booker. “Booker’s admission to Maddow, like his initial criticism of the Obama campaign’s ‘nauseating’ attack ads against Bain Capital, is once again a departure from the official line. Earlier yesterday, CNN host Brooke Baldwin asked La Bolt whether the campaign (or White House) had reached out to Booker, and La Bolt offered the opposite answer. ‘Did anyone from the White House or the Obama 2012 campaign reach out to Booker, make him reel his words in?’ Baldwin asked. ‘We did not,’ LaBolt said. ‘These are his own views in the video.’ Baldwin pressed again: ‘You’re telling me no one within the Obama 2012 campaign in any way reached out to Cory Booker to fix this?’ ‘He released that video of his own volition,’ LaBolt said. ‘We did not ask him to do so. We did not, no.’” (Dylan Byers, “Booker: I Had ‘Conversations’ With Campaign,” Politico’s “On Media,” 5/22/12)

La Bolt Insisted That A DNC Official Spoke To Booker, Not A Campaign Official. “Reached this morning, La Bolt dismissed the idea that his remarks in any way contradicted Booker’s, specifically because no one asked Booker to record a video. La Bolt also said that it was a DNC official — not campaign officials — who spoke to Booker. ‘As Mayor Booker has said, the campaign did not reach out and ask him to record a video,’ La Bolt told me. ‘Campaign officials also had not reached out directly to Mayor Booker yesterday [or Sunday], but he spoke with a DNC official who also did not ask him to record a video.’” (Dylan Byers, “Booker: I Had ‘Conversations’ With Campaign,” Politico’s “On Media,” 5/22/12)

The Wall Street Journal: Booker “Dared To Disagree” With Obama And “The Liberal Orthodoxy Machine Has Been Busy Delivering Retribution.” “Cory Booker may want to hire a food taster. The Newark Mayor, a Democrat, dared to disagree on Sunday with the Obama campaign’s attacks on Bain Capital and the private-equity business, and the liberal orthodoxy machine has been busy delivering retribution.” (Editorial, “Cory Booker’s Apostasy,” The Wall Street Journal, 5/21/12)