Grim Facts Show Obamanomics Has Failed Broadly

“While the Obama-Biden ticket tries to convince Americans that the middle class is ‘coming back,’ the facts continue to get in the way. More and more families have been working harder for less, and the economy Barack Obama built isn’t working for them. After four years of disappointment and broken promises, the middle class is shrinking and nearly every group of Americans is worse off. Mitt Romney and Paul Ryan will jumpstart the economy by delivering 12 million new jobs and higher take-home pay for all Americans.” – Andrea Saul, Romney Campaign Spokesperson

New Economic Reports Confirm “Almost Every Group Is Worse Off” In The Obama Economy:

Sentier Research: “Almost Every Group Is Worse Off Than It Was Three Years Ago, And Some Groups Had Very Large Declines In Income.” “‘Almost every group is worse off than it was three years ago, and some groups had very large declines in income,’ Green, who previously directed work on the Census Bureau’s income and poverty statistics program, said in a phone interview today. ‘We’re in an unprecedented period of economic stagnation.’” (Jeff Kearn, “U.S. Incomes Fell More In Recovery, Sentier Says,” Bloomberg, 8/23/12)

“Across The Country, In Almost Every Demographic, Americans Earn Less Today Than They Did In June 2009, When The Recovery Technically Started.” (Catherine Rampell, “Big Income Losses For Those Near Retirement,” The New York Times, 8/23/12)

Under President Obama, Americans Nearing Retirement “Have Suffered Disproportionately,” With Household Incomes Declining Almost 10 Percent. “Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply. The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.” (Catherine Rampell, “Big Income Losses For Those Near Retirement,” The New York Times, 8/23/12)

Pew Research: “The Middle Class Has Shrunk In Size, Fallen Backward In Income And Wealth…” “Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future.” (“The Lost Decade Of The Middle Class,” Pew Research, 8/22/12)

• “For The First Time Since The End Of World War II, Mean Family Incomes Declined For Americans In All Income Tiers.” “Their downbeat take on their economic situation comes at the end of a decade in which, for the first time since the end of World War II, mean family incomes declined for Americans in all income tiers. But the middle-income tier—defined in this Pew Research analysis as all adults whose annual household income is two-thirds to double the national median —is the only one that also shrunk in size, a trend that has continued over the past four decades.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)

“The Loss In Wealth From 2007 To 2010 Was The Greatest For Lower- And Middle-Income Families.” “In percentage terms, the loss in wealth from 2007 to 2010 was the greatest for lower- and middle-income families. Since the recession started, net worth fell 41% for lower-income families, 39% for middle-income families, and 17% for upper-income families.” (“The Lost Decade Of The Middle Class,” Pew Research, 8/22/12)

And Middle-Class Americans Are Still Struggling With Long-Term Unemployment And Increasing Joblessness:

The Average Duration Of Unemployment Remained At 39 Weeks. “The average duration of unemployment increased to a record 41 weeks in November and remains at 39 weeks, Labor Department data show. Almost 5.2 million Americans have been out of work for at least six months.” (Jeff Kearn, “U.S. Incomes Fell More In Recovery, Sentier Says,” Bloomberg, 8/23/12)

“Almost 5.2 Million Americans Have Been Out Of Work For At Least Six Months.” (Jeff Kearn, “U.S. Incomes Fell More In Recovery, Sentier Says,” Bloomberg, 8/23/12)

Jobless Claims “Climbed Last Week To A One-Month High, Showing Little Progress In The Labor Market.” “The number of Americans filing applications for unemployment benefits climbed last week to a one-month high, showing little progress in the labor market. Jobless claims rose by 4,000 for a second week to reach 372,000 in the period ended Aug. 18 … The four-week moving average, a less volatile measure, increased to 368,000. … ‘It’s still very sluggish, and growth itself is implying we should not see any acceleration in hiring at this point,’ Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York, said before the report. … The Labor Department revised the previous week’s figure up to 368,000 from an initially reported 366,000.” (“Jobless Claims In U.S. Climb For Second Week To One-Month High,” Bloomberg, 8/23/12)

The Congressional Budget Office Projects “The Unemployment Rate Will Stay Above 8 Percent For The Rest Of The Year.” “The unemployment rate will stay above 8 percent for the rest of the year, CBO estimates, and the rate of inflation in consumer prices will remain low.” (“An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022,” Congressional Budget Office, 8/22/12)

“After Commencement, A Growing Number Young People Say They Have No Choice But To Take Low-Skilled Jobs…” “After four years of college, many graduates are ending up in jobs that only require the ability to operate a cash register with a smile. After commencement, a growing number young people say they have no choice but to take low-skilled jobs, according to a survey released this week. And while 63% of ‘Generation Y’ workers — those age 18 to 29 — have a bachelor’s degree, the majority of the jobs taken by graduates don’t require one, according to an online survey of 500,000 young workers carried out between July 2011 and July 2012 by PayScale.com, a company that collects data on salaries.” (Quentin Fottrell, “Trading Caps And Gowns For Mops,” Market Watch, 8/22/12)

And The Nonpartisan CBO Confirmed The Next Generation Will Be Forced To Repay Yet Another Trillion-Dollar Deficit:

“The Federal Budget Deficit For Fiscal Year 2012 … Will Total $1.1 Trillion … Marking The Fourth Year In A Row With A Deficit Of More Than $1 Trillion.” “The federal budget deficit for fiscal year 2012 (which ends on September 30) will total $1.1 trillion, the Congressional Budget Office (CBO) estimates, marking the fourth year in a row with a deficit of more than $1 trillion.” (“An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022,” Congressional Budget Office, 8/22/12)

Federal Debt Held By The Public Will Reach The Highest Levels Since The 1950s. “Federal debt held by the public will reach 73 percent of GDP by the end of this fiscal year—the highest level since 1950 and about twice the 36 percent of GDP that it measured at the end of 2007, before the financial crisis and recent recession.” (“An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022,” Congressional Budget Office, 8/22/12)