TALK IS CHEAP

Obama Tries Again To Pitch Failed Stimulus Today, But His Policies Have Never Managed To Meet His Promises

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"President Barack Obama Will Hold A Town Hall Meeting On The Economy In Racine On Wednesday." (President Obama To Visit Racine Wednesday," The Associated Press, 6/26/10)

OBAMA HAS FAILED TO DELIVER RESULTS ON THE ECONOMY

CLAIM: Obama Said In February That Stimulus Would "Jolt Our Economy Back To Life." "Obama defended the role of government in the recovery process, saying that 'with the private sector so weakened by this recession, the federal government is the only entity left with the resources to jolt our economy back to life.'" (Anne E. Komblut and Michael Fletcher, "Obama Says Economic Crisis Comes First," The Washington Post, 2/10/09)

REALITY: Since The Stimulus Was Passed, The U.S. Has Lost 2.2 Million Jobs. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 6/15/10)

CLAIM: White House Predicted Unemployment Would Not Rise Above 8 Percent With Stimulus. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)

REALITY: Currently, The Unemployment Rate Is 9.7 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 6/15/10)

CLAIM: Obama: "More Than 90 Percent Of The Jobs Created By This Plan Will Be In The Private Sector." ("Transcript: Obama's Prime Time News Conference," The New York Times, 2/9/09)

REALITY: Since The Stimulus Was Passed Public Sector Employers Have Added 399,000 Jobs While The Private Sector Has Shed 2,652,000 Jobs. (Bureau Of Labor Statistics, "The Employment Situation - May 2010," BLS.gov, 6/4/10)

CLAIM: Obama Promised His Housing Plan Would Prevent 7 to 9 Million Families From Foreclosure. "And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford--avoid foreclosure." (President Barack Obama, Remarks On The Home Mortgage Industry In Mesa, Arizona, 2/18/09)

REALITY: The President's Foreclosure Prevention Program Has Only Helped 340,000 Homeowners, More Have Been Dropped From Program Then Helped. "Since the program's launch last year, about 340,000 homeowners have received a permanent loan modification that lowers their mortgage payment for five years. . . The number of borrowers dropped from the program, about 436,000, eclipses those who have been helped, according to Treasury Department data. More than 100,000 borrowers lost their mortgage aid in May." (Renae Merle, "U.S. Reports Few Enrollees, More Dropouts In Federal Mortgage R elief Program," The Washington Post, 6/22/10)

• Between 65% And 75% Of All Mortgages Modified Under HAMP Will Default Within Next Year. "Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday. Between 65% and 75% of loans that are modified through the Home Affordable Modification Program but not backed by the federal government are likely to go bad, according to the report released by Fitch Ratings, a N.Y.-based credit-rating agency." (Les Christie, "75% Of Modified Home Loans Will Redefault," CNN Money, 6/16/10)

CLAIM: Obama: "Businesses Are Going To Get Help With Their Health Care Costs -- In Fact, Small Businesses Are Already Learning They're Eligible For Tax Credits To Cover Their Workers This Year." (President Barack Obama, Remarks By The President At A Tele-Town Hall With Seniors, Wheaton, MD, 6/8/10)

REALITY: ObamaCare's Small Business Tax Credit's Much-Touted "Broad Eligibility" Falls Short As It "Drops Off Sharply Once A Company Gets Above 10 Workers And $25,000 Average Annual Wages." "When the administration unveiled the small business tax credit earlier this week, officials touted its 'broad eligibili ty' for companies with fewer than 25 workers and average annual wages under $50,000 that provide health coverage. ... Lost in the fine print: The credit drops off sharply once a company gets above 10 workers and $25,000 average annual wages." (Ricardo Alonso-Zaldivar, "FACT CHECK: Tax Cut Math Doesn't Add Up For Some," The Associated Press, 5/20/10)

• Springfield, IL: Small Business Owner Says He'd Have To Cut Jobs, Slash Wages To Benefit From The Credit. "To get the most out of the new federal credit, Hoffman said he'd have to cut his work force to 10 employees and slash their wages. 'That seems like a strange outcome, given we've got 10 percent unemployment,' he said." (Ricardo Alonso-Zaldivar, "FACT CHECK: Tax Cut Math Doesn't Add Up For Some," The Associated Press, 5/20/10)

CLAIM: Candidate Obama Promised No Tax Increases Of Any Kind On The Middle Class. "I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." (Senator Barack Obama, Remarks In Dover, NH, 8/12/08)

REALITY: Hoyer Is Laying The Groundwork To Further Break Obama's Pledge Not To Increase Taxes On The Middle Class. "Tax cuts that benefit the middle class should not be 'totally sacrosanct' as policymakers try to plug the nation's yawning budget gap, House Majority Leader Steny Hoyer (D-Md.) said Monday, acknowledging that it would be difficult to reduce long-term deficits without breaking President Obama's pledge to protect families earning less than $250,000 a year." (Lori Montgomery, "Rep. Steny Hoyer Says Middle-Class Tax Breaks May Not Be Affordabl e Long-Term," The Washington Post, 6/22/10)

The Administration Now Argues That The Individual Mandate Is A Tax. "The federal government formally responded to the most serious legal challenge to the health-care overhaul, invoking its powers under the Constitution to regulate interstate commerce and impose taxes. ... The department's filing noted that virtually everyone needs medical care at some point. Existing laws guarantee a right to emergency care, and the new law requires insurance companies to allow people to buy insurance after they get sick. Congress was entitled to pass a law punishing people who go without coverage because their decision could impose future costs on the nationwide health system, the filing said. The law 'imposes a tax on the choice of a method to finance the future costs of one's health care,' it said." (Janet Adamy and Evan Perez, "U.S. Fights Challenge To Health Law," The Wall Street Journal, 6/18/10)

• Which Will Hit Middle Class Americans, Breaking Obama's Promise Not To Raise Their Taxes. "Nearly 4 million Americans -- the vast majority of them middle class -- will have to pay a penalty if they don't get insurance when President Barack Obama's health care overhaul law kicks in, according to congressional estimates released Thursday. The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report. Most of the people paying the fine will be middle class ... In his 2008 campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000." (Stephen Ohlemacher, "Nearly 4m People Could Pay Without Health Coverage," The Associated Press, 4/22/10)

And After SCHIP, Obama Broke Pledge Not To Tax Middle Class Families By Increasing Cigarette Taxes. "One of President Barack Obama's campaign pledges on taxes went up in puffs of smoke Wednesday. The largest increase in tobacco taxes took effect despite Obama's promise not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000. This is one tax that disproportionately affects the poor, who are more likely to smoke than the rich." (Calvin Woodward, "Promises, Promises: Obama Tax Pledge Up In Smoke," The Associated Press, 4/1/09)