The Obama Record: Political Payoffs and Middle Class Layoffs

From the Romeny campaign via Jim Geraghty of The National Review
(Links available upon request)

"While middle-class Americans are suffering in the Obama economy, President Obama's donors and supporters are 'doing fine.' The President has spent billions of taxpayer dollars on political payoffs, but failed to create the millions of jobs he promised. Americans deserve a president who is concerned with creating jobs for the middle class, not rewarding campaign donors. It's Chicago-style economics, and it's not working." --Andrea Saul, Romney Campaign Spokesperson

President Obama Has Engaged In Political Payoffs By Rewarding Wealthy Donors And Administration Insiders With Taxpayer Dollars:

The Washington Post: "You Can Call It Crony Capitalism Or Venture Socialism -- But By Whatever Name, The Energy Department's Loan Guarantee Program Privatizes Profits And Socializes Losses." (Editorial, "The Energy Department's Loan Guarantee Program Is The Real Solyndra Scandal," The Washington Post,11/17/11)

Top Obama Fundraisers Worked In His Department Of Energy "As It Showered Billions In Taxpayer-Backed Stimulus Money On Alternative Energy Firms." "Several of Barack Obama's top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, iWatch News and ABC News have learned." (Ronnie Green and Matthew Mosk, "Bundlers On The Inside," iWatch, 9/29/11)

"Several Political Allies" Of President Obama Had "Ties To Companies Receiving Chunks" Of Taxpayer Money From The Stimulus. "A joint investigation by ABC News and the Center for Public Integrity that will air on World News with Diane Sawyer tonight has found that Westly is just one of several political allies of the president who have ties to companies receiving chunks of that money through loans, grants, or loan guarantees." (Brian Ross and Matthew Mosk, "Did Obama Administration Play Favorites With Energy Loans?," ABC News, 10/30/11)

Political Contributions Were "Given In Close Proximity To Meetings," Raising "Questions About Whether They Came With Expectations Of Access.""Some of the donors had no previous record of giving to the president or his party, or of making donations of such magnitude, so their gifts, sometimes given in close proximity to meetings, raise questions about whether they came with expectations of access or were expressions of gratitude." (Mike McIntire and Michael Luo, "White House Opens Door To Big Donors, And Lobbyists Slip In," The New York Times, 4/14/12)

• Former Democrat Representative Patrick Kennedy, On Special Interest Access To The Obama White House: "If You Want To Call It 'Quid Pro Quo,' Fine." "'If you want to call it 'quid pro quo,' fine,' he said. 'At the end of the day, I want to make sure I do my part.'" (Mike McIntire and Michael Luo, "White House Opens Door To Big Donors, And Lobbyists Slip In," The New York Times, 4/14/12)

• Center For Public Integrity Headline: "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More" (Fred Schulte, et al, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More," iWatch News, 6/15/11)

President Obama Put A Top Fundraiser "In Charge Of Hiring In The Obama White House, Helping Place Loyalists And Fundraisers In Many Key Positions." "After the election, Gips was put in charge of hiring in the Obama White House, helping to place loyalists and fundraisers in many key positions. Then in mid-2009, the new president named him ambassador to South Africa. Level 3 Communications, in which Gips retained stock, meanwhile received millions of dollars of government stimulus contracts for broadband projects in six states-though Gips said he was 'completely unaware' of the stimulus money." (Fred Schulte, et al, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More," iWatch News, 6/15/11)

"Nearly 200 Of [President Obama's] Biggest Donors Have Landed Plum Government Jobs And Advisory Posts, Won Federal Contracts Worth Millions Of Dollars For Their Business Interests . . ." "More than two years after President Obama took office vowing to banish 'special interests' from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events, an investigation by iWatch News has found." (Fred Schulte, et al, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More,"iWatch News, 6/15/11)

While President Obama's Donors Are "Doing Fine," Millions Of Middle-Class Americans Are Struggling In The Obama Economy:

Vice President Biden, On The Economy: "It's A Depression For Millions And Millions Of Americans." "Vice President Joe Biden today offered a blunt assessment of the plight of the unemployed, telling supporters at a campaign rally in Iowa that the economy remains "a depression for millions and millions of Americans." . . . 'It's a depression for millions and millions of Americans,' he said." (Devin Dwyer, "Biden: Economy Feels Like A 'Depression For Millions'," ABC News, 6/27/12)

More Than Twenty-Three Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 7/7/12)

"The American Job Machine Has Jammed" And Has Settled Into A "Summer Slump For The Third Year In A Row." "The American job machine has jammed. Again. The economy added only 80,000 jobs in June, the government said Friday, erasing any doubt that the United States is in a summer slump for the third year in a row." (Paul Wiseman, "US Economy Adds 80,000 Jobs In Another Weak Month," The Associated Press, 7/7/12)

"The Weakest Job-Adding Quarter In Two Years . . ." CNBC's JOHN HARWOOD: "Just 80,000 jobs added in the month of June, Michelle. 8.2% unemployment rate, unchanged, 12.7 million unemployed people, also unchanged. That makes the second quarter the weakest job-adding quarter in two years, an average of 75,000 jobs added in the second quarter of this year." (CNBC's "Squawk Box," 7/6/12)

Since President Obama Took Office, Median Household Income Has Declined By $4,300. "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)