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Romney Campaign Press Release - Romney To Obama: Your Mistakes Were The Policies — Not The Stories

July 12, 2012

"President Obama believes that millions of Americans have lost their homes, their jobs and their livelihood because he failed to tell a good story. Being president is not about telling stories. Being president is about leading, and President Obama has failed to lead. No wonder Americans are losing faith in his presidency." —Mitt Romney

President Obama Says The Biggest Mistake Of His First Term Was Thinking His Job "Was Just About Getting The Policy Right":

President Obama Feels His Biggest Mistake Was Thinking Too Much About "Getting The Policy Right." OBAMA: "The mistake of my first term — couple of years — was thinking that this job was just about getting the policy right. And that's important. And that's important. But the nature of this office is also to tell a story to the American people that gives them a sense of unity and purpose and optimism, especially during tough times." (Lindsey Boerma, "Obama Reflects On His Biggest Mistake As President," CBS News, 7/12/12)

"President Obama's Biggest Mistake During His First Term, He Told CBS News In An Exclusive Interview, Has Been Putting Policy Over Storytelling." (Lindsey Boerma, "Obama Reflects On His Biggest Mistake As President," CBS News, 7/12/12)

But What Was President Obama's Actual Biggest Mistake? His Policies That Have Been Wrong For Jobs And Incomes...

The Economy In June "Remained In A Spring Slump" As Employers Added A Lower-Than-Expected 80,000 Jobs. "The employment market emerged remained in a spring slump in June as employers added 80,000 jobs. The nation's unemployment rate was unchanged at 8.2% for the second consecutive month, the Labor Department said Friday. A consensus of economists had estimated that payrolls grew by 95,000 jobs last month, including 103,000 in the private sector." ("8.2% Unemployment Rate Unchanged In June," USA Today, 7/6/12)

"The Weakest Job-Adding Quarter In Two Years..." 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)

"U.S. Job Growth Barely Picked Up In June, The Latest Sign That Economic Growth Has Slowed." "U.S. job growth barely picked up in June, the latest sign that economic growth has slowed. Nonfarm payrolls grew by 80,000 last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, was unchanged at 8.2%." (Jeffrey Sparshott and Eric Morath, "Jobs Data Indicate Slowing Growth," The Wall Street Journal, 7/6/12)

Average Weekly Wages Declined In 2011, "One Of Only Five Declines Since The Category Was Created In 1978." "Unemployment ebbs and flows, but one measure of the nation's economic health, average weekly wages, rarely dips. Until now. In the latest demonstration of the struggling economy that threatens President Obama's reelection, average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics." (Paul Bedard, "Wages Drop, Only 5th Time In 33 Years," The Washington Examiner, 7/2/12)

"BLS Found That Weekly Wages Dropped Over The Year By 1.7 Percent..." "In a just-released review of employment in the nation's largest 322 counties, BLS found that weekly wages dropped over the year by 1.7 percent to $955 in the fourth quarter of 2011 from a high of $971 in the fourth quarter of 2010." (Paul Bedard, "Wages Drop, Only 5th Time In 33 Years," The Washington Examiner, 7/2/12)

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)

Wrong On Debt, Deficits, And Spending...

Since President Obama Took Office, The National Debt Has Surpassed A Record $15.8 Trillion — An Increase Of More Than $5.2 Trillion. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

Every American's Share Of The National Debt Has Increased By Approximately $16,000 Under President Obama. (Department Of The Treasury, www.treasurydirect.gov, 7/4/12)

President Obama Is Responsible For "The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News, 8/22/11)

President Obama's Latest Budget Breaks His Pledge And "Does Not Come Close" To Cutting The Deficit In Half. "The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president's budget claims it will be $901 billion in 2013." (Jake Tapper, "Obama's Broken Deficit Promise," ABC News, 2/13/12)

This Year Will Be President Obama's "Fourth Straight Year Of Deficits Over $1 Trillion." "Obama's budget projects that the deficit for the current year will total $1.33 trillion, the fourth straight year of deficits over $1 trillion." ("Highlights Of Obama's $3.8 Trillion Budget," The Associated Press, 2/13/12)

Wrong On Health Care...

Obamacare Contains "The Largest Tax Increase Since 1993." "Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

Nearly Three-Quarters Of Small-Business Owners Blame Obamacare For Hurting Job Creation. "As part of the explanation for the general economic pessimism, 78 percent of small businesses believe that taxation, regulation and legislation from Washington make it harder for businesses to hire more employees — and 74 percent blame the recent health care reforms passed by the Obama administration for creating an impediment to job creation." (Tim Mak, "Chamber Poll: Small Biz Blames D.C.," Politico, 1/18/12)

Family Health Care Premiums Have Increased $2,393 During President Obama's First Three Years In Office. Average annual family premiums have increased from $12,680 in 2008 to $15,073 in 2011. ("Employer Health Benefits, 2011 Annual Survey, Exhibit 1.11" Kaiser Family Foundation, 2011)

Despite President Obama's Promises, Health Care Premiums Aren't "Going To Go Down." "The video released by the Obama campaign Thursday has a graph that shows health insurance premiums climbing and climbing — way above general inflation. Giving families and businesses relief was a big part of Obama's sales pitch for health care reform. ... But no matter what happens with the law, the line on that graph isn't going to go down." (David Nather, "Health Care Reform: 4 Inconvenient Truths," Politico, 3/16/12)

Obamacare Could Force Businesses In The Medical Device Industry To Shift More Than 40,000 Jobs Overseas. "The medical device industry says it could lose 10 percent of its U.S. workforce because of a tax created by healthcare reform. The Advanced Medical Technology Association (AdvaMed) released a report Wednesday that says device-makers might ship 43,000 jobs overseas once the tax takes effect in 2013." (Sam Baker, "Device-Makers Say Tax Will Cost 43,000 US Jobs," The Hill, 9/7/11)

Wrong For Consumer Confidence...

University Of Michigan Index: "Confidence Among U.S. Consumers Declined In June To The Lowest Level This Year..." "Confidence among U.S. consumers declined in June to the lowest level this year as Americans grew more pessimistic about prospects for the economy. The Thomson Reuters/University of Michigan final index of sentiment fell to 73.2 this month from 79.3 in May. The gauge was projected to hold at the preliminary reading of 74.1, according to the median forecast of economists surveyed by Bloomberg News." (Caroline Fairchild, "Consumer Sentiment In U.S. Falls To Lowest Since December," Bloomberg, 6/29/12)

"Americans Can't Seem To Shake Their Uneasy Feeling About The Economy." "Americans can't seem to shake their uneasy feeling about the economy. Consumer confidence fell in June for the fourth straight month ... and corresponds with a slowdown in hiring by U.S. companies over the same period." (Anne D'Innocenzio, "Consumer Confidence Slipped In June," The Associated Press, 6/26/12)

... And Wrong For Our Economic Growth:

America's First Quarter GDP Was A "Tepid" 1.9%, Which Is "Too Weak To Lower The Unemployment Rate." "Applications for unemployment benefits stayed above a level last week that is generally considered too high to lower the unemployment rate. And the annual growth rate for the U.S. economy in the January-March quarter was unchanged at a tepid 1.9 percent. ... Growth of around 1.9 percent typically generates roughly 90,000 jobs a month. That's considered too weak to lower the unemployment rate, which was 8.2 percent last month." (Christopher S. Rugaber, "Tepid Economic Growth Weighs On US Job Market," The Associated Press, 6/28/12)

"The Service Sector In June Grew At The Slowest Pace In Nearly Two And A Half Years, More Evidence That The Economy Has Weakened." ("Service Sector Increases At Slowest Pace In 2 Years," The Associated Press, 7/5/12)

"Stubbornly High Unemployment And Anxiety About The Economy Took A Toll On Top U.S. Retailers' Sales In June..." "Stubbornly high unemployment and anxiety about the economy took a toll on top U.S. retailers' sales in June, raising concerns that shoppers are penny-pinching ahead of the back-to-school season. Costco Wholesale Corp (COST.O), Macy's Inc (M.N), Kohl's Corp (KSS.N) and Target Corp (TGT.N) all reported disappointing June sales at stores open at least a year." (Phil Wahba, "'Stagnant' Economy Takes Toll On U.S. Retailers' June Sales," Reuters, 7/5/12)

"Manufacturing In The U.S. Unexpectedly Shrank In June For The First Time In Almost Three Years." "Oil fell after manufacturing in the U.S. unexpectedly shrank in June for the first time in almost three years. Prices dropped 1.4 percent as the Institute for Supply Management's U.S. factory index fell to 49.7 in June from 53.5 a month earlier." (Moming Zhou, "Oil Drops As U.S. Manufacturing Shrinks In June," Bloomberg, 7/2/12)

Manufacturing Will Likely Remain "Weak For The Next Few Months." "Manufacturing will likely stay weak for the next few months. The ISM's gauge of new orders, a measure of future activity, plunged from 60.1 to 47.8. That's the first time it has fallen below 50 since April 2009, when the economy was still in recession." (Christopher S. Rugaber,  "US Manufacturing Shrinks For First Time In 3 Years," The Associated Press, 7/2/12)

Mitt Romney, Romney Campaign Press Release - Romney To Obama: Your Mistakes Were The Policies — Not The Stories Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/301796

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