Did Obama Lose the Middle Class?
If President Obama loses in November, the new numbers out showing a calamitous drop in Americans' median net worth—we lost 20 years' worth of prosperity in the Great Recession—will tell a good part of the story why.
Bottom line: he lost the middle class. According to the Federal Reserve, a broad group of Americans loosely defined as the middle class saw its net worth plummet from a median of $126,400 in 2007 to $77,300 in 2010.
It's hardly fair to blame Obama for what began in 2007, but there's no reason why he shouldn't be saddled for some of the blame in underestimating the severity of the crisis. Indeed, as economist Emmanual Saez has written, the wealthiest one percent in the country have actually made out better, in percentage terms, during Obama's "recovery" of 2009-2010 than they did from 2002-07 under George W. Bush.
Judging from recent polls, the perception of the president is that he's spending a lot more time coddling the very poor (the uninsured) and the very rich (Wall Street) than he is the middle class. Obama spent a huge portion of his political capital on Obamacare, and almost none on helping underwater middle-class mortgage holders. Nor did he deploy, in a big way, the enormous leverage he had over Wall Street and Main Street both to induce more lending and hiring.
The president, quixotically, sought to save both the poor and the filthy rich—but at the expense of the bigger victim, the middle class. And if he gets voted out, they will be the ones to do it. Read more
—Michael Hirsh
NATIONAL JOURNAL’S PRIMARY REPORT
Adelson to Give $10 Million to Pro-Romney Super PAC NEW!
[Wall Street Journal, 6/13/12] Billionaire casino mogul Sheldon Adelson is giving $10 million to Restore our Future, the super PAC supporting Mitt Romney. The amount may be the largest single donation towards Romney’s efforts so far.
Romney Scaling the Blue Wall
[National Journal, 6/13/12] Obama’s top strategists have outlined their numerous paths to 270 electoral votes: win Florida, sweep the Southwest, or pick off a Southern state or two, National Journal's Josh Kraushaar writes. But they didn’t prepare for the possibility that working-class white voters in the Rust Belt could abandon the president en masse, throwing his well-laid plans into disarray.
Two Campaigns Chasing Funds at Frantic Pace
[New York Times, 6/12/12] With the primary season over, the presidential campaign has entered a new phase, one dictated by the competitive realities of the deregulated campaign finance system. Gone are the days when candidates could wrap up fundraising ahead of the convention and rely on public funding – both Romney and Obama have opted out of that system.
Candidates' Economic Plans Get Negative Marks NEW!
[CNN, 6/13/12] Independent voters are not interested in the economic plans presented by Romney or Obama, according to a Washington Post/ABC News poll released on Wednesday. 54% of independents view Obama's economic plan unfavorably and 47% view Romney's plan unfavorably.
Wall Street's Vote: Romney by a Landslide
[Politico, 6/13/12] Romney's presidential campaign and the super PAC supporting it are outraising Obama among financial-sector donors, perhaps attributed to Wall Street's dislike of the president. Nineteen Obama donors from 2008 are now giving large amounts to Romney.
Spin Meter: Romney Championed Green Energy Fund NEW!
[Associated Press, 6/13/12] Despite his criticism of Obama for not allowing green energy firms to rise or fall in the free market, Romney backed a Massachusetts program that targeted investments to individual green startup companies, in order to boost jobs and state revenues.
Welcome to the 'Out of Context' Campaign
[CNN, 6/12/12] Obama's re-election campaign's latest ad blames Romney for Massachusetts' $18 billion debt, although under Romney's watch, the debt only rose by $2.5 billion -- and that's just one example of the distortion with which both campaigns are operating this season.
Obama Campaign’s Rough Patch Concerns Some Democrats
[Washington Post, 6/12/12] Is it time for Democrats to panic? Karen Tumulty takes the pulse and finds a growing number of party loyalists growing concerned after a rough couple of weeks in which President Obama and his political operation have been buffeted by bad economic news, their own gaffes and signs that the presumed Republican nominee is gaining strength.
Democrats Want Change in Obama’s Message
[Politico, 6/12/12] Obama will head to Cleveland on Thursday to deliver a speech about his economic vision, another in his attempt to get people talking. But, Democrats are increasingly saying that his message is not working.
Obama's Complex Campaign Message Poses a Challenge
[L.A. Times, 6/12/12] Romney's campaign message is simple and, according to Obama, this simplicity lends itself to easy persuasion. But Obama's campaign message can't quite be boiled down to a "tweet," as he mocked the GOP platform the other day, making it difficult for him to convince wary supporters that he's still the best man for the presidency.
Obama's Gamble: Asking for More Time to Fix Economy
[Reuters, 6/13/12] Obama's speech on Thursday will involve making the case that he needs more time to fix the economy Bush damaged, as Reuters' Andy Sullivan and Caren Bohan write. But this strategy could be risky for the president, as voters could see it as him shirking his current problems by peddling rosy plans for the future.
Obama Says ‘Pay Attention’ to the GOP
[ABC News, 6/13/12] Obama's day of fundraising on Tuesday involved him telling supporters to "pay attention" to the policies Republicans are offering. He reminded people that the last time the federal government maintained a budget surplus was when Democrat Bill Clinton was president.
Romney Outlines Health-Care Plan As Supreme Court Weighs Law
[Bloomberg, 6/13/12] As the Supreme Court is preparing to rule on Obama's health care plan, Romney is pledging to replace the health care overhaul with a new plan. The plan involves relying on private markets to provide access and implementing policies aimed at helping provide for those uninsured or with special conditions.
Winning Minorities a Struggle for Romney
[The Hill, 6/13/12] The Romney team thinks they have a chance at cutting into Obama's lead among minorities in part because, amidst the current economic turmoil and doubt in the country, Hispanics and blacks' unemployment figures are rising.
Political Groups Target Key Voting Demographic on Pinterest NEW!
[USA Today, 6/13/12] More than two-thirds of women are using pinterest and politics have recently discovered its ability to give political messages. Now advocacy groups such as ThinkProgress, the Heritage Foundation, the AFL-CIO and the DNC are present on the site.
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