The good folks at the RNC took a look  at what candidate Obama promised in Nevada during the 2008 presidential campaign … and the record of failure that followed. The result reveals President Obama’s failure to live up to candidate Obama’s promises.

In a new video the RNC reminds us of how Obama’s failed promises impact Nevada. Nevada has the highest unemployment rate in the country — 12.6%, the highest foreclosure filings in the country and more than 58% of properties with mortgages underwater:

Research proving Obama’s failed promises is provided below the fold courtesy of the RNC.

FAILED ON HOUSING

PROMISE: Obama Promised Nevadans That He Would “Act Quickly To Help People Stay In Their Homes” “I’ll also act quickly to help people stay in their homes, something that’s especially critical here in Nevada where foreclosure rates are five times the national average. I’ll help responsible homeowners refinance their mortgages on affordable terms, and put in place a three-month moratorium on foreclosures to give folks the breathing room they need to get back on their feet. And I won’t let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08) 

FAILURE: Obama’s “Mosaic” Of Housing Policies Is “Entering Its Fourth Year Of Weak Sales And High Foreclosures.” “The proposal, to be released in the coming weeks, is the latest addition to a mosaic of Obama administration programs aimed at boosting the housing market, which is entering its fourth year of weak sales and high foreclosures.” (Lorraine Woellert, “Obama Pushes Proposal To Streamline Refinancing For Homeowners,” Bloomberg, 1/25/12)

Under Obama’s Housing Programs “Fewer Than 1,000 Loans Have Refinanced.”  ”Haven’t similar programs been tried before? Yes. But those programs put in place a series of rules designed to ensure that government entities weren’t taking on more risk by allowing investors and banks to offload risky mortgages onto the government. In 2010, for example, the Obama administration rolled out a program to let underwater borrowers refinance through the FHA, but that program required banks to first write down loan balances so that borrowers could qualify under existing rules. Fewer than 1,000 loans have refinanced through the program. Congress approved a more complicated version of this idea in spring 2008 called Hope for Homeowners, but it also resulted in just a few hundred refinances.” (Nick Timiraos, “Six Questions On Obama’s Mortgage Refinance Proposal,” The Wall Street Journal, 1/25/12)

Four Years Later Housing Is Still “Especially Critical Here In Nevada” 

“For 60 Consecutive Months, Nevada Has Had The Highest Foreclosure Rate Of Any State. That’s Five Long, Painful Years.” (Dana Bash and Deirdre Walsh, “No Silver Lining In Housing Market As Nevada Votes,” CNN, 2/3/12) 

“More Than 6 Percent Of Nevada Housing Units (One In 16) Had At Least One Foreclosure Filing In 2011, Giving It The Nation’s Highest State Foreclosure Rate For The Fifth Consecutive Year” (RealtyTrac, “2011 Year-End Foreclosure Market Report: Foreclosures On The Retreat,” Press Release, 1/12/12) 

• “[L]as Vegas Posted The Nation’s Top Foreclosure Rate For The Year Among Metropolitan Statistical Areas…” “With 7.38 percent of its housing units (one in 14) with at least one foreclosure filing in 2011, Las Vegas posted the nation’s top foreclosure rate for the year among metropolitan statistical areas with a population of 200,000 or more.” (RealtyTrac, “2011 Year-End Foreclosure Market Report: Foreclosures On The Retreat,” Press Release, 1/12/12)

In Nevada, Nearly Two-Thirds Of Homeowners Are Underwater On Their Mortgages. ”Data earlier this year from CoreLogic.com showed that nearly two-in-three Nevada homeowners owed more on their property than their homes were worth – a situation also known as being ‘underwater.’ Nevada was followed by Arizona (51 percent), Florida (47 percent) and Michigan (36 percent) in terms of underwater loans.” (Aaron Blake, “Obama And The Politics Of The Housing Foreclosure Crisis,” The Washington Post ‘s “The Fix ,“ 10/24/11)

FAILED ON AFFORDABLE HEALTH CARE

IN 2008, OBAMA PROMISED NEVADANS THAT HIS HEALTH CARE PLAN WOULD LOWER PREMIUMS

PROMISE: Obama Said That Under His Plan, Americans Would See “Lower Premiums.” “If you have health insurance, the only thing that will change under my plan is that we will lower premiums.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08)

FAILURE: Factcheck.org: ObamaCare Is Actually Making Health Care “Less Affordable.” “At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year’s premium increases cast even more doubt on another promise the president has made – that the health care law would ‘lower premiums by up to $2,500 for a typical family per year.’” (D’Angelo Gore, “Promises, Promises,” Factcheck.org, 1/4/12) 

• The Washington Post ‘s The Fact Checker: “Insurance Premiums Have Gone Up . . .” “Moreover, at this point it is debatable whether the law has made health care more affordable. Insurance premiums have gone up, in part because of new benefits mandated by the law.” (Glenn Kessler, “The Fine Print In Obama’s ‘Promises Kept’ Ad,” The Washington Post’s ” The Fact Checker,” 1/6/12) 

Kaiser Study Found That Costs Of Family Coverage “Climbed” 9 Percent In 2011. “The average cost of a family policy climbed 9 percent in 2011 to $15,073, according to a poll of 2,088 private companies and state and local government agencies by the Henry J. Kaiser Family Foundation in Menlo Park, California, and the Chicago- based American Hospital Association’s Health Research and Educational Trust.” (Jeffrey Young, “Health-Benefit Costs Rise Most In Six Years,” Bloomberg, 9/27/11)

• Workers Paid An Average Of $132 More For Family Coverage In 2011 Than They Did In 2010. “Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

• The Cost Of Single Employee Coverage Grew 8 Percent According To The Kaiser Survey. “Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11) 

Nevada Received A Waiver From ObamaCare To Avoid “Destabilization”

The Obama Administration Gave Nevada A Statewide Waiver From ObamaCare To Avoid “Destabilization Of The Individual Market.” “The Health and Human Services Department announced late Friday that Nevada had secured a statewide waiver from certain implementation requirements of the Obama administration’s health care law, because forcing them through, the department found, ‘may lead to the destabilization of the individual market.’” (Karoun Demirjian, “Nevada Secures Partial Waiver From Federal Health Care Law,” Las Vegas Sun, 5/16/11)

• Nevada Received A Waiver Reducing The Requirement Of Revenue Spent On Medical Expenses From 80 Percent To 75 Percent Due To Fears It Would Drive Golden Rule And Aetna From The Insurance Market. “Nevada’s Insurance Division had appealed to the feds to reduce the federal requirement that health plans serving people who buy insurance on their own must spend at least 80 percent of the money they collect on medical expenses. Under the national rule, companies that don’t spend that percentage of revenue on medical costs have to cut policyholders rebate checks starting this year. Nevada asked that requirement be reduced to 72 percent for one year, arguing that top insurance providers would be so strapped to make the payments that they’d exit the state market. Health and Human Services didn’t fully buy that argument, but did agree to reduce the requirement to 75 percent for a year, expressing concern about what might happen to people with policies from insurers Golden Rule and Aetna if they didn’t.” (Karoun Demirjian, “Nevada Secures Partial Waiver From Federal Health Care Law,” Las Vegas Sun, 5/16/11)

FAILED ON GREEN ENERGY JOBS

IN 2008, OBAMA PROMISED TO CREATE GREEN ENERGY JOBS AND REDUCE DEPENDENCE ON FOREIGN OIL

PROMISE: Obama Said He Would “Create Five Million” New Jobs And “End Our Dependence On Oil From Middle East Dictators.” “If I am President, I will invest $15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade – jobs that pay well and can’t be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08) 

FAILURE: Obama Has Taken Credit For 2.7 Million Green Energy Jobs That He Did Not Create. “The Brookings Institution study refers to 2.7 million workers currently employed by the clean economy — not the number of jobs created by Obama, which a viewer might interpret from the ad. The report found that ‘clean economy establishments’ added half a million jobs between 2003 and 2010, comprising six years of the Bush administration.” (“AdWatch: Obama’s 1^st Campaign TV Ad Defends His Energy Record Without Feel-Good Images,” The Associated Press, 1/20/12)

Obama’s $38.6 Billion Green Loan Program Created Only 3,500 Jobs, But Obama Had Predicted It Would Save Or Create 65,000. “The Washington Post reported in September that Mr. Obama’s $38.6 billion green loan program had created a mere 3,500 jobs over two years. He had predicted it would ‘save or create’ 65,000.” (Editorial, “The Non-Green Job Boom,” The Wall Street Journal, 11/28/11)

• Obama’s $500 Million Program Designed To Train Workers For Green Jobs “Has Come Up Far Short Of Its Goals.” “The Labor Department’s inspector general says a $500 million program designed to train workers for green jobs has come up far short of its goals. A report finds that only about 8,000 people participating in the program have actually found work so far. That’s just 10 percent of the target goal of placing 80,000 workers in careers in energy efficiency or renewable energy by 2013.” (“Report Says Green Jobs Program Far Short Of Goals,” The Associated Press, 10/3/11)

It Is “Absolutely Not True” That Obama’s Policies Have Helped Wean The U.S. From Foreign Oil. “When asked, though, whether the Obama administration’s policies have helped wean the U.S. from foreign oil, [Oppenheimer & Co. energy analyst Fadel] Gheit was equally emphatic. ‘Absolutely not true,’ Gheit said. ‘It was all market driven and all through American ingenuity….It was no thanks to Washington, not thanks to lobbyists, not thanks to anybody.’” (Josh Gerstein, “What Obama’s First Ad Doesn’t Say,” Politico’s “Under The Radar”, 1/19/12)

The Obama Administration Denied A Permit To Build The Keystone Pipeline. “The Obama administration announced Wednesday that it will deny a permit to build the Keystone XL pipeline, an important link between a U.S. market that’s thirsty for energy and a rich source of petroleum in nice, stable, neighborly Canada.” (Editorial, “Pipeline Politics: Misguided Obama Blocks Keystone Pipeline,” Chicago Tribune, 1/19/12)

• “The Oil From Canada Could Ultimately Supplant Much Of The Oil The United States Imports From The Middle East And Other Unstable Regions. It Could Give The Country A Measure Of Energy Security.” (Editorial, “Pipeline Delay An Insult To Jobless,” The Detroit News, 11/14/11)

Previous editions of Obama’s failed promises:

• Obama’s failed promises: Florida edition
• Obama’s failed promises: Iowa edition

The good folks at the RNC took a look  at what candidate Obama promised in Nevada during the 2008 presidential campaign … and the record of failure that followed. The result reveals President Obama’s failure to live up to candidate Obama’s promises.

In a new video the RNC reminds us of how Obama’s failed promises impact Nevada. Nevada has the highest unemployment rate in the country — 12.6%, the highest foreclosure filings in the country and more than 58% of properties with mortgages underwater:

Research proving Obama’s failed promises is provided below the fold courtesy of the RNC.

FAILED ON HOUSING

PROMISE: Obama Promised Nevadans That He Would “Act Quickly To Help People Stay In Their Homes” “I’ll also act quickly to help people stay in their homes, something that’s especially critical here in Nevada where foreclosure rates are five times the national average. I’ll help responsible homeowners refinance their mortgages on affordable terms, and put in place a three-month moratorium on foreclosures to give folks the breathing room they need to get back on their feet. And I won’t let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08) 

FAILURE: Obama’s “Mosaic” Of Housing Policies Is “Entering Its Fourth Year Of Weak Sales And High Foreclosures.” “The proposal, to be released in the coming weeks, is the latest addition to a mosaic of Obama administration programs aimed at boosting the housing market, which is entering its fourth year of weak sales and high foreclosures.” (Lorraine Woellert, “Obama Pushes Proposal To Streamline Refinancing For Homeowners,” Bloomberg, 1/25/12)

Under Obama’s Housing Programs “Fewer Than 1,000 Loans Have Refinanced.”  ”Haven’t similar programs been tried before? Yes. But those programs put in place a series of rules designed to ensure that government entities weren’t taking on more risk by allowing investors and banks to offload risky mortgages onto the government. In 2010, for example, the Obama administration rolled out a program to let underwater borrowers refinance through the FHA, but that program required banks to first write down loan balances so that borrowers could qualify under existing rules. Fewer than 1,000 loans have refinanced through the program. Congress approved a more complicated version of this idea in spring 2008 called Hope for Homeowners, but it also resulted in just a few hundred refinances.” (Nick Timiraos, “Six Questions On Obama’s Mortgage Refinance Proposal,” The Wall Street Journal, 1/25/12)

Four Years Later Housing Is Still “Especially Critical Here In Nevada” 

“For 60 Consecutive Months, Nevada Has Had The Highest Foreclosure Rate Of Any State. That’s Five Long, Painful Years.” (Dana Bash and Deirdre Walsh, “No Silver Lining In Housing Market As Nevada Votes,” CNN, 2/3/12) 

“More Than 6 Percent Of Nevada Housing Units (One In 16) Had At Least One Foreclosure Filing In 2011, Giving It The Nation’s Highest State Foreclosure Rate For The Fifth Consecutive Year” (RealtyTrac, “2011 Year-End Foreclosure Market Report: Foreclosures On The Retreat,” Press Release, 1/12/12) 

• “[L]as Vegas Posted The Nation’s Top Foreclosure Rate For The Year Among Metropolitan Statistical Areas…” “With 7.38 percent of its housing units (one in 14) with at least one foreclosure filing in 2011, Las Vegas posted the nation’s top foreclosure rate for the year among metropolitan statistical areas with a population of 200,000 or more.” (RealtyTrac, “2011 Year-End Foreclosure Market Report: Foreclosures On The Retreat,” Press Release, 1/12/12)

In Nevada, Nearly Two-Thirds Of Homeowners Are Underwater On Their Mortgages. ”Data earlier this year from CoreLogic.com showed that nearly two-in-three Nevada homeowners owed more on their property than their homes were worth – a situation also known as being ‘underwater.’ Nevada was followed by Arizona (51 percent), Florida (47 percent) and Michigan (36 percent) in terms of underwater loans.” (Aaron Blake, “Obama And The Politics Of The Housing Foreclosure Crisis,” The Washington Post ‘s “The Fix ,“ 10/24/11)

FAILED ON AFFORDABLE HEALTH CARE

IN 2008, OBAMA PROMISED NEVADANS THAT HIS HEALTH CARE PLAN WOULD LOWER PREMIUMS

PROMISE: Obama Said That Under His Plan, Americans Would See “Lower Premiums.” “If you have health insurance, the only thing that will change under my plan is that we will lower premiums.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08)

FAILURE: Factcheck.org: ObamaCare Is Actually Making Health Care “Less Affordable.” “At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year’s premium increases cast even more doubt on another promise the president has made – that the health care law would ‘lower premiums by up to $2,500 for a typical family per year.’” (D’Angelo Gore, “Promises, Promises,” Factcheck.org, 1/4/12) 

• The Washington Post ‘s The Fact Checker: “Insurance Premiums Have Gone Up . . .” “Moreover, at this point it is debatable whether the law has made health care more affordable. Insurance premiums have gone up, in part because of new benefits mandated by the law.” (Glenn Kessler, “The Fine Print In Obama’s ‘Promises Kept’ Ad,” The Washington Post’s ” The Fact Checker,” 1/6/12) 

Kaiser Study Found That Costs Of Family Coverage “Climbed” 9 Percent In 2011. “The average cost of a family policy climbed 9 percent in 2011 to $15,073, according to a poll of 2,088 private companies and state and local government agencies by the Henry J. Kaiser Family Foundation in Menlo Park, California, and the Chicago- based American Hospital Association’s Health Research and Educational Trust.” (Jeffrey Young, “Health-Benefit Costs Rise Most In Six Years,” Bloomberg, 9/27/11)

• Workers Paid An Average Of $132 More For Family Coverage In 2011 Than They Did In 2010. “Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

• The Cost Of Single Employee Coverage Grew 8 Percent According To The Kaiser Survey. “Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11) 

Nevada Received A Waiver From ObamaCare To Avoid “Destabilization”

The Obama Administration Gave Nevada A Statewide Waiver From ObamaCare To Avoid “Destabilization Of The Individual Market.” “The Health and Human Services Department announced late Friday that Nevada had secured a statewide waiver from certain implementation requirements of the Obama administration’s health care law, because forcing them through, the department found, ‘may lead to the destabilization of the individual market.’” (Karoun Demirjian, “Nevada Secures Partial Waiver From Federal Health Care Law,” Las Vegas Sun, 5/16/11)

• Nevada Received A Waiver Reducing The Requirement Of Revenue Spent On Medical Expenses From 80 Percent To 75 Percent Due To Fears It Would Drive Golden Rule And Aetna From The Insurance Market. “Nevada’s Insurance Division had appealed to the feds to reduce the federal requirement that health plans serving people who buy insurance on their own must spend at least 80 percent of the money they collect on medical expenses. Under the national rule, companies that don’t spend that percentage of revenue on medical costs have to cut policyholders rebate checks starting this year. Nevada asked that requirement be reduced to 72 percent for one year, arguing that top insurance providers would be so strapped to make the payments that they’d exit the state market. Health and Human Services didn’t fully buy that argument, but did agree to reduce the requirement to 75 percent for a year, expressing concern about what might happen to people with policies from insurers Golden Rule and Aetna if they didn’t.” (Karoun Demirjian, “Nevada Secures Partial Waiver From Federal Health Care Law,” Las Vegas Sun, 5/16/11)

FAILED ON GREEN ENERGY JOBS

IN 2008, OBAMA PROMISED TO CREATE GREEN ENERGY JOBS AND REDUCE DEPENDENCE ON FOREIGN OIL

PROMISE: Obama Said He Would “Create Five Million” New Jobs And “End Our Dependence On Oil From Middle East Dictators.” “If I am President, I will invest $15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade – jobs that pay well and can’t be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.” (Senator Barack Obama, Remarks At A Campaign Event, Reno, NV, 10/25/08) 

FAILURE: Obama Has Taken Credit For 2.7 Million Green Energy Jobs That He Did Not Create. “The Brookings Institution study refers to 2.7 million workers currently employed by the clean economy — not the number of jobs created by Obama, which a viewer might interpret from the ad. The report found that ‘clean economy establishments’ added half a million jobs between 2003 and 2010, comprising six years of the Bush administration.” (“AdWatch: Obama’s 1^st Campaign TV Ad Defends His Energy Record Without Feel-Good Images,” The Associated Press, 1/20/12)

Obama’s $38.6 Billion Green Loan Program Created Only 3,500 Jobs, But Obama Had Predicted It Would Save Or Create 65,000. “The Washington Post reported in September that Mr. Obama’s $38.6 billion green loan program had created a mere 3,500 jobs over two years. He had predicted it would ‘save or create’ 65,000.” (Editorial, “The Non-Green Job Boom,” The Wall Street Journal, 11/28/11)

• Obama’s $500 Million Program Designed To Train Workers For Green Jobs “Has Come Up Far Short Of Its Goals.” “The Labor Department’s inspector general says a $500 million program designed to train workers for green jobs has come up far short of its goals. A report finds that only about 8,000 people participating in the program have actually found work so far. That’s just 10 percent of the target goal of placing 80,000 workers in careers in energy efficiency or renewable energy by 2013.” (“Report Says Green Jobs Program Far Short Of Goals,” The Associated Press, 10/3/11)

It Is “Absolutely Not True” That Obama’s Policies Have Helped Wean The U.S. From Foreign Oil. “When asked, though, whether the Obama administration’s policies have helped wean the U.S. from foreign oil, [Oppenheimer & Co. energy analyst Fadel] Gheit was equally emphatic. ‘Absolutely not true,’ Gheit said. ‘It was all market driven and all through American ingenuity….It was no thanks to Washington, not thanks to lobbyists, not thanks to anybody.’” (Josh Gerstein, “What Obama’s First Ad Doesn’t Say,” Politico’s “Under The Radar”, 1/19/12)

The Obama Administration Denied A Permit To Build The Keystone Pipeline. “The Obama administration announced Wednesday that it will deny a permit to build the Keystone XL pipeline, an important link between a U.S. market that’s thirsty for energy and a rich source of petroleum in nice, stable, neighborly Canada.” (Editorial, “Pipeline Politics: Misguided Obama Blocks Keystone Pipeline,” Chicago Tribune, 1/19/12)

• “The Oil From Canada Could Ultimately Supplant Much Of The Oil The United States Imports From The Middle East And Other Unstable Regions. It Could Give The Country A Measure Of Energy Security.” (Editorial, “Pipeline Delay An Insult To Jobless,” The Detroit News, 11/14/11)

Previous editions of Obama’s failed promises:

• Obama’s failed promises: Florida edition
• Obama’s failed promises: Iowa edition

Download audio here

Download Podcast | iTunes | Podcast Feed

On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the latest jobs news and Obama’s plan for a trillion-dollar housing refinancing plan.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Unemployment Falls to 8.5%; 200,000 New Jobs Created
December 2011 Employment Report
January Surprise: Is Obama preparing a trillion-dollar, mass refinancing of mortgages?

Follow Brad on Twitter
Follow Francis on Twitter

Subscribe to The Transom

The hosts and guests of Coffee and Markets speak only for ourselves, not any clients or employers.

Download audio here

Download Podcast | iTunes | Podcast Feed

On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the latest jobs news and Obama’s plan for a trillion-dollar housing refinancing plan.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Unemployment Falls to 8.5%; 200,000 New Jobs Created
December 2011 Employment Report
January Surprise: Is Obama preparing a trillion-dollar, mass refinancing of mortgages?

Follow Brad on Twitter
Follow Francis on Twitter

Subscribe to The Transom

The hosts and guests of Coffee and Markets speak only for ourselves, not any clients or employers.

The good folks at the RNC took a look  at what Obama promised in Iowa four years ago …. and the record of failure that followed. The result is the following video, “Failed Promises: Iowa Edition” along with a little research to demonstrate Obama’s failure:

In Des Moines, Iowa, four years ago Obama promised that when “We’ve made the changes we believe in,” we’d be “Able to look back with pride and say that this was the moment when it all began.”

“[Y]ears from now, when we’ve made the changes we believe in, when more families can afford to see a doctor, when our children — when Malia and Sasha and your children inherit a planet that’s a little cleaner and safer, when the world sees America differently, and America sees itself as a nation less divided and more united, you’ll be able to look back with pride and say that this was the moment when it all began.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

Four years later, a look back at Obama’s record reveals a litany of failure — not only to Iowa, but to the entire country:

FAILED ON JOBS

 Since President Obama Took Office The Nation Has Lost 1.9 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.6 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)

• The Unemployment Rate Has Remained Above Eight Percent For A Record 34 Straight Months. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)
• There Are Currently 13,303,000 Unemployed Workers. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)
• The Washington Post‘s Fact Checker Said “Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era.” “Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement.” (Glenn Kessler, “Rick Perry’s Claim That Obama Has ‘Killed More Jobs’ Than Any Other President,” The Washington Post‘s “The Fact Checker,” 8/22/11)

FAILED ON HOUSING

 “This Summer At The White House, Obama Offered A Rare Acknowledgment That His Response To The Housing Crisis Had Fallen Short.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

FAILED ON SPENDING AND DEFICITS

 President Obama Has Racked Up The Three Largest Deficits In U.S. History. “The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government.”(Erik Wasson, “Treasury Announces 2011 Deficit Is Second Highest In History,” The Hill‘s “On The Money,” 10/14/11)

• FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
• FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
• FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)

FAILED ON DEBT – Politifact: “Obama Is The Undisputed Debt King Of The Last Five Presidents.” “So by this measurement — potentially a more important one — Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi’s chart suggested.” (“Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors,” Politifact, 5/19/11)

Since Obama Took Office, The National Debt Has Increased By Over $4.5 Trillion, An Increase Of Over 42 Percent. (Department Of The Treasury, “Debt To The Penny And Who Holds It,” Treasury Direct, Accessed 12/29/11)

• 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)

FAILED ON TONE

Four Years Ago In Iowa On Caucus Night, Obama Promised That His Presidency Would End Politics Of Divisiveness And Cynicism:

PROMISE – Obama Promised That His Iowa Victory Would Be The Moment That Ended The Politics “Where We Tear Each Other Down Instead Of Lifting This Country Up.” OBAMA: “This was the moment when we finally beat back the policies of fear and doubts and cynicism, the politics where we tear each other down instead of lifting this country up. This was the moment.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

Obama’s “Reelection Effort Will Be More Sharply Partisan In Tone Than The Idealistic-Sounding Campaign That Brought Him To Power.” “President Obama’s latest attacks on Republicans are another sign that his reelection effort will be more sharply partisan in tone than the idealistic-sounding campaign that brought him to power.” (Paul West, “Obama Campaign Gears Up To Pull In New Voters,” Los Angeles Times, 9/30/11)

Obama Will “Run A Much More Negative Campaign” To Combat A Jobless Rate That Has Not Allowed For A President’s Reelect “Since The Great Depression.” “The jobless rate will stand at levels that have not led to a president’s re-election since the Great Depression. Largely because of that, Obama will run a much more negative campaign, his aides acknowledge, even if it threatens to demoralize some supporters who were inspired by his 2008 message of hope.” (Charles Babington, “2012 Race Likely To Be Close, Tough, Maybe Brutal,” The Associated Press, 11/5/11)

“Forget Hope And Change,” Obama’s Campaign Is Based On “Fear And Loathing.” “Forget hope and change. President Obama’s reelection campaign is going to be based on fear and loathing: fear of what a Republican takeover would mean, and loathing of whomever the Republican nominee turns out to be. Of course the Obama campaign will attempt to present the affirmative case for his reelection, citing legislative achievements, foreign policy successes and the current flurry of executive actions. But his strategists have clearly concluded that selling the president will not be enough, and the contours of the ugly months ahead are becoming increasingly apparent.” (Ruth Marcus, “Campaign 2012: Welcome To The Slugfest,” The Washington Post, 11/2/11)

• “And As Much As Obama Presented Himself As Above The Regular Partisan Fray During The 2008 Campaign, He Was Not Averse To Taking The Lower Road When It Appeared The Advisable Route.” (Ruth Marcus, “Campaign 2012: Welcome To The Slugfest,” The Washington Post, 11/2/11)

Time’s Mark Halperin: “Barack Obama’s Campaign And Allies Will Run More Negative Ads Against This Republican Nominee In 2012 Than Have Ever Been Run In The History Of The World.” “Look we have a recent example of somebody who talked like this, Barack Obama, he got elected, but he also ran more negative tv ads than anyone has run in the history of the world against john McCain. Barack Obama’s campaign and allies will run more negative ads against this Republican nominee in 2012 than have ever been run in the history of the world.” (MSNBC’s “Morning Joe,” 6/22/11)

FAILED ON INFLUENCE OF LOBBYISTS

Four Years Ago In Iowa On Caucus Night, Obama Promised To End The Influence Of Special Interests And Lobbyists:

Obama Promised To End The Influence Of Lobbyists. OBAMA: “You said the time has come to tell the lobbyists who think their money and their influence speak louder than our voices that they don’t own this government – we do. And we are here to take it back.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08) 

 Obama’s 2012 Bundler List “Features A Number Of People Involved In The Business Of Influencing Government.” “A list of Obama’s own top fundraisers features a number of people involved in the business of influencing government, including the head of a lobbying and public relations firm, the corporate executive who oversees Comcast’s lobbying efforts and the chairwoman of pharmaceutical giant Pfizer’s political action committee, among others.” (Michael Scherer, ‘No Registered Lobbyists Among Top Obama Fundraisers, But Influence Seekers Abound,” Time’s “Swampland,” 7/20/11)

Obama Is Ignoring His Pledge To Not Take Money From Lobbyists, Raising Millions From “Prominent Supporters Who Are Active In The Lobbying Industry.” “Despite a pledge not to take money from lobbyists, President Obama has relied on prominent supporters who are active in the lobbying industry to raise millions of dollars for his re-election bid.” (Eric Lichtblau, “Obama Backers Tied To Lobbies Raise Millions,” The New York Times, 10/27/11)

• At Least 15 Of Obama’s Bundlers Are In The Lobbying Industry And Have Raised Over $5 Million For Obama’s Reelection Campaign. “At least 15 of Mr. Obama’s ‘bundlers’ — supporters who contribute their own money to his campaign and solicit it from others — are involved in lobbying for Washington consulting shops or private companies. They have raised more than $5 million so far for the campaign.” (Eric Lichtblau, “Obama Backers Tied To Lobbies Raise Millions,” The New York Times, 10/27/11)

The Obama Administration Meets With Lobbyists At “A Complex Just Off The White House Grounds.” “Caught between their boss’s anti-lobbyist rhetoric and the reality of governing, President Barack Obama’s aides often steer meetings with lobbyists to a complex just off the White House grounds – and several of the lobbyists involved say they believe the choice of venue is no accident.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

These Lobbyists Do Not Make It Into The Visitors Log Which Is Released To The Public. “It allows the Obama administration to keep these lobbyist meetings shielded from public view – and out of Secret Service logs collected on visitors to the White House and later released to the public.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

Attendees Say The Meetings Are Being Kept “Off The Books – So Their Visits Wouldn’t Later Be Made Public.”  “The White House scoffs at the notion of an ulterior motive for scheduling meetings in what are, after all, meeting rooms. But at least four lobbyists who’ve been to the conference rooms just off Lafayette Square tell POLITICO they had the distinct impression they were being shunted off to Jackson Place – and off the books – so their visits wouldn’t later be made public.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

FAILED ON AFFORDABLE HEALTH CARE

Four Years Ago In Iowa On Caucus Night, Obama Promised To Make Health Care Affordable:

Obama Promised To Make Health Care Affordable. OBAMA: “I’ll be a president who finally makes health care affordable and available to every single American, the same way I expanded health care in Illinois, by bringing Democrats and Republicans together to get the job done.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

 “The Cost Of Health Insurance Skyrocketed In 2011 After Several Years Of Relatively Small Increases.” (Jane M. Von Bergen, “Health Insurance Costs Skyrocketing,” The Philadelphia Inquirer, 9/27/11) 

Workers Paid An Average Of $132 More For Family Coverage This Year. “Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

• Cost Of Single Employee Coverage Grew 8 Percent According To The Survey. “Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

Polls Show That Voters Don’t Support ObamaCare, One Of Obama’s “Signature Accomplishments.” “Heading into his re-election campaign, the president faces a conflicted public that does not support his steering of the economy, the most dominant issue for Americans, or his reforms to health care, one of his signature accomplishments.” (Ken Thomas and Jennifer Agiesta, “AP-GfK Poll: More Than Half Say Obama Should Lose,” The Associated Press, 12/16/11)

• Half Of Americans Oppose ObamaCare While Only 29 Percent Support It. “The poll found unpopularity for last year’s health care reform bill, one of Obama’s major accomplishments. About half of the respondents oppose the health care law and support for it dipped to 29 percent from 36 percent in June.” (Ken Thomas and Jennifer Agiesta, “AP-GfK Poll: More Than Half Say Obama Should Lose,” The Associated Press, 12/16/11)

Survey Found That Only 60 Percent Of Employers Offered Medical Coverage This Year, A 9 Percent Decrease From 2010. “Sixty percent of employers said they offered medical benefits this year, a decrease from 69 percent in 2010.” (Jeffrey Young, “Health-Benefit Costs Rise Most In Six Years,” Bloomberg, 9/27/11)

• GALLUP: “The Percentage Of American Adults Who Get Their Health Insurance From An Employer Continues To Decline, Falling To 44.5% In The Third Quarter Of This Year.” (Elizabeth Mendes, “Employer-Based Health Insurance Continues To Trend Down,” Gallup, 11/11/11)

The good folks at the RNC took a look  at what Obama promised in Iowa four years ago …. and the record of failure that followed. The result is the following video, “Failed Promises: Iowa Edition” along with a little research to demonstrate Obama’s failure:

In Des Moines, Iowa, four years ago Obama promised that when “We’ve made the changes we believe in,” we’d be “Able to look back with pride and say that this was the moment when it all began.”

“[Y]ears from now, when we’ve made the changes we believe in, when more families can afford to see a doctor, when our children — when Malia and Sasha and your children inherit a planet that’s a little cleaner and safer, when the world sees America differently, and America sees itself as a nation less divided and more united, you’ll be able to look back with pride and say that this was the moment when it all began.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

Four years later, a look back at Obama’s record reveals a litany of failure — not only to Iowa, but to the entire country:

FAILED ON JOBS

 Since President Obama Took Office The Nation Has Lost 1.9 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.6 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)

• The Unemployment Rate Has Remained Above Eight Percent For A Record 34 Straight Months. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)
• There Are Currently 13,303,000 Unemployed Workers. (Bureau Of Labor Statistics, BLS.gov, Accessed 12/7/11)
• The Washington Post‘s Fact Checker Said “Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era.” “Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement.” (Glenn Kessler, “Rick Perry’s Claim That Obama Has ‘Killed More Jobs’ Than Any Other President,” The Washington Post‘s “The Fact Checker,” 8/22/11)

FAILED ON HOUSING

 “This Summer At The White House, Obama Offered A Rare Acknowledgment That His Response To The Housing Crisis Had Fallen Short.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

FAILED ON SPENDING AND DEFICITS

 President Obama Has Racked Up The Three Largest Deficits In U.S. History. “The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government.”(Erik Wasson, “Treasury Announces 2011 Deficit Is Second Highest In History,” The Hill‘s “On The Money,” 10/14/11)

• FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
• FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
• FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)

FAILED ON DEBT – Politifact: “Obama Is The Undisputed Debt King Of The Last Five Presidents.” “So by this measurement — potentially a more important one — Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi’s chart suggested.” (“Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors,” Politifact, 5/19/11)

Since Obama Took Office, The National Debt Has Increased By Over $4.5 Trillion, An Increase Of Over 42 Percent. (Department Of The Treasury, “Debt To The Penny And Who Holds It,” Treasury Direct, Accessed 12/29/11)

• 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)

FAILED ON TONE

Four Years Ago In Iowa On Caucus Night, Obama Promised That His Presidency Would End Politics Of Divisiveness And Cynicism:

PROMISE – Obama Promised That His Iowa Victory Would Be The Moment That Ended The Politics “Where We Tear Each Other Down Instead Of Lifting This Country Up.” OBAMA: “This was the moment when we finally beat back the policies of fear and doubts and cynicism, the politics where we tear each other down instead of lifting this country up. This was the moment.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

Obama’s “Reelection Effort Will Be More Sharply Partisan In Tone Than The Idealistic-Sounding Campaign That Brought Him To Power.” “President Obama’s latest attacks on Republicans are another sign that his reelection effort will be more sharply partisan in tone than the idealistic-sounding campaign that brought him to power.” (Paul West, “Obama Campaign Gears Up To Pull In New Voters,” Los Angeles Times, 9/30/11)

Obama Will “Run A Much More Negative Campaign” To Combat A Jobless Rate That Has Not Allowed For A President’s Reelect “Since The Great Depression.” “The jobless rate will stand at levels that have not led to a president’s re-election since the Great Depression. Largely because of that, Obama will run a much more negative campaign, his aides acknowledge, even if it threatens to demoralize some supporters who were inspired by his 2008 message of hope.” (Charles Babington, “2012 Race Likely To Be Close, Tough, Maybe Brutal,” The Associated Press, 11/5/11)

“Forget Hope And Change,” Obama’s Campaign Is Based On “Fear And Loathing.” “Forget hope and change. President Obama’s reelection campaign is going to be based on fear and loathing: fear of what a Republican takeover would mean, and loathing of whomever the Republican nominee turns out to be. Of course the Obama campaign will attempt to present the affirmative case for his reelection, citing legislative achievements, foreign policy successes and the current flurry of executive actions. But his strategists have clearly concluded that selling the president will not be enough, and the contours of the ugly months ahead are becoming increasingly apparent.” (Ruth Marcus, “Campaign 2012: Welcome To The Slugfest,” The Washington Post, 11/2/11)

• “And As Much As Obama Presented Himself As Above The Regular Partisan Fray During The 2008 Campaign, He Was Not Averse To Taking The Lower Road When It Appeared The Advisable Route.” (Ruth Marcus, “Campaign 2012: Welcome To The Slugfest,” The Washington Post, 11/2/11)

Time’s Mark Halperin: “Barack Obama’s Campaign And Allies Will Run More Negative Ads Against This Republican Nominee In 2012 Than Have Ever Been Run In The History Of The World.” “Look we have a recent example of somebody who talked like this, Barack Obama, he got elected, but he also ran more negative tv ads than anyone has run in the history of the world against john McCain. Barack Obama’s campaign and allies will run more negative ads against this Republican nominee in 2012 than have ever been run in the history of the world.” (MSNBC’s “Morning Joe,” 6/22/11)

FAILED ON INFLUENCE OF LOBBYISTS

Four Years Ago In Iowa On Caucus Night, Obama Promised To End The Influence Of Special Interests And Lobbyists:

Obama Promised To End The Influence Of Lobbyists. OBAMA: “You said the time has come to tell the lobbyists who think their money and their influence speak louder than our voices that they don’t own this government – we do. And we are here to take it back.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08) 

 Obama’s 2012 Bundler List “Features A Number Of People Involved In The Business Of Influencing Government.” “A list of Obama’s own top fundraisers features a number of people involved in the business of influencing government, including the head of a lobbying and public relations firm, the corporate executive who oversees Comcast’s lobbying efforts and the chairwoman of pharmaceutical giant Pfizer’s political action committee, among others.” (Michael Scherer, ‘No Registered Lobbyists Among Top Obama Fundraisers, But Influence Seekers Abound,” Time’s “Swampland,” 7/20/11)

Obama Is Ignoring His Pledge To Not Take Money From Lobbyists, Raising Millions From “Prominent Supporters Who Are Active In The Lobbying Industry.” “Despite a pledge not to take money from lobbyists, President Obama has relied on prominent supporters who are active in the lobbying industry to raise millions of dollars for his re-election bid.” (Eric Lichtblau, “Obama Backers Tied To Lobbies Raise Millions,” The New York Times, 10/27/11)

• At Least 15 Of Obama’s Bundlers Are In The Lobbying Industry And Have Raised Over $5 Million For Obama’s Reelection Campaign. “At least 15 of Mr. Obama’s ‘bundlers’ — supporters who contribute their own money to his campaign and solicit it from others — are involved in lobbying for Washington consulting shops or private companies. They have raised more than $5 million so far for the campaign.” (Eric Lichtblau, “Obama Backers Tied To Lobbies Raise Millions,” The New York Times, 10/27/11)

The Obama Administration Meets With Lobbyists At “A Complex Just Off The White House Grounds.” “Caught between their boss’s anti-lobbyist rhetoric and the reality of governing, President Barack Obama’s aides often steer meetings with lobbyists to a complex just off the White House grounds – and several of the lobbyists involved say they believe the choice of venue is no accident.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

These Lobbyists Do Not Make It Into The Visitors Log Which Is Released To The Public. “It allows the Obama administration to keep these lobbyist meetings shielded from public view – and out of Secret Service logs collected on visitors to the White House and later released to the public.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

Attendees Say The Meetings Are Being Kept “Off The Books – So Their Visits Wouldn’t Later Be Made Public.”  “The White House scoffs at the notion of an ulterior motive for scheduling meetings in what are, after all, meeting rooms. But at least four lobbyists who’ve been to the conference rooms just off Lafayette Square tell POLITICO they had the distinct impression they were being shunted off to Jackson Place – and off the books – so their visits wouldn’t later be made public.” (Chris Frates, “Lobbyists: W.H. Hides Meetings Off-Site,” Politico, 2/24/11)

FAILED ON AFFORDABLE HEALTH CARE

Four Years Ago In Iowa On Caucus Night, Obama Promised To Make Health Care Affordable:

Obama Promised To Make Health Care Affordable. OBAMA: “I’ll be a president who finally makes health care affordable and available to every single American, the same way I expanded health care in Illinois, by bringing Democrats and Republicans together to get the job done.” (Sen. Barack Obama, Remarks, Des Moines, IA, 1/3/08)

 “The Cost Of Health Insurance Skyrocketed In 2011 After Several Years Of Relatively Small Increases.” (Jane M. Von Bergen, “Health Insurance Costs Skyrocketing,” The Philadelphia Inquirer, 9/27/11) 

Workers Paid An Average Of $132 More For Family Coverage This Year. “Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey.” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

• Cost Of Single Employee Coverage Grew 8 Percent According To The Survey. “Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)” (Julie Appleby, “Cost Of Employer Insurance Plans Surge In 2011,” Kaiser Health News, 9/27/11)

Polls Show That Voters Don’t Support ObamaCare, One Of Obama’s “Signature Accomplishments.” “Heading into his re-election campaign, the president faces a conflicted public that does not support his steering of the economy, the most dominant issue for Americans, or his reforms to health care, one of his signature accomplishments.” (Ken Thomas and Jennifer Agiesta, “AP-GfK Poll: More Than Half Say Obama Should Lose,” The Associated Press, 12/16/11)

• Half Of Americans Oppose ObamaCare While Only 29 Percent Support It. “The poll found unpopularity for last year’s health care reform bill, one of Obama’s major accomplishments. About half of the respondents oppose the health care law and support for it dipped to 29 percent from 36 percent in June.” (Ken Thomas and Jennifer Agiesta, “AP-GfK Poll: More Than Half Say Obama Should Lose,” The Associated Press, 12/16/11)

Survey Found That Only 60 Percent Of Employers Offered Medical Coverage This Year, A 9 Percent Decrease From 2010. “Sixty percent of employers said they offered medical benefits this year, a decrease from 69 percent in 2010.” (Jeffrey Young, “Health-Benefit Costs Rise Most In Six Years,” Bloomberg, 9/27/11)

• GALLUP: “The Percentage Of American Adults Who Get Their Health Insurance From An Employer Continues To Decline, Falling To 44.5% In The Third Quarter Of This Year.” (Elizabeth Mendes, “Employer-Based Health Insurance Continues To Trend Down,” Gallup, 11/11/11)

Wasn’t TARP supposed to take care of these troubled assets?

Tired of illegal immigration divorced from love of the English language, the Declaration of Independence, and personal independence from welfare and anchor babies? Well, build a fence, but in the meantime, how about an idea that increases legal immigration and does what TARP was supposed to do.

Chuch Schumer as Fred Sanford

Mike Lee as Aunt Esther

Enter the latest version of Sanford & Son, with Fred Sanford and Aunt Esther in the persons of Senators Mike Lee (R-UT) and Chuck Schumer (D-NY):

American consumers and the federal government haven’t been able to bail out the sinking U.S. real estate market. Now wealthy Chinese, Canadians and other foreign buyers could get their chance.

Two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States…

The bipartisan proposal, part of a package that also would make it easier for international tourists to visit the U.S., is similar to an existing program that puts foreigners on a fast track to a green card if they invest at least $500,000 in an American business that creates at least 10 jobs…

The legislation would create a new homeowner visa that would be renewable every three years, but the proposal would not put them on a path to citizenship. To be eligible, a person would have to buy a primary residence of at least $250,000 and spend a total of $500,000 on residential real estate. The other properties could be rented.

The program would come with several restrictions.

The purchase would have to be in cash, with no mortgage or home equity loan allowed. And the property would have to be bought for more than its most recent appraised value, Schumer said.

The buyer would have to live in the home for at least 180 days each year, which would require paying U.S. income taxes on any foreign earnings. Buyers would no longer be eligible for the temporary visa if the property were sold.

The buyer would be able to bring a spouse and minor children to live in the U.S. but would need to apply for a work visa to hold a job. Neither the buyer nor dependents would be eligible to receive Medicaid, Medicare or Social Security benefits.

“The bill does not limit people from being productive,” Schumer said. “It simply prevents them from coming here and taking jobs that otherwise would go to Americans.”

I would remove many of the above restrictions, but many conservatives may be suspicious of the bill as is, given that it is co-sponsored by the senior senator from the Empire State. But, given the help it would offer to our underwater real estate market we would we wise to take the advice of Fred Sanford’s Aunt Esther (played by the junior senator from the Beehive State) upon discovering the funds Fred (Schumer) was donating to her charity was earned from gambling, exclaimed: “I’ll take money from the Devil to do God’s work!”

And for those that worry about foreigners gobbling up America soil, I am reminded of the scare in the 1980s when many Japanese bought up prime real estate including iconic skyscrapers in major U.S. cities. Guess what, the Fruited Plain remains and they can’t take it back to China either.

With so many Americans facing foreclosure and in desperate straits and with prospects for recovery on hold until the real estate market reaches bottom, those that want to see the economy grow should welcome the prospect of ready buyers for these troubled assets.

God knows that Fannie Mae, Freddie Mac, Hank Paulson and Barack Obama have let us down while TARP gave GM and UAW a welfare program no matter if anyone buys a Volt.

Mike DeVine

Editor - Hillbilly Politics

Co-Founder and Editor - Political Daily

Atlanta Law & Politics columnist –  Examiner.com

“One man with courage makes a majority.” – Andrew Jackson

More DeVine Gamecock rooster crowings at Modern Conservative, Unified Patriots,  and Conservative Outlooks. All Charlotte Observer and Atlanta Journal-Constitution op-eds archived at Townhall.com.

What will it take for the government to admit that it’s utterly and inherently incapable of efficiently providing “affordable” housing?

A comprehensive investigation undertaken by The Washington Post uncovered nothing but waste and fraud and suffering for the scores of neighborhoods and tens of thousands of people who were supposed to benefit from the efforts of the Department of Housing and Urban Development (HUD).

The Post’s reporting should come as a powerful reminder that housing, like all services, is best left to free markets; that government projects designed to provide what the market supposedly cannot encourage abuse and often make the very problems they were supposed to address worse. The newspaper’s findings are staggering:

• Housing agencies doled out millions of dollars to troubled developers including novice builders, fledgling nonprofits and groups accused of fraud or delivering shoddy work.
• Checks were cut even when projects were still on the drawing boards, without land, financing or permits to move forward. In fifty-five cases uncovered by The Washington Post, developers drew HUD money but left behind only barren lots.
• Nearly one in seven of all projects investigated showed signs of significant delay. Housing agencies repeatedly failed to cancel bad deals or alert the department when projects foundered.
• HUD has known about the problems for years yet it fails to impose more stringent requirements on local housing agencies. Even when the department learns of a botched deal, federal law makes it impossible to demand a repayment. HUD can ask local authorities to voluntarily repay, but the agency was unable to say how much money has ever been returned.

Mismanagement and corruption in supposedly benign government projects is usually treated as incidental but is in fact endemic. Whenever one person is authorized to spend another person’s money for the benefit of a third, there is little incentive to spend that money wisely. Indeed, for the sort of noble souls that public works attract, the incentive is the very opposite—to take as much money for themselves and their friends as they can get away with.

The bureaucracies that control these practices are inherently incapable of correcting their contractors and themselves and so in the name of helping the poor, millions in taxpayers’ dollars are wasted on building urban monstrosities that no one honestly wants to live in—if anything is built at all. And it’s been going on for decades.

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On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the housing data and the hidden costs of inflation. Then Pej talks about Chuck Schumer’s conference call gaffe.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

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Schumer coordinates Dem budget attack on GOP

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