Video: The cost of Obama’s broken promises

posted at 4:22 pm on March 5, 2012 by Tina Korbe

From the American Action Network comes a cool new video that quantifies Obama’s broken promises to reduce the deficit by half and to hold unemployment to less than 8 percent:

I call this a “cool” new video because I like its faded color palette and urgent background music — but the reality it conveys is decidedly uncool. Douglas Holtz-Eakin, the chief economist of President George W. Bush’s Council of Economic Advisers, summarizes the substance of the video:

As the president took office, his advisers released an analysis that promised his stimulus bill would prevent the unemployment rate from rising over 8 percent.  Obviously it has not.  For example, in October 2009 the rate was 10.0 percent, 2.1 percent above the rate promised by the president.  That 2.1 percent translates into 3.3 million more workers out of work that month than the president promised. Using the average hourly earnings in that month, the lost jobs in November translated to $11.2 billion in lost wages in one month alone.

Of course, these wage losses have accumulated from the beginning of the Obama administration to the present, as unemployment continues to exceed the president’s promise.  What is the cost of this ongoing broken promise?  The price tag easily exceeds $400 billion in lost wages.

As another example, recall that in 2009 the president promised that he would cut the budget deficit in half by the end of his term in office.  At the time, the deficit was over $1.4 trillion.  This implies that by 2012 the deficit would be $706 billion, and a straightforward connecting of the dots suggests targets of $1.2 trillion in 2010, and $942 in 2011.  Of course, the President has made no serious effort in this regard.  Every budget deficit is over $1 trillion on his watch, with that in 2012 now expected to be $1.3 trillion.

What is the gap between promise and reality?  Adding it up, the president’s disinterest in taming deficits has cost $1.1 trillion dollars.  That’s a pricey flip-flop.

The 2012 election has been billed as the “jobs and economy” election, but, recently, the White House has done a masterful job at distracting voters from the economy with the so-called contraception mandate. Still, a president’s economic performance in an election year has always been and continues to be an important predictor of elections. Unfortunately for Republicans, performance change matters more than absolute performance and, lately, the news has made it sound as though the president has helped the economy to round a corner. Ruy Teixeira sums it up:

Recent economic performance by these standard measures has been fairly good: The unemployment rate fell from 9 percent in September of last year to 8.3 percent this January; job growth accelerated steadily from 112,000 last October to 243,000 in January; and the overall economy grew by 3 percent in the last quarter of 2011, up from 1.8 percent the previous quarter. Current projections of economic growth for 2012 are in the 2.5 to 3 percent range. Based on these projections, models that incorporate GDP growth tend to see an Obama victory this November. Nate Silver’s model, for example, gives Obama a 60 percent chance of winning, given a 2.5 percent growth rate this year and current job approval levels.

Now, then, is when it is most important to examine the entirety of Obama’s economic record. Let’s not forget that unemployment was lowest under Obama on his first day in office. Let’s not forget that the real unemployment rate even now is at least 11 percent. Let’s not forget that, under Obama’s latest budget, the government would run as great a deficit as it has under every other year he has been president.

In 2008, Obama was rewarded for his cheap rhetorical promises. In 2012, let’s hold him accountable for breaking them.

Update: This post originally said the video came from the American Action Forum, when, in fact, it came from the American Action Network. The post has been corrected above — my apologies for the mistake! Also, check out this cool website for more on the discrepancies between Obama’s words and his actions. I’m beginning to think a politician who keeps his promises exists in the same universe as the Loch Ness monster.


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First

Natebo on March 5, 2012 at 4:24 PM

Come on Guys…

I need 4 more years….
Hope And Change can’t happen overnight…

Electrongod on March 5, 2012 at 4:24 PM

First

Natebo on March 5, 2012 at 4:24 PM

We’ll see.:)

Electrongod on March 5, 2012 at 4:24 PM

Those facts are raaaacist!

Laura in Maryland on March 5, 2012 at 4:25 PM

First!

Bishop on March 5, 2012 at 4:26 PM

Was that one of fluke’s eggs?

Rusty Allen on March 5, 2012 at 4:26 PM


In 2008, Obama was rewarded for his cheap rhetorical promises. In 2012, let’s hold him accountable for breaking them.

Only a dyed-in-the-wool Socialist, or an ignorant, illiterate fool would’ve voted for Obamuh in ’08.

Accordingly, the dyed-in-the-wool Socialists, and the ignorant, illiterate fools will vote for him, again.

There is nothing that Obamuh could do, that would alter this.

OhEssYouCowboys on March 5, 2012 at 4:27 PM

The way Hot Air has been time warping lately (crosses fingers)…First!

squint on March 5, 2012 at 4:28 PM

The way Hot Air has been time warping lately (crosses fingers)…First!

squint on March 5, 2012 at 4:28 PM

When Obamuh elevates us to Utopia – we will all be first, Comrades!

OhEssYouCowboys on March 5, 2012 at 4:29 PM

Obama has fulfilled his promises. He just had to take a crap on the Constitution to deliver what he promised. The National Health Care law is an unconstitutional joke.

smoothsailing on March 5, 2012 at 4:31 PM

Was that one of fluke’s eggs?

Rusty Allen on March 5, 2012 at 4:26 PM

BWAAAAAHAAAAAHAAAAHAAA!

Laura in Maryland on March 5, 2012 at 4:32 PM

Barack Hussein Obama > Harry Houdini …lol…joke is on you

apocalypse on March 5, 2012 at 4:32 PM

The cost would be much higher had he kept his promises.

galtani on March 5, 2012 at 4:37 PM

If you really want to be depressed, add in the increased cost of energy caused by Obama’s failed energy policies. I don’t have a figure handy, but it isn’t insignificant. We can’t afford this guy.

Duncan Khuver on March 5, 2012 at 4:37 PM

The national debt on 1/20/2008 was 10.626 trillion. It is now 15.5 trillion. How is that one trillion in increased debt as stated in the video. Pretty sure that is close to 5 trillion in increased debt for the Obama years.

Cinematicfilm on March 5, 2012 at 4:37 PM

Only a dyed-in-the-wool Socialist, or an ignorant, illiterate fool would’ve voted for Obamuh in ’08.

OhEssYouCowboys on March 5, 2012 at 4:27 PM

That pretty much describes the populace.

Oh well, it was a nice country while it lasted.

squint on March 5, 2012 at 4:38 PM

The Left will say Downgrade is keeping his ‘Promise’ to fundamentally change the nation – to third world status.

Chip on March 5, 2012 at 4:40 PM

Obama: Over one trillion dollars? That much? Oh… that’s just a Fluke….

Turtle317 on March 5, 2012 at 4:43 PM

Let’s not forget that unemployment was lowest under Obama on his first day in office.

let’s not forget that in his second month, the rate was the same as today; it was highest in october 2009 and has been inching down ever since. translation: he inherited a mess and within a few months, turned it around.

focusing on the unemployment rate in january 2009 as some kind of meaningful benchmark is nonsense, and thankfully won’t be available to for lazy critics who think you’re dumb much longer.

sesquipedalian on March 5, 2012 at 4:43 PM

the repubs always fluke up!

they need a war room to come up with messages and a strategy….

rushbo should have turned it around on them, that poor old fluke, she’s being used by the democrats… the democrats are using her like monica lewinsky…. and where’s that gonna get her… not even a blue dress….

Dr. Demento on March 5, 2012 at 4:45 PM

We already know all this.
Will the average voter see it?

Pecos on March 5, 2012 at 4:47 PM

Obama: Over one trillion dollars? That much? Oh… that’s just a Fluke….

Turtle317 on March 5, 2012 at 4:43 PM

What The Fluke?

Chip on March 5, 2012 at 4:47 PM

translation: he inherited a mess and within a few months, turned it around.

He sure has! And all it took was refusing to count large sectors of the unemployed, such as those millions who have given up looking for nonexistent jobs.

Start tossin’ rose petals at PBHO’s feet, everyone, the good times are back.

Bishop on March 5, 2012 at 4:48 PM

let’s not forget that in his second month, the rate was the same as today; it was highest in october 2009 and has been inching down ever since. translation: he inherited a mess and within a few months, turned it around.

sesquipedalian on March 5, 2012 at 4:43 PM

Oh my, that’s just…precious!

squint on March 5, 2012 at 4:49 PM

You ain’t seen nothing yet if I get reelected!
B. Heussein 0bama

jukin3 on March 5, 2012 at 4:49 PM

We already know all this.
Will the average voter see it?

Pecos on March 5, 2012 at 4:47 PM

Why do you think they keep on incessantly harping on the Flukeing narrative?

Chip on March 5, 2012 at 4:50 PM

it was highest in october 2009 and has been inching down ever since. translation:

sesquipedalian on March 5, 2012 at 4:43 PM

People have been slowly dropping off of unemployment insurance and are no longer counted.
Thank you President Obama.

Electrongod on March 5, 2012 at 4:51 PM

Why do you think they keep on incessantly harping on the Flukeing narrative?

Chip on March 5, 2012 at 4:50 PM

I don’t know, I’m trying desperately hard not to say anything about it, but something happens and I just can’t help it… a total Fluke if you ask me… oh I did it AGAIN!

Turtle317 on March 5, 2012 at 4:52 PM

sesquipedalian on March 5, 2012 at 4:43 PM

Try these on for size before you advocate more Downgrading of the nation:

http://blog.american.com/2012/03/the-economic-case-against-obamanomics-in-13-charts/
The economic case against Obamanomics in 13 charts

EMPLOYMENT
1. The current recovery in the labor market has badly lagged others that occurred after deep recessions.
2. The official unemployment rate is 8.3 percent, but when you include labor force dropouts and part-timers who want full-time work, the rate jumps to 15.1 percent.
3. The actual share of the population with a job has collapsed and remains low.
4. The size of the U.S. labor force has also collapsed, partly due to discouraged Americans giving up looking for a job.
5. Those without a job have been without a job for a long, long, long time.

ECONOMIC GROWTH
6. This recovery has lagged others in terms of economic output or GDP growth.
7. Economic growth in this recovery has not just lagged the best recoveries of the past or the average recoveries, but the worst other recoveries, too.
8. The result of the weak recovery is a huge gap between where the economy should be, in terms of growth, and where it is.
9. And that output gap means there’s an income gap, as well.

HOUSING
10. The slow, anemic recovery has contributed to keeping the housing market in a depressed state.

DEBT
11. The national debt has exploded during the Obama administration.
12. The White House itself admits that its new budget plan would keep the national debt on a dangerous and unsustainable trajectory.
13. The current economic picture doesn’t look anything like what the White House promised back in early 2009.

Chip on March 5, 2012 at 4:56 PM

In 2008 you voted Barack Hussein Obama to prove you’re not a racist.

In 2012 vote Any One Else to prove you’re not demonstrably stupid.

FlatFoot on March 5, 2012 at 4:56 PM

he inherited a mess and within a few months, turned it around.

focusing on the unemployment rate in january 2009 as some kind of meaningful benchmark is nonsense, and thankfully won’t be available to for lazy critics who think you’re dumb much longer.

sesquipedalian on March 5, 2012 at 4:43 PM

Look, sesquipedalian, I know e.e. cummings. you’re no e.e. cummings.

That aside, it can’t be easy being an apologist for Obama. First, that bit about Obama ‘inheriting a mess’. It was a mess caused by the burst of the housing bubble, which in turn was caused by the intervention of the federal government into the housing market. And then there were those left-wing groups such as ACORN, for example, for whom the President once worked, who would litigate or threaten to litigate against banks that refused to offer high-risk mortgage loans for those groups deemed by ACORN to be preference groups. And then, of course, there were Freddie Mac and Fannie Mae, whose business model and lending practices have been suspect for years, but reform of which was blocked by the likes of Barney Frank, who happened to be literally in bed with a Freddie Mac executive. And so on. Crooked Democrats + clumsy governmental interference in the private sector + greedy Wall Street speculator types (who are also President Obama’s largest donors, after unions) = umitigated economic disaster. Own it.

Secondly, the big Obama promise of the stimulus and his other spending policies was that the economy would achieve certain benchmarks as a result of those policies; e.g., 8% unemployment and so on. If a corporate executive makes specific promises as a result of certain policies and fails to deliver, he’s held accountable and either demoted or fired, no excuses. If the President has no intention of keeping promises then he should refrain from making them.

We have not always been at war with Eurasia and President Obama has turned nothing around. President Obama is a SCOAMF. Own that, too.

troyriser_gopftw on March 5, 2012 at 4:58 PM

he inherited a mess…

sesquipedalian on March 5, 2012 at 4:43 PM

He didn’t “inherit” anything. We have a republic not a monarchy.

March 27, 2008 Sen. Barack Obama, delivering a speech on the economy in New York today, took aim at not only the Bush administration but also Sen. John McCain of Arizona for their approaches to an economy which, as the senator put it, “is in a recession.”

Obama asked for it. (He still is pleading to keep it, “If you love me…”) He campaigned enthusiastically for the position. He spent millions to acquire it and hoped to fundamentally change it.

Fallon on March 5, 2012 at 5:15 PM

But but but he’s so intelligent….

He was a part of the problems of the past. There isn’t one thing that went wrong that he wasn’t for.

aniptofar on March 5, 2012 at 5:18 PM

All that Obama’s promises and his cadre of supportive analysts, advisors, and surrogates have proven is . . .
1. Hope and change is an empty cup into which people can pour their expectations to no effect whatsoever;
2. The ivory tower is not a place to work out real-world problems;
3. No spin – that shifts the responsibility for “bad” facts onto the conservatives, christians, republicans, gun-lovers, southerns, tea-partiers, and/or independents and moderates that have seen fit to NOT accept their “truth” – should be left unspoken;
4. Intimidation, coercion, vilification, and childish-namecalling are better than facts and if claimed to be done for the “public good” is totally acceptable;
5. The Constitution is no longer to be the law of the land;
6. They have no clue about what is broken, how to fix it, and what they’re doing; and
7. PT Barnum was right: There are (still) suckers born every minute.

We’ll see just how many in November.

EdmundBurke247 on March 5, 2012 at 5:19 PM

OT ~ Obama moves G8 out of Chicago to Camp David.

There goes the next Olympic bid…

Fallon on March 5, 2012 at 5:30 PM

THE TRILLION DOLLAR PRESIDENT: Is he really worth it, America?

disa on March 5, 2012 at 5:34 PM

First, that bit about Obama ‘inheriting a mess’. It was a mess caused by the burst of the housing bubble, which in turn was caused by the intervention of the federal government into the housing market. And then there were those left-wing groups such as ACORN

that’s a flawed argument on several levels. if you argue that obama’s policies are responsible for the crisis, you can’t blame him for decisions that predate his presidency. the intervention of government in the housing market – promoted enthusiastically by w (esp. at 2:48) – was only one of several factors, but certainly not the primary one.

then you lost me at acorn.

Secondly, the big Obama promise of the stimulus and his other spending policies was that the economy would achieve certain benchmarks as a result of those policies; e.g., 8% unemployment and so on. If a corporate executive makes specific promises as a result of certain policies and fails to deliver, he’s held accountable and either demoted or fired, no excuses. If the President has no intention of keeping promises then he should refrain from making them.

troyriser_gopftw on March 5, 2012 at 4:58 PM

he was wrong, along with most others, about the scale of the crisis. (let’s not also forget that half of the stimulus was tax cuts.) one could argue that the stimulus delivered the number of jobs it was intended to deliver, but they miscalculated the size of the hole that needed to be plugged. his inability to deliver sub-8% unemployment is an error at worst, not a lie or broken promise.

in any case, it’s obvious to everyone what was taking place in the first months before and after obama’s inauguration. from may 2008, the unemployment went up 4% in twelve months. the country officially entered recession in december 2007. if you argue that this collapse is obama’s fault, you’re delusional.

sesquipedalian on March 5, 2012 at 5:53 PM

He didn’t “inherit” anything. We have a republic not a monarchy.

He spent millions to acquire it and hoped to fundamentally change it.

Fallon on March 5, 2012 at 5:15 PM

ok, let’s play; he didn’t inherit it, he took over the presidency at a time when the economy was already collapsing. then within 8 months, the free fall ended, the economy stagnated and began to improve in recent months. these are the cold facts.

he was elected, fair and square, in a democratic process. he delivered on some of his major campaign promises, was thwarted on others, such as gitmo, by congress, and failed to deliver on others. that’s a decent enough record to run on.

sesquipedalian on March 5, 2012 at 6:02 PM

Only a dyed-in-the-wool Socialist, or an ignorant, illiterate fool would’ve voted for Obamuh in ’08.

OhEssYouCowboys on March 5, 2012 at 4:27 PM

The Progs have owned the K-12 system now for about thirty years, they are very good at delivering ignorant and illiterate fools to the democratic party.

slickwillie2001 on March 5, 2012 at 6:07 PM

was thwarted on others, such as gitmo, by congress

O_o

Man, it’s like you’re not even trying any longer.

Bishop on March 5, 2012 at 6:10 PM

First, that bit about Obama ‘inheriting a mess’. It was a mess caused by the burst of the housing bubble, which in turn was caused by the intervention of the federal government into the housing market. And then there were those left-wing groups such as ACORN

troyriser_gopftw on March 5, 2012 at 4:58 PM

that’s a flawed argument on several levels. if you argue that obama’s policies are responsible for the crisis, you can’t blame him for decisions that predate his presidency.

sesquipedalian on March 5, 2012 at 5:53 PM

Where did troyriser_gopftw say that it was President Downgrade’s fault?

Now, That’s a flawed argument.

Chip on March 5, 2012 at 6:20 PM

Man, it’s like you’re not even trying any longer.

Bishop on March 5, 2012 at 6:10 PM

enlighten me.

oh, and btw.

sesquipedalian on March 5, 2012 at 6:30 PM

Where did troyriser_gopftw say that it was President Downgrade’s fault?

Now, That’s a flawed argument.

Chip on March 5, 2012 at 6:20 PM

i’m not sure you actually read the post you’re commenting on.

sesquipedalian on March 5, 2012 at 6:35 PM

Da wun has a disgraceful record

Wigglesworth on March 5, 2012 at 7:21 PM

n any case, it’s obvious to everyone what was taking place in the first months before and after obama’s inauguration. from may 2008, the unemployment went up 4% in twelve months. the country officially entered recession in december 2007. if you argue that this collapse is obama’s fault, you’re delusional.

sesquipedalian on March 5, 2012 at 5:53 PM

Then Senator Obama was/is at least as responsible as Barney Frank and Chris Dodd and Nancy Pelosi and Harry Reid, et al for what Franklin Raines and others were doing at Freddie Mac and Fannie Mae. It isn’t as if Obama suddenly appeared out of the sky and descended with appropriate lighting and background vocals provided by a celestial choir.

So tell me, is there anything bad for which Democrats will ever take responsibility? Any mistakes or policy errors you might want to cop to? So far we’re three years into Obama’s presidency and he’s still blaming Bush. When, exactly, will Bad Things That Happen ever be the fault of the Chosen One?

troyriser_gopftw on March 5, 2012 at 11:32 PM