The key ingredient of Romney’s performance at tonight’s debate will be his willingness to show voters how Obama’s ‘progressive’ policies are having a regressive effect on middle class workers, consumers, and savers. We’ve beat this drum incessantly here at the Madison Project. Unfortunately, Romney has yet to pin the tail on the donkey.
Due to Obama’s central-planning, crushing regulations, Obamacare, and redistribution, the cost of living has skyrocketed while incomes have plummeted and job creation has not kept up with the population growth. Yet, Obama has successfully portrayed himself as a crusader for the middle class, even as Obamacare has driven up the cost of health insurance, his ethanol policy has driven up the cost of food, and his anti-energy policies have driven up the cost of electricity and gas. The amazing thing is that the so-called rich – whom Obama demonizes on a daily basis – are actually benefiting from some of his policies, such as the monetary stimulus and near-zero interest rates. Big banks are reaping the benefits of QE2 and 3 even as retirees are seeing their savings vanish.
Here is the money quote from a new analysis reported by Investors Business Daily – one which Romney must cite in the debate:
Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they’ve been at any time since 1985, after adjusting for inflation.
Meanwhile, the wealthiest have managed to eke out gains in two of the past three years. In 2011, the top 20% saw their average income climb almost 2%, the Census data show.
And much of those profits are being reaped by the “evil” bankers who are sucking up the funds from QE3 at the expense of savers and consumers.
Think of it this way. Median household income has dropped $4,520, or about one month’s average wages, since President Obama took office, yet gas prices have increased by more than $2 per gallon. For many people, that increase has resulted in an annual increase that is as much or more than the decline in disposable income.
One of the biggest failures of the Romney campaign – one which is driving Obama’s lead in Ohio and other key Midwestern states – is their lost ground among blue-collar women voters. In 2008, Obama only won 41% of non-college educated white women while he was winning 53% nationally. And for good reason. He is an elitist radical leftist who puts EPA regulations ahead of job growth. Yet, Romney has done so poorly relating to them and attacking Obama for raising the cost of living that they are backing Obama with 52% of the vote in Ohio, according to National Journal.
Clearly, these voters are not married to Obama. In fact, Obama has thrown them out of the party. They are there for the taking if Romney will just speak to them on the bread and butter issues. These debates will provide him with the only unfiltered means of communicating with them. Will he seize the moment?
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