According to Rasmussen Reports, 44% of Americans trust Obama more on the economy than Romney.  Really?  REALLY?!?

Under Obama’s administration, America’s credit rating was downgraded for the first time in America’s history.  As a result, the cost of borrowing increased.  For example, instead of borrowing, say, $100 BILLION from China at 2%, it will now cost 2.5%.  Instead of $2 BILLION in simple interest (oh, if it were only that simple), it will now cost TWO AND A HALF BILLION.  Just think of what we could have done with that other HALF A BILLION dollars.

Obama promised in early 2009 that unemployment would be below 8 percent if Congress passed his $862 BILLION stimulus package.  With Democrats completely controlling Congress, Obama got his stimulus.  Most people can’t track where lots of the money went—except for Solyndra—and the unemployment rate has stayed north of 8 percent for more than three years.  The July 2012 reported level is 8.3 percent.  The actual level is much higher, especially amongst minorities and the young.  After a while, long-term unemployed folks aren’t even counted any more.

Many Americans measure the economy by gas prices.  The average gas prices across the country right now range from $3.50 in Colorado to $4.30 in Hawaii.  The median is $3.77 in Maryland and Florida.  (Virginia stands at $3.68.)  From 1993 to 1999, average gas prices bumped around mostly between a dollar and a dollar and a quarter.  From 2000 to 2003, they began jumping over $1.50 but never more than $1.69.  Between 2004 and 2007, they ranged from $1.80 to $3.10.  By July 2008, the sudden spike to $4.16 caused a major outcry throughout America.  In one quarter—from end of September to end of December—the price plummeted by more than half from $3.69 to $1.67.  When Obama assumed office in late January 2009, prices had nudged back up to $1.89.  Since then, we’ve heard that the Obama Administration has welcomed higher gas prices as a means of getting Americans to pursue (much more costly) alternative means of transportation such as electric cars.  From June 2009 to November 2010, prices steadily increased from $2.69 to $2.91.  Since December 2010, they have not fallen below $3, peaking at $4.02 in May 2011.  In April 2012, prices were more than double—$3.99—than when Obama took office.

Average housing prices have nose-dived over the past four years and show no signs of recovery any time soon.

Obama submitted a budget to Congress earlier this year and NOT ONE DEMOCRAT voted for it, let alone any Republican.

So, take your pick: a downgraded credit rating, high unemployment, skyrocketing gas prices, a terrible housing market, and so on.  Can you really put your trust in someone and his cronies who have produced an economy like this in just three short years?  REALLY?!?

Joe Guarino, chairman
Richmond TEA Party