This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama Inadvertently Attacking Himself?

NEW YORK ( TheStreet) -- Barack Obama's campaign may want to take a look in the mirror after its latest Web video targeting Republican presidential candidate Mitt Romney.

The video, which Obama's campaign released Thursday, casts Romney's record in Massachusetts as a list of broken promises.

"When Gov. Romney became governor of Massachusetts, many of the issues that our country faces were at our doorstep: high debt, the need for jobs the need to support a working middle class," Rob Dolan, former mayor of Melrose, Mass., says in the video.

But four of the video's main criticisms against Romney might also be thrown back at Obama.

First, the video states Massachusetts's job growth lagged at 47th during Romney's term as governor. But a glance at the numbers on the Bureau of Labor Statistics Web site shows the unemployment rate has climbed to 8.1% in April from 7.8% when Obama entered office in January 2009.

Romney opponents also point out in the video that wages dropped during his governorship, but the Census Bureau's latest data shows that mean household income dropped for nearly every income level in 2011 with only the fourth-fifth percentile group seeing a rise to $79,040, from $78,694.

The third big claim made against Romney in the video is that the then-governor raised taxes by increasing fees. Obama has also levied fees on manufacturers and importers of branded drugs, and a fee on health insurance providers is expected to take effect Jan. 1, 2013, according to a article.

The article, which researched the validity of a Romney claim that the president has raised taxes 19 times, concluded 13 of those provisions "may be reasonably defined as taxes."

Finally, the video said Massachusetts accumulated the greatest debt buildup of any state during Romney's tenure. It shows a graph of state debt for every year from 2003 to 2006 without clarifying which debt Romney accrued and which debt resulted from the previous governor's administration.

An equal comparison of the United States debt, according to the Treasury Department , in 2009, 2010 and 2011 shows that the national debt has increased to $15.71 trillion, up from $10.63 trillion the day Obama took office.

The choice to attack Romney's time at the top in Massachusetts seems like a fair move, especially after Obama's criticisms of his opponent's private equity past received mixed reactions. But the president's campaign may want to prepare for similar -- if not the same -- knocks against his own record as U.S. president the past four years.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs