• With: Sandra Smith, Monica Crowley

    This is a rush transcript from "Hannity," May 2, 2012. This copy may not be in its final form and may be updated.

    SEAN HANNITY, HOST: As the vetting continuous, we will once again show you the president in his own words. As he begs voters for another four years in office, the Romney campaign is reminding us all about his many failures, particularly when it comes to the economy.

    (BEGIN VIDEO CLIP)

    GRAPHIC: What Barack Obama promised... August 28, 2008.

    PRESIDENT BARACK OBAMA: You see, we Democrats have a very different measure of what constitutes progress in this country. We measure progress by how many people can find a job that pays the mortgage, whether you can put a little extra money away at the end of each month, so you can someday watch your child receive her college diploma.

    GRAPHIC: 2009-2012. What President Obama delivered.

    Median household income has declined by $4,300. Bloomberg, 4/30/2012.

    Unemployment has been above 8 percent for a record-breaking 38 straight months. Bureau of Labor Statistics, 4/28/2012.

    Nearly 23 million Americans are unemployed, underemployed, or have stopped looking for work. Bureau of Labor Statistics, 4/28/2012.

    (END VIDEO CLIP)

    HANNITY: Now with all of that in mind, the Obama campaign may want to reconsider that new slogan of theirs, you know the one -- "Forward," because in the past three and-a-half years, his policies have taken us backwards.

    Joining me now with reaction, from the Fox Business Network, Sandra Smith and Fox News contributor, Monica Crowley. Let me think about this, you know, it's pretty amazing, 17 million more people, you know, getting food stamps.

    We have, what, 14 million more people that are in -- under poverty in this country, 47 million Americans total. If we are going to judge progress by that and homeownership numbers today were terrible.

    MONICA CROWLEY, FOX NEWS CONTRIBUTOR: Stubbornly high unemployment, home foreclosures at record highs, median income at almost record lows now. When you look at every economic indicator, Sean, it's in the negative column and has been over the last three-and-a-half years.

    Remember the reason that ad is so devastating to Obama is it is Obama in his own words and remember he said something else a couple of years ago. He said, if I don't turn this economy around in four years, this will be a one-term proposition.

    HANNITY: Yes, we played it a lot here.

    CROWLEY: We know it by heart.

    HANNITY: He doesn't have a story. Maybe that's why they tried to make it a big issue this week on the anniversary of the killing of bin Laden and even that backfired, seemingly, because he said he wasn't going to spike the football. Now he has to eat those words.

    SANDRA SMITH, FOX BUSINESS NETWORK: The business community is terrified right now. I mean, businesses are sitting on piles of cash and unwilling to spend it. Small business confidence is still very, very low. And most recent small business surveys show their number one concern is the government's involvement in business.

    Their policies are failing. In fact, they're hurting the economy. Two Federal Reserve officials today, Sean, this was big news. Two Federal Reserve officials warned that this economy, our country is at risk of entering into another recession.

    I mean, the numbers are staggering. You showed 23 million people are still out of work, unemployed, under-employed or have taken themselves out of the workplace. What record does he have to run on right now?

    CROWLEY: He doesn't. He doesn't have one, which is why he made a big deal this week about the Usama bin Laden killing and the one year anniversary. This is also why he created a bogus war on women. This is also why he is demonizing oil companies and industry speculators --

    HANNITY: But does it work? Can this work?

    CROWLEY: He has done everything but talk about his record.

    HANNITY: I understand what Romney is trying to do and the RNC. I think they have come up with great ads. You keep playing, you know, the president in his own words and don't stop and hammer it. You have, what, 188 days to go. Don't stop.

    CROWLEY: That's it. This is why I think Mitt Romney has been so effective so far. Remember, he has only been in this general election campaign for a couple of weeks. He is staying absolutely and totally on message. He is pointing out Obama's record, how abysmal it is in every way and he is talking about how he would turn that around.

    HANNITY: Let's be fair here. Fair and balanced. Let's show you an ad that the Obama campaign has put out.

    (BEGIN VIDEO CLIP)

    UNIDENTIFIED MALE: Instead of working together to lift America up, Republicans were waging a campaign to tear the president down.

    UNIDENTIFIED MALE: Virtually every Republican has decided to just say no to anything the president proposes.

    REP. JOHN BOEHNER, R-OHIO, SPEAKER OF THE HOUSE: Put me in the no column.

    SEN. MITCH MCCONNELL, R-KY, SENATE MINORITY LEADER.: Vote no.

    REP. ERIC CANTOR, R-VA, HOUSE MAJORITY LEADER: Vote no.

    GRAPHIC: $1 trillion in spending cuts.

    Protected reproductive rights.

    Stem cell research funded.

    Fuel efficiency standards doubling.

    U.S. oil production at 8-year high.

    Natural gas production at all-time high.