Obama’s Approval Rating On Economy Plummets To 33% in New Poll

October 19, 2011

A majority of Americans think President Obama’s $447 biillion proposal to create jobs will not actually help lower the unemployment rate, according to a poll released Wednesday by Bloomberg.

And his overall approval rating on the economy fell to 33 percent from 39 percent in June. His approval rating on the economy was 43 percent in March.

His economic disapproval ratings rose to 67 percent from 57 percent in June and 52 percent in March.

Those are grim numbers for the White House and the trend is clearly going in the wrong direction just as the campaign season heats up.

Core Support Decline

Of the respondents who said they’ve supported Obama at one point since he launched his presidential campaign in 2007, fewer than half say they still support him as fervently.

Thirty-seven percent say their support has waned and 19 percent say he lost their backing because they’ve grown disappointed or angry with his leadership.

Almost a third of Democrats and Democratic-leaning respondents say they’d like to see Obama face a primary challenge.

From:  http://www.cbsnews.com/8301-503544_162-20105949-503544.html

66% of Americans Think U.S. Is Heading In Wrong Direction Under Obama

June 23, 2011

Two years after the official start of the recovery, the American people remain pessimistic about their current economic circumstances and longer-term prospects.

Fewer than a quarter of people see signs of improvement in the economy, and two-thirds say they believe the country is on the wrong track overall, according to a Bloomberg National Poll conducted June 17-20.

“Gas prices are higher, grocery prices are higher, transportation prices are higher,” says poll respondent Ronda Brockway, 54, an insurance company manager and political independent who lives in a suburb of Harrisburg, Pennsylvania. “The jobs situation nationwide is very poor.”

By a 44 percent to 34 percent margin, Americans say they believe they are worse off than when President Barack Obama took office in early 2009, when the U.S. was in the depths of a recession compounded by the September 2008 financial crisis and the economy was losing as many as 820,000 jobs a month.

The gloom covers the immediate future, with fewer than 1 in 10 people expecting unemployment to return to pre-recession levels within the next two years, and it extends to the next generation. More than half of respondents say their children are destined to have a lower standard of living than they do, upending a traditional touchstone of the American Dream.

From:  http://www.bloomberg.com/news/2011-06-22/americans-worse-now-than-when-obama-inaugurated-by-44-34-margin-in-poll.html


Obama’s Loses Third Economic Advisor: Rats Abandoning the Sinking Ship; Obama in Denial

June 15, 2011

It’s most interesting to me that all three of Obama’s chief economic advisors were professors of economic theory at major universities, all three were abject failures, all three resigned, and all three went back to teaching economic theory at major universities. 

God help those poor students who get stuck under their tutelage…

— Spencer

For the second time in less than a year, Barack Obama is hunting for a new chief economic adviser, after the man he appointed last September said he wanted to quit.

Professor Austan Goolsbee’s decision comes as a poll yesterday rated the President’s handling of the economy at a record low, and suggested that the he would run neck and neck with the Republican frontrunner Mitt Romney, a private equity millionaire, in a presidential match-up next year.

Mr Goolsbee, 41, has been at Mr Obama’s side since the 2004 Senate campaign that launched him to national fame, and is the youngest member of the president’s cabinet. He leaves his post as chairman of the White House Council of Economic Advisers to return to academia.

Yesterday the President said of Mr Goolsbee: “He has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs.”

The turnover of the White House economic staff has been a notable feature of the Obama administration, as it has struggled to deal with the effects of the financial crisis and a recession that has left unemployment at more than 9 per cent.

The Democrat heavyweight Larry Summers, President Obama’s first economics chief, went back to his post at Harvard before last year’s mid-term elections without being directly replaced, and the former head of the Council of Economic Advisers, Christine Romer, also went back to academia. Only Tim Geithner, the Treasury Secretary, looks likely to serve the full presidential term.

From:  http://www.independent.co.uk/news/world/americas/obama-loses-his-chief-economic-adviser-2294357.html

Thanks, Obama! U.S. Now In Even Worse Shape Than Greece

June 13, 2011

Much of the public focus is on the nation’s public debt, which is $14.3 trillion. But that doesn’t include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

Taken together, Gross puts the total at “nearly $100 trillion,” that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won’t find a solution overnight.

“To think that we can reduce that within the space of a year or two is not a realistic assumption,” Gross said in a live interview. “That’s much more than Greece, that’s much more than almost any other developed country. We’ve got a problem and we have to get after it quickly.”

Thank You, Obama! Canada’s Economy Expanding at Twice the Rate of U.S.

May 30, 2011

Canada’s economy expanded at a 3.9% annualized pace in January through March, the fastest clip in a year and more than double the rate in the U.S., as businesses replenished inventories and boosted investment spending and exports rose while consumer and government spending stalled, Statistics Canada said Monday.

Gross domestic product growth was marginally below the consensus call of 4%, and also undershot the Bank of Canada’s 4.2% forecast.

GDP growth accelerated from a downwardly revised 3.1% …

From:  http://online.wsj.com/article/SB10001424052702303745304576355170933584418.html?mod=googlenews_wsj

After 45 Americans Are Killed in Tornadoes…Obama Goes Golfing

April 18, 2011

Tornadoes killed 45 Americans today in 6 states.


Obama went golfing.




It was his 64th round since moving into the White House.


As one reporter noted, the media was a little shy about reporting on Obama’s latest golf outing:


While Southern states reeled from a massive tornado outbreak that killed several dozen people, Barack Obama played his 64th round of golf as president today.


The White House pool reporter filed reports on Obama’s departure for the links at Andrews Air Force Base and on his return to the White House.


However there are no reports by the media informing the public about Obama’s golf outing.


Also…another 5 Americans were killed today in a suicide bombing at a military base in eastern Afghanistan.



From:  www.humanevents.com/article.php?id=42999

Thanks, Obama! So Far, Tax Cut is Going Down the Gas Tank (Why Won’t He Let Us Drill?)

March 28, 2011

Americans are earning and spending more, but a lot of the extra money is going down their gas tanks. Gas prices have drained more than half the extra cash Americans are getting this year from a cut in Social Security taxes.


Unlike some other kinds of spending, paying more for gas doesn’t help the economy much. Most of the money goes overseas, and higher prices leave people with less money to buy appliances, computers, plane tickets and other things that can be postponed.


“When food and gasoline prices are rising, it causes people to hunker down,” said Chris G. Christopher Jr., senior economist at IHS Global Insight.


Consumer spending jumped 0.7 percent last month, and personal incomes rose 0.3 percent, the Commerce Department said Monday. Both gains reflected the cut of two percentage points in the Social Security tax, raising take-home pay.


They also illustrated how higher gas prices are stressing household budgets. After adjusting for inflation, spending rose just 0.3 percent. After-tax incomes actually fell 0.1 percent.


The Social Security tax cut will give most households an additional $1,000 to $2,000 this year. In December, when President Barack Obama signed it into law, economists predicted higher take-home pay would lead to more spending and stronger economic growth.


But gas prices have jumped more than 50 cents a gallon this year. In late December, they hit $3 a gallon for the first time in two years. Last week, they averaged $3.58 nationwide, according to AAA’s daily fuel gauge survey.


From: http://news.yahoo.com/s/ap/20110328/ap_on_bi_go_ec_fi/us_economy

Thanks, Obama! U.S. Cost of Living Hits New Record High (Er…Ah…It’s the Economy, Stupid!)

March 19, 2011

One would think that after the worst financial crisis since the Great Depression, Americans could at least catch a break for a while with deflationary forces keeping the cost of living relatively low. That’s not the case.


A special index created by the Labor Department to measure the actual cost of living for Americans hit a record high in February, according to data released Thursday, surpassing the old high in July 2008.


The Chained Consumer Price Index, released along with the more widely-watched CPI, increased 0.5 percent to 127.4, from 126.8 in January. In July 2008, just as the housing crisis was tightening its grip, the Chained Consumer Price Index hit its previous record of 126.9.


“The Federal Reserve continues to focus on the rate of change in inflation,” said Peter Bookvar, equity strategist at Miller Tabak. “Sure, it’s moving at a slower pace, but the absolute cost of living is now back at a record high in a country that has seven million less jobs.”


From:  http://www.cnbc.com/id/42130406

Only 22% of Likely U.S. Voters Say Country is Heading in Right Direction

March 16, 2011

Just 22% of Likely U.S. Voters say the country is heading in the right direction, the lowest level of confidence found since before President Obama’s inauguration in January 2009.


According to a new Rasmussen Reports national telephone survey taken the week ending Sunday, March 13, 72% of voters now say the country is heading down the wrong track, also at its highest level since before the inauguration.


Support for repeal of the national health care law, passed by congressional Democrats a year ago, stands at 62%, the highest level since May of last year. The number of voters who believe the plan will increase the cost of care has tied its highest level since the law’s passage last March. 


Only one-out-of-three (33%) workers nationwide expect to earn more money a year from now, marking the lowest level of optimism in nearly two years.


While the economy keeps stumbling along, voters continue to express little confidence in government as the solution. 


From:  http://www.rasmussenreports.com/public_content/politics/mood_of_america/right_direction_or_wrong_track

Thank You, Obama! 16 Nightmarish Economic Trends Exacerbated by Obama’s Policies…

January 1, 2011

If you only watch the “economic pundits” on television, it can be very confusing to figure out exactly what is happening with the U.S. economy.


One pundit will pull out a couple statistics that got a little bit better over the past month and claim that we have entered a time of solid recovery. Another pundit will pull out a couple statistics that got a little worse over the past month and claim that we are headed for trouble.


So what is the truth? Well, if you really want to get a clear idea of what is really going on you have to look at the long-term trends. There are some economic trends which just keep getting worse year after year after year, and it is those trends that tell the real story of the decline of our economic system.


As you examine the long-term trends, you quickly come to realize that the U.S. is trapped in an endless spiral of debt, the middle class is being wiped out, the U.S. dollar is being destroyed and America is rapidly becoming a post-industrial wasteland.


Posted below are 16 nightmarish economic trends to watch carefully in 2011. It is becoming exceedingly apparent that unless something is done rapidly we are heading for an economic collapse of unprecedented magnitude….


#1 Do you want to see something scary? Just check out the chart above. Since the beginning of the economic downturn, the U.S. monetary base has more than doubled. But don’t worry – Federal Reserve Chairman Ben Bernanke has promised us that this could never cause inflation. In fact, Bernanke says that we need to inject even more dollars into the economy. So if you are alarmed by the chart below, you are just being irrational according to Bernanke….


#2 Thousands of our factories, millions of our jobs and hundreds of billions of dollars of our national wealth continue to be shipped overseas. In 1985, the U.S. trade deficit with China was 6 million dollars for the entire year. In the month of August alone, the U.S. trade deficit with China was over 28 billion dollars. Nobel economist Robert W. Fogel of the University of Chicago is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040 if current trends continue.


#3 The United States is rapidly becoming a post-industrial wasteland. Back in 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent and it continues to fall. Sadly, the truth is that America is being deindustrialized. As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time that less than 12 million Americans were employed in manufacturing was in 1941.


#4 The number of Americans that have been out of work for an extended period of time has absolutely exploded over the last few years. As 2007 began, there were just over 1 million Americans that had been unemployed for half a year or longer. Today, there are over 6 million Americans that have been unemployed for half a year or longer.


#5 The middle class continues to be squeezed out of existence. According to a poll taken in 2009, 61 percent of Americans ”always or usually” live paycheck to paycheck. That was up substantially from 49 percent in 2008 and 43 percent in 2007.


#6 The number of Americans living in poverty is absolutely skyrocketing. 42.9 million Americans are now on food stamps, and one out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government. Unfortunately, many of those that have been hardest hit by this economic downturn have been children. According to one new study, approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.


#7 Many American families have been pushed beyond the breaking point during this economic downturn. Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008. The final number for 2010 is expected to be even higher.


#8 The U.S. real estate market continues to stagnate. During the third quarter of 2010, 67 percent of mortgages in Nevada were “underwater”, 49 percent of mortgages in Arizona were “underwater” and 46 percent of mortgages in Florida were “underwater”. So what happens if home prices go down even more?


#9 More elderly Americans than ever are being forced to put off retirement and continue working. In 2010, 55 percent of Americans between the ages of 60 and 64 were in the labor market. Ten years ago, that number was just 47 percent. Unfortunately, it looks like this problem will only get worse in the years ahead. In America today, approximately half of all workers have less than $2000 saved up for retirement.


#10 In the United States today, there are simply far too many retirees and not nearly enough workers to support them. Back in 1950 each retiree’s Social Security benefit was paid for by 16 workers. Today, each retiree’s Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.


#11 Financial assets continue to become concentrated in fewer and fewer hands. For example, the “big four” U.S. banks (Citigroup, JPMorgan Chase, Bank of America and Wells Fargo) had approximately 22 percent of all deposits in FDIC-insured institutions back in 2000. As of the middle of 2009 that figure was up to 39 percent.


#12 The Federal Reserve has been destroying the value of the U.S. dollar for decades. Since the Federal Reserve was created in 1913, the U.S. dollar has lost over 95 percent of its purchasing power. An item that cost $20.00 in 1970 would cost you $112.35 today. An item that cost $20.00 in 1913 would cost you $440.33 today.


#13 Commodity prices continue to soar into the stratosphere. Ten years ago, the price of a barrel of oil hovered around 20 to 30 dollars most of the time. Today, the price of oil is rapidly closing in on 100 dollars a barrel and there are now fears that it could soon go much higher than that.


#14 Federal government spending is completely and totally out of control. The U.S. government budget deficit increased to a whopping $150.4 billion last month, which represented the biggest November deficit on record. But our politicians can’t seem to break their addiction to debt. In fact, Democrats are trying to ram through a 1,924 page, 1.1 trillion dollar spending bill in the final days of the lame-duck session of Congress before the Republicans take control of the House of Representatives next year.


#15 The U.S. national debt is rapidly closing in on 14 trillion dollars. It is more than 13 times larger than it was just 30 short years ago. According to an official U.S. Treasury Department report to Congress, the U.S. national debt is projected to climb to an estimated $19.6 trillion by 2015.


#16 Unfortunately, the official government numbers grossly understate the horrific nature of the crisis we are facing. John Williams of Shadow Government Statistics has calculated that if the federal government would have used GAAP accounting standards to measure the federal budget deficit for 2009, it would have been approximately 8.8 trillion dollars. Not only that, but John Williams now says that U.S. government debt is so wildly out of control that it is mathematically impossible for us to “grow” our way out of it….


The government’s finances not only are out of control, but the actual deficit is not containable. Put into perspective, if the government were to raise taxes so as to seize 100% of all wages, salaries and corporate profits, it still would be showing an annual deficit using GAAP accounting on a consistent basis. In like manner, given current revenues, if it stopped spending every penny (including defense and homeland security) other than for Social Security and Medicare obligations, the government still would be showing an annual deficit. Further, the U.S. has no potential way to grow out of this shortfall.


The more one examines the U.S. economic situation, the more depressing it becomes. The U.S. financial system is trapped inside a horrific debt spiral and we are headed straight for economic oblivion.


If our leaders attempt to interrupt the debt spiral it will plunge our economy into a depression. If our leaders attempt to keep the debt spiral going for several more years it will just make the eventual crash even worse. Either way, we are headed for a financial implosion that will be truly historic.


The debt-fueled good times that we have been enjoying for the last several decades are rapidly coming to an end. Unfortunately for the tens of millions of Americans that are already suffering, our economic problems are only going to get worse in the years ahead.


So what do you think? Do you agree that the U.S. economy is doomed? Please feel free to leave a comment with your opinion….


From:  http://www.gcnlive.com/wp/2010/12/15/16-nightmarish-economic-trends-to-watch-carefully-in-2011/


Wednesday, December 15th, 2010

The American Dream

Dec 15, 2010