Obamanomics And Confidence
Once Upon A Time!
Some of this is getting to be like a fairy tale, only with nightmarish implications. The majority of the American people know that the federal government can't keep just printing money to spend more money in an attempt to get this nation out of debt and turn the economic corner. In fact, doing that achieves just the opposite effect as the recent down grades and negative watches issued by the world credit ratings agencies should indicate to anyone with even a lick of common sense. Common sense does seems to be in short supply in certain unnamed circles.
Thomson Reuters and the University of Michigan just released their latest poll concerning consumer confidence. That means the average American like you, you and also you, not to exclude me. So lets look at the numbers and findings and see just how confident the American public is about Obama and this administration's economic policies, or might I say the lack thereof. He has no plan. He shows no plan and he speaks no plan, just empty rhetoric designed to promote class warfare that the average American is decidedly sick and tired of too. Turn the teleprompter off and grab some duct tape Obama.
So Who Is To Blame?
In July of this year the consumer confidence index was sitting at 63.7 and economists expected a slight drop to 63.0. Wham! The poll shows that they got hit with a ton of bricks. The number plummeted to a low not seen since 1980. Remember who was the President in 1980? Yes, the peanut man. Remember what happened the next Presidential election? He was dumped in one of the biggest landslide elections this nation has ever seen. It seems, and rightfully so, that the people of this country correlate a bad economy with the office of the POTUS. The most recent consumer confidence index was sitting at a paltry 54.9. That's a drop of 8.8 in a very short amount of time.
The blame is being placed upon the way the federal government handled the debt crisis and raising the debt ceiling without making the necessary spending cuts to go along with it. Other polls seem to indicate that the American people also recognize that all the excessive spending needs to be curtailed and our fiscal house put in order. That involves making painful decisions and the current crop of lawmakers aren't willing to face that music. After all, they are worried about getting reelected and keeping their special interests happy. There will be pain, and pain across the board, involved to right the fiscal ship of state and people are losing confidence that the Obama administration has what it takes to slay the dragon.
Ricahrd Curtin of Reuters, who directed the survey, had this to say about the results, “Never before in the history of the surveys have so many consumers spontaneously mentioned negative aspects of the government’s role.” Speaks volumes to most of us who aren't inhabitants of LaLaLand where life is beautiful all the time.
Along with the consumer index taking the slide to hell, consumer expectations also reached the same Jimmie Carter low of 1980. Obama is making Jimmie Carter look like a genius. The survey also revealed that the Obama administration received the lowest rating of any other President since this rating has begun. People expressed a 61% dissatisfaction with the way Obama is handling things, or not handling things whichever the case may be.
The dissatisfaction was shown throughout the survey on consumer confidence. We aren't seeing any improvement that we can measure and don't foresee any improvement any time soon. It was also evident that those surveyed lacked any confidence in Obama's economic policies (what are they BTW?). The majority of respondents are worried and concerned about the course this nation is on. Other polls back that up.
Probably the best thing that could happen in this nation's history is displayed in the graphic below. The stock market would probably go through the roof and wild, ecstatic dancing would occur in the streets throughout this nation. It isn't likely to happen though so I reckon we'll just have to tough it out like we did with the Carter administration.
Here's The LA Times Chiming In
- Gallup: Obama job rating sinks below 40% for first time - latimes.com
President Obama 's summer woes have dragged his approval rating to an all-time low, sinking below 40% for the first time in Gallup's daily tracking poll.