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And It Is Likely to Get Worse

In a recent Gallup poll Obama has a 61% job-approval rating. Not bad (although the president’s showing among all polls has been less positive of late). His Achilles heel however is his fiscal policy. “At the low end of the spectrum, only 45% of Americans approve of Obama’s handling of federal spending, and 46% of his handling of the federal budget deficit.” And on the economy more generally, Gallup finds:

Obama’s job approval rating for his handling of the economy has dropped from 59% in February to 55% today, while his disapproval rating has risen by 12 points, from 30% to 42%. The fact that Obama’s approval on the economy has become more negative over this time period is of interest, given that Gallup’s measure of consumer mood has become more positive between March and the current time.

Might it be that Americans don’t like a $1.8 trillion deficit, nationalization of car companies, and a $787 billion stimulus plan that hasn’t done much of anything (except “scam” some people and balloon the national debt)? It seems those rubes who showed up at the Tea Party protests were more in tune with the majority of Americans than the Obama team and the Congress. But stay tuned — let’s see what happens if Congress passes a mammoth energy tax in the guise of cap-and-trade, unemployment continues to rise, or General Motors doesn’t miraculously turn around. In other words, this is likely to be the high point in the popularity of the Obama economic agenda.