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It’s the Economy

The latest McClatchy-Ipsos poll tells a story similar to other surveys:

The survey found the ranks of people who think the country is on the right track dropping to 40 percent, down 12 points since early June and the lowest since Obama took office in January.

As unemployment continues to rise, Americans who say the country’ s on the wrong track jumped to 54 percent, a 12-point rise and the highest since Obama took office.

The number of Americans who approve of the way Obama is doing his job also dropped, to 57 percent, a 7-point decline from early June and the lowest of his presidency that McClatchy-Ipsos has recorded.

His biggest loss of support was among independents, whose approval decreased from 58 percent to 50 percent. However, he also lost ground among Democrats, down 5 points, and Republicans, down 3 points.
Notably, the total of Americans who “strongly” approve of Obama’s job performance dropped 11 points in a month, to 29 percent, his lowest ever. Conversely, 22 percent said they strongly disapprove, up 6 points and the highest of his six months in office.

It seems that the voters expected the president to do something about the economy. He hasn’t, and his excuse mongering isn’t staving off public discontent. But where do we go from here? As this report makes clear, Obama isn’t likely going to be able to deliver on those “immediate” jobs any time soon:

Federal Reserve officials are preparing for an unusual recovery, in which the economy grows more robustly than they had expected but unemployment gets worse, according to minutes released Wednesday of the Fed’s policy meeting in June.

“Most participants anticipated that the employment situation was likely to be downbeat for some time,” the minutes said. The unemployment rate is currently 9.5%, a 26-year high.

According to their quarterly projections, most officials expect the jobless rate to reach between 9.8% and 10.1% at the end of this year. It is expected to remain above 9% in 2010 and 8% in 2011, they said, well above its “longer run sustainable rate.”

Well, when unemployment tops 10% we’ll see if Obama’s approval drops below 50%. Americans expect results and if those aren’t forthcoming, no amount of eloquence, charm, or spin will save the president from the voters’ wrath.



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