Obama’s Economic Policies Are Driving Even Liberals Away

August 2, 2011

Core Obama Supporters are Abandoning the President As His Failed Economic Policies Prolong Americans’ Economic Suffering

A new poll out this week showed support for President Obama’s economic policies cratering, even among core supporters, offering the latest evidence that Americans see through the Democrats’ attempts to excuse their failed policies.
A look at recent economic news helps explain why. First quarter GDP growth was revised down to a miserable 0.4% with 2nd quarter growth not much better, only 6% of Americans think the economy is “good shape,” the housing market is in shambles with no “light at the end of the tunnel,” job creation is weak and no one knows when the economic misery will end.
President Obama and his advisors continue to double-down with excuses defending their failed policies. How much more must Americans suffer under Democrats’ job-destroying policies before the president takes responsibility and changes course?

A new poll out this week showed support for President Obama’s economic policies cratering, even among core supporters, offering the latest evidence that Americans see through the Democrats’ attempts to excuse their failed policies:

THE WASHINGTON POST/ABCPOLL: SUPPORT FOR OBAMA’S RECORD ON JOBS AND THE ECONOMY PLUMMETS AMONG LIBERALS: “The Post-ABC poll found that the number of liberal Democrats who strongly support Obama’s record on jobs plunged 22 points from 53 percent last year to 31 percent. The number of African Americans who believe the president’s actions have helped the economy has dropped from 77 percent in October to just over half of those surveyed.” (Ylan Q. Mui and Jon Cohen, “More Americans Unhappy with Obama on Economy, Jobs,” The Washington Post, 7/26/2011)

PEW POLL: YOUNG VOTERS DESERTING OBAMA: “The most noteworthy movement among whites has been among voters under 30, the so-called Millennial generation. Millennials voted 66 to 32 percent for Barack Obama in 2008 and identified as Democrats rather than Republicans by a 60 to 32 percent margin.

“But white Millennials have been moving away from the Democrats. The Democratic edge in party identification among white Millennials dropped from 7 points in 2008 to 3 points in 2009 to a 1-point Republican edge in 2010 and an 11-point Republican lead in 2011.” (Michael Barone, “Under Obama Millenials Move Toward GOP,” Real Clear Politics, 7/28/2011)

FOXNEWS POLL: 49% PLURALITY THINK OBAMA HAS MADE ECONOMY WORSE. (“Fox News Poll: More Say Obama Administration Making Economy Worse,” Fox News, 7/20/2011)

NBC NEWS/WSJ: 54 PERCENT DISAPPROVE OF OBAMA RECORD ON JOBS. (NBC News/Wall Street Journal Survey, July 2011)

A look at recent economic news helps explain why. First quarter GDP growth was revised down to a miserable 0.4% with 2nd quarter growth not much better, only 6% of Americans think the economy is “good shape,” the housing market is in shambles with no “light at the end of the tunnel,” job creation is weak and no one knows when the economic misery will end:

2nd QUARTER GDP GROWTH AT 1.3%, 1st QUARTER GROWTH REVISED DOWNWARD TO MISERABLE 0.4%: “The U.S. economy expanded at a slower pace than expected in the spring as consumers cut back on spending, while revisions showed the slowdown since the beginning of the year was much more drastic than previously thought.

“The Commerce Department Friday said gross domestic product rose at an annualized seasonally adjusted rate of 1.3% in April through June, while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain. A big reason behind the downward revision in first-quarter growth was that the inventory buildup by companies was less than initially estimated, while outlays by the federal government and consumers were also revised down.” (Tom Barkley and Jeff Bater, “U.S. GDP Grows Just 1.3%,” The Wall Street Journal, 7/29/2011)

BLOOMBERG CONSUMER CONFIDENCE INDEX DIPS LOWER: ONLY 6% OF AMERICANS THINK ECONOMY IS IN “GOOD SHAPE”: “The Bloomberg Consumer Comfort Index was minus 46.8 in the period to July 24, the lowest since May, compared with minus 43.3 the prior week. Six percent of those surveyed said the economy was in good shape, the fewest since April 2009.”(“U.S. Consumer Confidence Drops on Concern About Economy,” Bloomberg, 7/28/2011)

FEDERAL RESERVE’S BEIGE BOOK: ONLY ONE OUT OF 12 FEDERAL RESERVE DISTRICTS SAW AN “UPTICK IN GROWTH”: “Of the 12 Federal Reserve Districts surveyed by the central bank, just one reported an uptick in growth.” (Peter Schroeder, “Fed: Economy Growing, But Has Lost Momentum,” The Hill, 7/27/2011)

LABOR MARKET CONDITIONS “SOFT” IN “MOST AREAS OF THE COUNTRY”:“As job growth in the U.S. has turned anemic in recent months, the Fed found that labor market conditions remained ‘soft’ in most areas of the country. Some areas reported small gains in hiring, but only in specific sectors like advertising and manufacturing.” (Peter Schroeder, “Fed: Economy Growing, But Has Lost Momentum,” The Hill, 7/27/2011)

STANDARD & POOR’S: HOUSING MARKET IS IN SHAMBLES, WITH NO “LIGHT AT THE END OF THE TUNNEL”: “According to the Standard & Poor’s Case-Shiller home price index, released Tuesday, prices for existing homes in 20 major U.S. cities fell 4.5% in May from a year earlier, with declines stretching from coast to coast. Only Washington, D.C., saw a year-over-year increase. Compared with April, prices in May were virtually unchanged on a seasonally adjusted basis.

” ‘If you’re looking for the light at the end of the tunnel, we don’t have it,’ said David Blitzer, chairman of S&P’s index committee, ‘We all agree the market ain’t going anyplace at all.'” (Wesley Lowery, “Home Sales, Prices Reflect Malaise,” Wall Street Journal, 7/27/2011)

FOUR MAJOR COMPANIES OFFER GLOOMY OUTLOOK FOR CONSUMER SPENDING AND BUSINESS INVESTMENT. “Meanwhile, Corning and Emerson joined 3M, UPS and other major U.S. companies expressing concerns this week about the outlook for business and consumer spending.” (Scott Stoddard, “Economic, Corporate Data Show Soft Patch Continues,” Investor’s Business Daily, 7/27/2011)

CNN: ECONOMIC CONFIDENCE AT LOWEST LEVEL IN 15 YEARS: “Americans are more pessimistic about where the economy will be a year from now than they have been at any time in almost the last 15 years, a new poll Monday showed.

“In all, 59 percent of those surveyed for a CNN/Opinion Research Corporation poll said they expect economic conditions in the United States to be poor a year from now, while 40 percent expect conditions to be good. That’s the highest percentage since CNN began asking the poll question in October, 1997.” (Jennifer Epstein, “Poll: Pessimism Hits 15-Year High,” Politico, 7/25/2011)

“COMPANIES ARE LAYING OFF EMPLOYEES AT A LEVEL NOT SEEN IN NEARLY A YEAR.” (Conor Dougherty, “Layoffs Deepen Gloom,” The Wall Street Journal, 7/21/2011)

“MORE THAN ONE IN THREE” JOBLESS AMERICANS OUT OF WORK FOR MORE THAN A YEAR IN SOME STATES. (Sara Murray, “Long-Term Unemployment, By State,” The Wall Street Journal, 7/21/2011)

President Obama and his advisors continue to double-down with excuses defending their failed policies. How much more must Americans suffer under Democrats’ job-destroying policies before the president takes responsibility and changes course?:

NY TIMES: WHITE HOUSE HOPING “MAYBE IT’S NOT THE ECONOMY, STUPID”: “Maybe it’s not the economy, stupid. White House officials have begun to entertain the idea that they can run for re-election without being able to point to a strengthening economy. For one thing, they may not have a choice.” (David Leonhardt, “Negotiating Election Headwinds,” The New York Times, 7/19/2011)

TREASURY SEC. TIM GEITHNER SAYS “RIDICULOUS” TO COMPARE DEBT AND UNEMPLOYMENT INCREASES UNDER OBAMA. (NBC’s “Meet the Press”, 7/10/2011)

WHITE HOUSE CHIEF OF STAFF BILL DALEY SAYS THE “POLITICAL SYSTEM” IS TO BLAME FOR WEAK ECONOMY. (Imtiyaz Delawala, “Bill Daley: President Obama Still Wants a ‘Big Deal’ on Deficit Reduction,” ABC’s “This Week”, 7/10/2011)

OBAMA ADVISOR DAVID PLOUFFE PRE-EMPTS GLOOMY JOBS REPORT, CLAIMS “VISION” MORE IMPORTANT THAN JOBS. (Julie Mason, “Plouffe: It’s About Vision, Not Jobs,” Politico, 7/8/2011)

OBAMA CLAIMED “WE’VE ALWAYS KNOWN THAT WE’D HAVE UPS AND DOWNS.” (“Remarks by the President on the Monthly Jobs Report,” The White House, 7/8/2011)

AFTER HE SAID HIGH UNEMPLOYMENT IS NOT A PROBLEM BECAUSE THERE ARE ALWAYS “BUMPS ON THE ROAD.” (“Remarks by the President to Chrysler Workers in Toledo, Ohio,” The White House, 6/3/2011)

A PHRASE ECHOED BY OBAMA’S TOP ECONOMIC ADVISOR: ” ‘There are always bumps on the road to recovery, but the overall trajectory of the economy has improved dramatically over the past two years,’ Goolsbee said in a statement posted Friday to the White House blog.” (Alexander Bolton, “Obama’s Economic Chief Says Job Numbers Are A Bump in the Road,” The Hill, 6/3/2011