The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Americans Realize It Won’t Work

Posted on | July 13, 2010 | 29 Comments

The failure of Obamanomics becomes obvious:

A pair of new polls find that with less than four months until the midterm elections, Americans’ confidence in President Obama’s handling of the economy continues to crater.
A new Washington Post/ABC News poll finds that just 43 percent approve of Obama’s handling of the economy, with 54 percent disapproving. . . .
These results are further confirmed by a CBS News poll, with 40 percent saying they had confidence in Obama, and 54 percent saying they did not.

Nancy Pelosi thinks unemployment checks create jobs, but the real job-creators know better:

Confidence among U.S. small businesses fell in June to the lowest level in three months as projections for profits, sales and economic conditions weakened, a private survey found.
The National Federation of Independent Business’s optimism index decreased to 89 from May’s 92.2 reading that was the highest since September 2008, the Washington-based group said today. Seven of the index’s 10 components dropped, led by a decline in the economic outlook six months from now. . . .
The report shows employment stalled last month while executives planned to trim investment and inventories as they waited for demand to strengthen.
“Headwinds for the economy are still strong, making forward progress difficult to make and to hold,” William Dunkelberg, the group’s chief economist, said in a statement. “The small business sector is not on a positive trajectory and with this half of the private sector missing in action, the poor growth performance is no surprise.”

The FDIC closed another four banks Friday — bringing the year-to-date total to 90 — and, while the stock market is currently riding a week of gains, major investors say long-term prospects are worsening:

Investors have turned bearish in their outlook for the global economy and corporate earnings, according to the BofA Merrill Lynch Survey of Fund Managers for July.
The survey shows a net 12 percent of respondents predicting the global economy will deteriorate in the coming 12 months, the first negative forecast since February 2009. . . . .
“July’s survey echoes the sentiment that investors expressed during the recession in early 2009,” said Gary Baker, head of European Equities strategy at BofA Merrill Lynch Global Research.

It Won’t Work. It Still Won’t Work. It’s Still Not Working.

UPDATE: From the comments: “George Steinbrenner dies and the markets go up about 170 points. Coincidence? I think not.”

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Category: Economics

Comments

  • Rob

    I wouldn’t say 43% approving Obama’s policies is crater if it get below 40% than sure it is.

  • Rob

    I wouldn’t say 43% approving Obama’s policies is crater if it get below 40% than sure it is.

  • http://professortom.xanga.com Professor Tom

    Rob, what’s three percentage points?

  • http://professortom.xanga.com Professor Tom

    Rob, what’s three percentage points?

  • Joe

    Obamanomics suck. But George Steinbrenner dies and the markets go up about 170 points. Coincidence? I think not.

    Damn Yankees!

  • Joe

    Obamanomics suck. But George Steinbrenner dies and the markets go up about 170 points. Coincidence? I think not.

    Damn Yankees!

  • http://kingshamus.wordpress.com KingShamus

    My vibe is that a lot of people-average, non-political folk-are still sorta nervous to say they don’t like Obama. While the Gulf oil disaster has rubbed some of the polish off the Obambi turd, there has been an unwillingness amongst some of the mushy middle types to say, “Obama has screwed up the economy.”

    People who don’t pay attention to politics are probably more apt to give President Obama the benefit of the doubt. They haven’t looked into TARP, the porkulus, the takeovers, the economic uncertainty that has helped create 10% unemployment…so they don’t know who exactly to blame for the current situation.

    Also, let’s not forget that non-political types by nature basically want to remain in the dark about politics. They are also more prone to react in fear over being called “RAAAAACIST” for expressing an anti-Obama opinion. It’s easier for them to just shut up, go with the flow and avoid a political headache altogether.

  • http://kingshamus.wordpress.com KingShamus

    My vibe is that a lot of people-average, non-political folk-are still sorta nervous to say they don’t like Obama. While the Gulf oil disaster has rubbed some of the polish off the Obambi turd, there has been an unwillingness amongst some of the mushy middle types to say, “Obama has screwed up the economy.”

    People who don’t pay attention to politics are probably more apt to give President Obama the benefit of the doubt. They haven’t looked into TARP, the porkulus, the takeovers, the economic uncertainty that has helped create 10% unemployment…so they don’t know who exactly to blame for the current situation.

    Also, let’s not forget that non-political types by nature basically want to remain in the dark about politics. They are also more prone to react in fear over being called “RAAAAACIST” for expressing an anti-Obama opinion. It’s easier for them to just shut up, go with the flow and avoid a political headache altogether.

  • young4eyes

    “an unwillingness amongst some of the mushy middle types to say, “Obama has screwed up the economy.””…

    King Shamu, apparently, is one of the non-political folk he rails about.Your ignorance is a glory to behold.
    I know, I know…you can’t help but have been duped into thinking that Obama ruined the economy. Tea Baggers and the people who control them have gone out of their way to make sure people forget what happened during Bush’s last year in the White House.They’ve even managed to convince all Tea Baggers that Obama stepped in the door and–presto change-o- the economy tanked! Well, that says more about the stupidity of Tea Baggers and Conservatives in general than anything…
    Or does it?
    Hmmmm, Black man becomes POTUS and the economy tanks overnight!
    No. No racial overtones there….

  • young4eyes

    “an unwillingness amongst some of the mushy middle types to say, “Obama has screwed up the economy.””…

    King Shamu, apparently, is one of the non-political folk he rails about.Your ignorance is a glory to behold.
    I know, I know…you can’t help but have been duped into thinking that Obama ruined the economy. Tea Baggers and the people who control them have gone out of their way to make sure people forget what happened during Bush’s last year in the White House.They’ve even managed to convince all Tea Baggers that Obama stepped in the door and–presto change-o- the economy tanked! Well, that says more about the stupidity of Tea Baggers and Conservatives in general than anything…
    Or does it?
    Hmmmm, Black man becomes POTUS and the economy tanks overnight!
    No. No racial overtones there….

  • young4eyes

    OMG! Missouri Tea Baggers condemn the NAACP for their “bigotry”…Aw, you guys just make it so easy for us.Thanks!

  • young4eyes

    OMG! Missouri Tea Baggers condemn the NAACP for their “bigotry”…Aw, you guys just make it so easy for us.Thanks!

  • http://effingconservatives.blogspot.com Jeff Weimer

    Hey look, she’s back!

    Nice strawman there Y4E, take ya long to build?

  • http://effingconservatives.blogspot.com Jeff Weimer

    Hey look, she’s back!

    Nice strawman there Y4E, take ya long to build?

  • http://kingshamus.wordpress.com/ KingShamus

    Young4eyes: You’re the only one making racist statements here.

    Stones, glass houses, living in, throwing: Some assembly required.

    Get to it, buttercup.

  • http://kingshamus.wordpress.com/ KingShamus

    Young4eyes: You’re the only one making racist statements here.

    Stones, glass houses, living in, throwing: Some assembly required.

    Get to it, buttercup.

  • Adobe Walls

    Tag team trolls?

  • Adobe Walls

    Tag team trolls?

  • Estragon

    Obama’s been in office a year and a half, shedding nearly 4 million jobs in the process. He’s lost more jobs than Hoover!

    True, some of the problems started before, though – the Democrats took over Congress with the 2006 midterm, trace the problems to then.

  • Estragon

    Obama’s been in office a year and a half, shedding nearly 4 million jobs in the process. He’s lost more jobs than Hoover!

    True, some of the problems started before, though – the Democrats took over Congress with the 2006 midterm, trace the problems to then.

  • young4eyes

    Nice try Estrogen.Obama hasn’t shred 4 million jobs.The free market has.
    And it’s quite an albatross for Conservatives to deal with.It’s been easy to criticize BO and the economy he inherited, but the truth is that “fiscal Conservatism” has been a disaster. I haven’t yet seen any Repugs step up and say what they would do to fix the economy besides that doing what hasn’t worked-i.e. more tax cuts for the wealthy. Uh, been done already, and what has it got us?
    It took Reagan nearly 4 years to get back on the road to recovery after the 1980 election.But no double standards here,eh?
    I understand.In your alternative universe, Obama is responsible for a 30 year economic philosophy founded on the type of ‘voodoo’ that even the first Bush lambasted.Hey, if BO were truly the tyrant you wish him to be this economy would have turned around.Alas, the free market as professed by Cons is to blame…
    King Shamu–how lame can one man be? That’s one hell of a come back,sweetie. Indulge me: what was racist about my comment?
    Oh, wait…this is the tried and true Tea Bagger come-back: the all=powerful “I know you are but what am I” response!
    You must be the pride of your village…

  • young4eyes

    Nice try Estrogen.Obama hasn’t shred 4 million jobs.The free market has.
    And it’s quite an albatross for Conservatives to deal with.It’s been easy to criticize BO and the economy he inherited, but the truth is that “fiscal Conservatism” has been a disaster. I haven’t yet seen any Repugs step up and say what they would do to fix the economy besides that doing what hasn’t worked-i.e. more tax cuts for the wealthy. Uh, been done already, and what has it got us?
    It took Reagan nearly 4 years to get back on the road to recovery after the 1980 election.But no double standards here,eh?
    I understand.In your alternative universe, Obama is responsible for a 30 year economic philosophy founded on the type of ‘voodoo’ that even the first Bush lambasted.Hey, if BO were truly the tyrant you wish him to be this economy would have turned around.Alas, the free market as professed by Cons is to blame…
    King Shamu–how lame can one man be? That’s one hell of a come back,sweetie. Indulge me: what was racist about my comment?
    Oh, wait…this is the tried and true Tea Bagger come-back: the all=powerful “I know you are but what am I” response!
    You must be the pride of your village…

  • Adobe Walls

    young4eyes: Back refreshed from the Borg Alcove I see. It seems to have taken a while to regenerate collectivism this time, but apparently they did provide a temporary stand in for you, welcome back into the light.
    P.S. You are still my favorite Bolshevik.

  • Adobe Walls

    young4eyes: Back refreshed from the Borg Alcove I see. It seems to have taken a while to regenerate collectivism this time, but apparently they did provide a temporary stand in for you, welcome back into the light.
    P.S. You are still my favorite Bolshevik.

  • http://www.whitehouse.gov Barack Obama

    Let’s play a game.

    I blame _ _ _ _.

    Can you guess the missing word?

  • http://www.whitehouse.gov Barack Obama

    Let’s play a game.

    I blame _ _ _ _.

    Can you guess the missing word?

  • http://kingshamus.wordpress.com/ KingShamus

    Does it rhyme with ‘mush’?

  • http://kingshamus.wordpress.com/ KingShamus

    Does it rhyme with ‘mush’?

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