Pessimism Abounds

If you have been feeling a little depressed lately, join the crowd.  The Pew Research Center has just released results of a nationwide survey on the views of Americans about the nation’s economy and the status of their own personal fiancés.  Americans think the nation’s economy and their own personal finances are only fair to poor.  Although, most think their personal finances will improve over the next year, nearly half say they think the national economy is unlikely to get much better.  See the chart below for a summary of the key findings from the Pew survey. You can read the complete results here: http://people-press.org/files/legacy-pdf/06-23-11%20June%20Econ%20Release.pdf

  

As you examine the numbers, note that not much has changed since a similar survey back in October of last year.  The lack of improvement can’t help but be a problem for Obama and the Democrats.  Pew found that Obama’s approval rating has declined from a high of 56% approval after getting Osama bin Laden to just 46% approval now largely due to this public pessimism about the economy and personal finances.  Republicans plan to hammer away at blaming Democrats and the administration for everything wrong with the economy. Expect to hear that Reagan line “Are you better off than four years ago?” over and over throughout the campaign.  In fact, Karl Rove’s Crossroads plans to run a $20-million campaign over the next two months "to frame the national debate on jobs, the economy and the national debt in anticipation of congressional action on these issues."  In other words, to blame Obama for the nation’s economic woes.  There is no word yet how or if Democrats run ads to counter the Rove attack.