Friday, August 12, 2011

Another Recession Looming?

Most Americans say U.S. on wrong track: poll
Written by Reuters
Thursday, 11 August 2011 07:02

WASHINGTON: Economic fears are weighing heavily on Americans, with a large majority saying the United States is on the wrong track and nearly half believing the worst is yet to come, a Reuters/Ipsos poll said on Wednesday.

The poll reflected growing anxiety about the U.S. economy and frustration with Washington after a narrowly averted government default last week, a credit rating downgrade by Standard & Poor's, a stock market dive and a stubbornly high 9.1 percent jobless rate.

President Barack Obama was politically bruised in the brutal, weeks-long debt debate, and negative views on the economy are worrisome signs for his 2012 re-election bid.

His approval rating dropped to 45 percent from 49 percent a month ago, according to the poll conducted from Thursday to Monday. Obama's predecessor, President George W. Bush, never saw his approval rating dip below 46 percent in Gallup polling in his re-election year of 2004.

The Reuters/Ipsos poll found 73 percent of Americans believe the United States is "off on the wrong track," and just one in five, 21 percent, think the country is headed in the right direction.

The survey found that 47 percent believe "the worst is yet to come" in the U.S. economy, an increase of 13 percentage points from a year ago when this question was last raised.

This is the highest measure since March 2009, when concern peaked at 57 percent, at the height of the recession.

Ipsos pollster Julia Clark said the wrong-track measure reflects widespread unhappiness with the economy and frustration at both political parties, but "you can't say it's a predictor of how Obama will fare" in 2012.

The level of discontent was 10 points higher than a July survey and is the highest in an Ipsos poll since it reached 73 percent in October 2008, at the height of the financial crisis. The polling organization found 77 percent felt the country was on the wrong track in July 2008, during George W. Bush's final year in office.

Gallup has found even higher levels of dissatisfaction at various points over the past 30 years, but it is rare.

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Obama now really occupied to save the American economy and the world subsequently. He managed to reach deal with the congress on raising the debt ceiling. This deal is to able the US to cut the federal spending therefore there will be money to pay the debt.  The US debt deadlock had threatened to throw the US and world economy into chaos. 

My knowledge regarding economics is scarcely. So not sure how thing going to work. I personally believed that Obama is  not strong US President. He had his charisma while giving speechand his figure shined with aura in the public but his policy and management not in the same level. His foreign policy could consider the same with other President but he lack on emphasizing.

As expected in April 2011, Obama has launched his bid for reelection to the White House, telling supporters that he needs their vote in 2012 so he can continue the ambitious reform agenda he began two years ago. Maybe there will be problem for him to win the reelection.

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