The Corner

Another Day, Another Record Low for POTUS

This Bloomberg poll has both sides of President Obama’s approval split on the economy at record lows/highs — 33/62 to be precise. But the really damning numbers are about the president’s new jobs bill:

By a margin of 51 percent to 40 percent, Americans doubt the package of tax cuts and spending proposals intended to jumpstart job creation that Obama submitted to Congress this week will bring down the 9.1 percent jobless rate. That sentiment undermines one of the core arguments the president is making on the job act’s behalf in a nationwide campaign to build public support.

Compounding Obama’s challenge is that 56 percent of independents, whom the president won in 2008 and will need to win in 2012, are skeptical it will work.

“I think the jobs bill is a good start, but it’s hard to look at it real positively in light of what’s just happened with the budget,” said Jason Dumas, a 40 year-old independent voter from Charlotte, North Carolina. “The partisanship is still there and it seems like we’re gearing up more for the election.”

In all of the categories gauging Obama’s performance on economic issues, the president’s disapproval rating among independents is above 50 percent.

Keynesian economics has its “liquidity trap”, that dread point where monetary tools are no longer able to stimulate the economy and monetary policy comes to resemble “pushing on a string.” The president is surely experiencing the rhetorical version of the liquidity trap, only it’s even worse. Not only is he unable to move public confidence in the economy with a speech, but he’s actually moving it in the wrong direction.


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