Chris Cillizza points to numbers in the latest Washington Post/ABC News poll that can’t make Team Obama too happy. In addition to the fact that 57 percent disapprove of Obama’s handling of the economy, 44 percent of respondents believe the national economy is getting worse to only 28 percent who think it has improved.
Cillizza notes that when Ronald Reagan ran for reelection, unemployment was still relatively high at 7.3 percent but had come down from more than 10 percent. But I’d go a step further: people’s perceptions of the economy, fueled by their own financial performance, are more important than the formal economic data. In 1992, Bill Clinton ran against the “worst economy in 50 years” even though the 1990-91 recession was over before he even declared his candidacy. Job growth was still lackluster and people were accepting jobs that didn’t pay as well as the ones they lost.
Anyone who pointed out that the recession was technically over as a way of defending George Bush would have been seen as hopelessly out touch. Something to think about before saying the presidential election is Obama’s if there is no double-dip recession.
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That’s right, the Grinch (Joe Biden) is coming for your pocketbooks this Christmas season with record inflation. Just to recap, here is a list of items that have gone up during his reign.
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