Mike Shedlock

The collapse in sentiment of all kinds continues. Concern over jobs and unemployment are at the top of the list of worries.

Gallup report Americans' Satisfaction With National Conditions Dips to 11%

Americans' satisfaction with the way things are going in the United States has fallen back to 11%, the lowest level since December 2008 and just four percentage points above the all-time low recorded in October 2008. 

Gallup began measuring Americans' satisfaction with national conditions in 1979. Since then, satisfaction has been lower than the current 11% in only a few measurements in the final months of 2008. The all-time low of 7% came in an Oct. 10-12, 2008, poll, conducted shortly after stock values plummeted following Congress' passage of the TARP legislation in response to the September 2008 financial crisis.

Economic Concerns Paramount in Americans' Minds

In all, 76% of Americans mention some economic issue as the most important problem facing the country, the highest percentage since April 2009.

Low national satisfaction ratings make incumbent politicians vulnerable to defeat, and Presidents Jimmy Carter and George H.W. Bush were defeated for re-election at times when Americans were largely dissatisfied with the state of the nation. Satisfaction ratings tend to be low when the economy is struggling, so economic progress over the next 15 months will be a crucial factor in determining whether Obama is elected to a second term.



Americans Not Satisfied with Obama

Gallup reports Obama's Weekly Job Approval at 40%, Lowest of Administration
President Obama's job approval rating dropped to 40% during the week spanning Aug. 8-14, the lowest weekly average of his administration. During this period, Obama's three-day rolling average also hit a new low of 39% for Aug. 11-13, the first such average below 40% since he took office, though it recovered to 41% for Aug. 12-14.



Although the new lows in Obama's job approval rating represent only a slight drop from his previous low readings, they symbolically underscore the weaker position the president is in as he begins a "listening tour" of the Midwest this week.

Ten incumbent presidents have sought re-election since World War II, and none has won a second term with final pre-election job approval ratings below 48%. The last two presidents who lost their re-election bids -- George H.W. Bush and Jimmy Carter -- had job approval ratings in the 30% range in the fall of the election year. Thus, Obama's challenge is not only to move his rating back above 40%, but also to push it close to or above 50%.

 

Just 26% Satisfied with Obama's Handling of Economy

Gallup reports New Low of 26% Approve of Obama on the Economy

August 17, 2011
A new low of 26% of Americans approve of President Barack Obama's handling of the economy, down 11 percentage points since Gallup last measured it in mid-May and well below his previous low of 35% in November 2010.




President Obama's approval rating has dwindled in recent weeks to the point that it is barely hugging the 40% line. Three months earlier, it approached or exceeded 50%. History will remember this period for the messy political debate in Washington over the debt ceiling, followed by distress on Wall Street and tragedy in Afghanistan. How much each of these factors is responsible for the overall decline in Obama's approval rating is unclear. But Americans' unhappiness with each of them is reflected in recent declines in Obama's specific job ratings for the economy, the federal budget deficit, and various foreign policy measures, as well as in his markedly low rating for creating jobs.
Satisfaction the Rolling Stones

There are numerous videos of Satisfaction but I like this one even though the video quality is poor. It captures the spirit of the era best.



Link if video does not play: http://www.youtube.com/watch?v=8_VbImuG71M

I took a look at various sentiment measures yesterday, including views from three different people in Sentiment Leads Consumption; Sentiment Four Ways: Chris Puplava, Calculated Risk, Consumer Metrics; Gallup

Congressional Approval 13% - What the Hell does it Take to Get Change?

I discussed the above question Congressional Approval 13%;Theory of Elections and Overcoming Huge Political Bureaucracies; What the Hell Does it take to Get Real Change?

One thing is clear, people are not satisfied with anything.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

John Ransom | Create Your Badge

See more top stories from Townhall Finance, new home page, more columns, more news:

Larry Kudlow The Deflationary M2 Explosion
John Ransom Barney Frank, Czar of His Domain
Craig Steiner Selling China the Rope to Hang Us
Bill Tatro Bernanke's Manslaughter of US Economy
Jack Bouroudjian Americans, the Crucified
Mike Shedlock The Obama Malaise
Bob Goldman Tough Love
Email Ransom thfinance@mail.com
Twitter http://twitter.com/#!/bamransom


Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
TOWNHALL FINANCE DAILY

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!