Mike Shedlock

President Obama's approval index rating is -21, the lowest ever. Obama's sinking numbers can be explained by a CNN Poll: 8 in 10 think we're in a recession

Economic fears are not diminishing. More than eight in 10 Americans think the economy is in another recession, according to a new CNN/ORC poll. One-third of those surveyed think it’s serious.

While the country isn’t technically in a recession because the economy hasn’t experienced two straight quarters of negative growth, the poll’s results highlight the importance of President Barack Obama’s jobs speech next Thursday night.

Don’t expect Republicans to stop demanding more budget cuts though. Almost half of GOPers surveyed say deficit reduction is just as important as creating more jobs, including those who identify themselves as tea party supporters.

Democrats strongly disagree. Eighty-three percent want the president to focus more on job growth, and two-thirds of independents say the same.

This could hint at the president’s economic plan as he campaigns for re-election. With only 34% of Americans approving of the way he is handling the economy, according to a CNN/ORC Poll released earlier this week, job creation could help the president solidify his party’s eroding support, while bringing in key independent voters.
Definition of Recession

It's disappointing to see CNN spreading nonsense that it takes two quarters of negative growth to call a recession. Two quarters is certainly a sufficient condition, it is not a necessary condition.

Recessions are called by the NBER and nearly all them start while the economy is still growing.

Poll Results

35% say the recession is serious, 34% moderate, 13% mild. Only 18% say the country is not is recession. Click here for complete CNN poll results.

I suggest the average person has it correct.

Obama Full-Month Approval in August Falls to Lowest of His Presidency

Please consider Obama Approval Index Month-by-Month
When tracking President Obama’s job approval on a daily basis, people sometimes get so caught up in the day-to-day fluctuations that they miss the bigger picture. To look at the longer-term trends, Rasmussen Reports compiles the numbers on a full-month basis, and the results can be seen in the graphics below.

In August, the number who Strongly Approve of Obama’s job performance was at 21%. That’s down three points from 24% in July and the lowest level measured during Obama's entire presidency. The previous low was 23% reached in both April and June of this year.

Since July 2009, the number who Strongly Approved of the president’s performance has now ranged from a low of 21% to a high of 31%. By comparison, 43% Strongly Approved of Obama's performance in January 2009.

The number of voters who Strongly Disapprove of the president’s performance increased a point from July to 42% in August. The number of voters who Strongly Disapproved has ranged from 37% to 44% since July 2009.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

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!