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Hill Poll: Most Now Blame Obama For Bad Economy

From CNBC:

The Falling Fortunes of the One Percent

By Robert Frank | Friday, 20 Jul 2012

A recent report from the Congressional Budget Office [says that]… Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent…

[W]hen you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent.

In other words, the incomes of the top one percent fell 18 times more than the incomes for the middle class at the start of the recession.

The result of this big drop at the top was that their share of the country’s total income also fell. In 2007, the top one percent earned 16.7 percent of all after-tax income. In 2009, that portion fell to 11.5 percent.

Inequality, in other words, fell during those years

The One Percent paid an average effective tax rate of 28.9 percent on their income — far more than any other group, and more than twice the average effective rate of the middle class, who paid 11 percent on average.

So the rich lost more income and paid more of their money in taxes than the rest of the population

From CNBC:

Earnings Show Recession May Be ‘Fast Approaching’

By Jeff Cox | Sunday, 22 Jul 2012

While this quarter’s earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way.

Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation

That’s an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York…

"This trend, however, has accelerated to the downside over the past 30 days and we are fast approaching levels where these estimates are unambiguously pointing to the risk of a U.S./global recession later into 2012 and 2013." …

Analysts now expect revenue to grow at just 1 percent to 1.5 percent pace in the third quarter. The forecast for the fourth quarter is 3.9 percent…

"The European crisis shows no sign of fading and, in the usual lagged fashion, should have increasing rather than decreasing collateral impacts on growth outside Europe," Ethan S. Harris, BofA’s North American economist, said in a note.

"Last but not least, the risks of the fiscal cliff have just started to work their way into corporate psychology," he added. "We are frankly a bit puzzled by the persistent optimism in consensus and official forecasts."

From The Hill:

The Hill Poll: Majority of voters blame president for bad economy

By Sheldon Alberts | Monday, July 23, 2012

Two-thirds of likely voters say the weak economy is Washington’s fault, and more blame President Obama than anybody else, according to a new poll for The Hill.

It found that 66 percent believe paltry job growth and slow economic recovery is the result of bad policy. 34 percent say Obama is the most to blame, followed by 23 percent who say Congress is the culprit. Twenty percent point the finger at Wall Street, and 18 percent cite former President George W. Bush

The poll, conducted for The Hill by Pulse Opinion Research, found 53 percent of voters say Obama has taken the wrong actions and has slowed the economy down. Forty-two percent said he has taken the right actions to revive the economy, while six percent said they were not sure

While 64 percent of voters consider this downturn to be “much more severe” than previous contractions, barely one quarter (26 percent) say the agonizingly slow pace of the recovery was unavoidable

If there is a silver lining for Obama in the poll results, it’s that centrist voters, who may well decide the 2012 outcome, tend to blame Republicans in Congress more than the president for hindering a more robust recovery.

Twenty-six percent of centrists cited Congress as most to blame for U.S. economic woes, compared to 20 percent who blame Obama

These"centrists" were self-identified.

The poll found sharp differences in opinions along racial lines, with 94 percent of African-Americans saying Obama had taken the right actions on the economy, compared to 34 percent of white voters.

So there must be a lot of "centrist" blacks.

Still, none of this can deflect the bad numbers of the poll, where most people now blame Obama for the economy. Which may be why any distraction away from the economy is such good news for the news media.

This article was posted by Steve on Monday, July 23rd, 2012. Comments are currently closed.

3 Responses to “Hill Poll: Most Now Blame Obama For Bad Economy”

  1. Rusty Shackleford says:

    Add to all this the whining for “QE-3” which would be…how many billions? Bern-hackney is contemplating it and unfortunately, I fear the newly formed republican congress may go along with it. There are few elected members who understand basic economics, it would seem, even those who can manage their own finances.

    I recall the movie with Barbara Streisand, in the 60’s or 70’s when her accountant took all her credit cards and cut them up in front of her. This is what needs to happen in our government. Drastic measures to cure a drastic problem.

    As with any relationship, money can be a problem and so it is with the government and the American people. The government has been on a shopping spree for decades, both sides using arguments to justify how and why they spend, spend, spend. But…as within a marriage, it has caused serious issues and outside counseling is required. However, not so much “outside” as the parents…us…the American People who are fed up with our house-mate spending us into the poor house. Giving money away to foreign entities that hate us, while they smirk and give us the finger when we do so.

    Then, there’s the issue that, with this administration, it’s all intentional and intentionally destructive, with those in power knowing the American People will never see their money again, once it’s spent. This is Obama’s tactic, to claim that it’s “spreading the wealth around” when in reality, he’s giving money to known nefarious entities in order to just drain cash from the United States, while hopefully gaining praise from the muslims worldwide. It’s trying to gain “street cred” in a very big way. If he expects that after his tenure as liar-in-chief, that the muslims will welcome him with open arms…he’s sadly mistaken. Or…it may simply be that he’s blowing cash simply to punish the United States for all those imagined actions that he classifies as “imperialism” and “theft”.

    It has been a very sad time for this nation and the haters of the nation are working hand-in-hand with those who…may actually love this nation but have been suckered to think that Obama is a proponent of equality and green activities. He’s not. He just acts that way as an excuse to blow cash so it will be gone.

  2. untrainable says:

    Analysts now expect revenue to grow at just 1 percent to 1.5 percent pace in the third quarter. The forecast for the fourth quarter is 3.9 percent…”

    “We are frankly a bit puzzled by the persistent optimism in consensus and official forecasts.”

    That’s not optimism. It’s a self deceiving delusion. Optimism says America survives the election season. Only a delusion of mammoth proportions could possibly predict 4% growth any time in the near future. The damage Captain Blameless has done to our country will require at least a decade to clean up.

  3. Petronius says:

    Darn that George Bush. Darn that tsunami.

    Actually the regime has enriched many people, mostly at the expense of American taxpayers.

    Those thus enriched include Democrat party bosses, our Chinese creditors, Solyndra and other green energy gimmicks, United Auto Workers (also at the expense of bondholders as well as taxpayers), SEIU, and other union crooks, illegal aliens, beneficiaries of affirmative action, Mexican drug cartels, numerous czars, DOJ special investigators, and other political appointees, Nerobama’s bundlers, crony capitalist supporters, and assorted moochers, freeloaders, looters, and parasites.

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