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Economy Tanks Obama’s Approval Ratings

According to The Huffington Post, in mid-July 2012, a CBS/NYT poll puts President Barack Obama behind Mitt Romney, 46 percent to 47 percent, in the race for presidential office.

According to CNN Money, the first three months of the calendar year have resulted in three consecutive disappointing jobs reports. Growth in the housing market remains weak. Europe is in the midst of a debt crisis. With just four monthly jobs reports left before Election Day, and weeks of bad economic news, Romney steps out in front of Obama among poll respondents by a margin of 49 percent to 41 percent on who can best handle the economy and get people back to work.

According to CNN Money, the current unemployment rate is 8.2%. Getting to below 8.0% unemployment may not likely happen by Election Day. According to The Huffington Post, people who believe the economy is improving dropped from 33 percent in April 2012 to 24 percent in July 2012. There has been a series of bad jobs reports recently. According to CNN Politics, stock prices plunged after a report that the economy created 80,000 jobs in June 2012. This was below the number needed to decrease the 8.2% unemployment rate.

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Some people see Obama as the candidate who can best help the middle class, but people are blaming him for not turning around the economy. Almost two-thirds of poll respondents stated the president’s policies added to the economic downturn.

People care more about what the next president will do about the economy than Romney’s years at Bain Capital and his wealth. Around 60 percent of voters said it didn’t matter in their voting decision whether Romney worked at Bain Capital. Around 73 percent did not care about Romney’s wealth.

According to The Atlantic, more voters think the economy is getting worse. Around 34 percent give Obama “significant” responsibility for the poor economy. Around 52 percent majority of independents believe Obama will “never improve” the economy. These poll numbers may tank Obama’s re-election plans.

According to the same article, 36 percent in the NYT/CBS poll see Obama favorably. This is a six-point drop over the last three months. Around 48 percent view Obama unfavorably. Romney’s favorable ratings are similar to the current president’s ratings – 32 favorable/36 unfavorable.

The state-by-state numbers are similar to the NYT/CBS poll. Quinnipiac’s poll of Virginia voters indicates Obama and Romney neck-to-neck, with the current president polling at 44 percent. Among non-college educated whites, the current president’s job approval dropped down to 29 percent. Just 40 percent of college-educated whites approve of Obama’s job performance.

According to an ABC News, April 2012 article, voters under age 30 turned out in record numbers to support Obama in 2008, but after three years of high unemployment, falling wages and student debt, people in their 20s are not as enthusiastic this election. According to ABC News, a Public Religion Research Institute and Georgetown University’s Berkeley Center survey indicated 34 percent of 18-to-24-year-olds are “satisfied” with the Obama presidency. More than half surveyed said they were “disappointed,” “worried” or “angry.”

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