Tuesday, August 23, 2011

Barack Obama - #3191 - Daily Presidential Tracking Poll -Rasmussen (2) Obama's Nightmare Economic Re-Election Scenario Unfolding - Hot Air (3) Byron York: Spending, Not Entitlements Created Hugh Deficits-Washington Examiner (4) New Home Sales Fall - 2011 Could Be Worst Year Yet - Associated Press

The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows that 19% of the nation's voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty-five percent (45%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -26 (see trends). This is the lowest Approval Index rating yet measured for President Obama. The previous low was -24 reached yesterday and also in September 2010. Additionally, the level of Strong Approval matches the lowest yet recorded. By way of comparison, President Bush had ratings near the end of his second term in the minus 30s.  Read more......

Obama's Nightmare Economic Re-Election Scenario Unfolding - Hot Air - In order to win re-election, Barack Obama really needs an economic renaissance. As James Pethokoukis reports for Reuters, it’s looking increasingly clear that he’s not going to get it. The big analysts are now banking on almost zero growth and even higher unemployment than we have now for next year’s presidential election:  The White House’s worst-case scenario for the economy on Election Day next year has become Wall Street’s baseline scenario. After looking at a string of weak economic reports and Europe’s growing fear of debt meltdown and contagion, JPMorgan – led by Obama pal Jamie Dimon – has just come out with a politically poisonous forecast.  The megabank now thinks the economy won’t grow much faster over the next 12 months than it did during the first half of this year — and that’s assuming Europe doesn’t go all pear shaped. It sees GDP growth at just 1.5 percent this year, 1.3 percent next year with unemployment at … 9.5 percent heading into the final days of the election season. “The risks of recession are clearly elevated,” the bank said. Read more......

Byron York: Spending, Not Entitlements, Created Deficits - Washington Examiner - It's conventional wisdom in Washington to blame the federal government's dire financial outlook on runaway entitlement spending. Unless we rein in Social Security, Medicare and Medicaid, the conventional wisdom goes, the federal government is headed for disaster.  That's true in the long run. But what is causing massive deficits now? Is it the same entitlements that threaten the future?  Yes, say some conservatives who favor making entitlement reform a key issue in the 2012 campaign. "We're $1.5 trillion in debt," Weekly Standard Editor Bill Kristol said Sunday, referring to this year's projected deficit. "Where's the debt coming from? It's coming from entitlements."  There's no doubt federal spending has exploded in recent years. In fiscal 2007, the last year before things went haywire, the government took in $2.568 trillion in revenues and spent $2.728 trillion, for a deficit of $160 billion. In 2011, according to Congressional Budget Office estimates, the government will take in $2.230 trillion and spend $3.629 trillion, for a deficit of $1.399 trillion.  Read more........

New Homes Sales Fall 2011 Could Be Worst Year Yet - Associated Press - Sales of new homes fell for the third straight month in July, a sign that housing remains a drag on the economy. If the current pace continues, 2011 would be the worst year for new-home sales on records dating back at least half a century.  Sales fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That's less than half the 700,000 that economists say represent a healthy market.  Last year, 323,000 homes were sold - the worst year on records that go back to 1963.  While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders.  Read more..........

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