Friday, Obama announced that all American Troops will be gone from Iraq by the end of this year, completing a campaign goal he made in 2008 when he proclaimed the war in Iraq a misguided mistake by his Republican predecessor, George W. Bush.
All of these “victories” mean that Obama’s re-election should be a no-brainer, right?
As reported at gallup.com:
President Barack Obama’s 11th quarter in office was the worst of his administration, based on his quarterly average job approval ratings. His 41% approval average is down six percentage points from his 10th quarter in office, and is nearly four points below his previous low of 45% during his seventh quarter.
These results are based on Gallup Daily tracking from July 20-Oct. 19, 2011. During this time, Obama’s approval rating ranged narrowly between 38% and 43% for all but a few days of the quarter. The 38% approval ratings, registered on several occasions, are the lowest of his presidency to date.
The most notable event in Obama’s 11th quarter was probably the negotiations to raise the federal debt ceiling in late July and early August. Shortly after the agreement was reached, the stock market plummeted after Standard and Poor’s downgraded the U.S. credit rating. Later, the government’s jobs report showed no new net jobs were created in August, a sign the economy was still a long way from recovery. The president has been unsuccessful so far in getting Congress to pass the jobs bill he proposed in early September.
Only one elected president since Dwight D. Eisenhower, Jimmy Carter, had a lower 11th quarter average than Obama. Carter averaged 31% during his 11th quarter, which was marked by a poor economy and high energy prices. Ronald Reagan and Bill Clinton were the only other post-World War II presidents whose job approval averages were below 50% in their 11th quarter in office.
So, why is this formerly worshiped false messiah being kicked to the curb by his former sycophants?
It’s the economy, stupid!
Many economists say applications need to fall consistently below 375,000 to signal sustainable job growth. They haven’t been below that level since February.
Economists have been closely watching unemployment benefit applications since fears of another recession intensified this summer. Layoffs and applications tend to rise at the beginning of recessions.
Employers have added an average of only 72,000 jobs per month in the past five months. That’s far below the 100,000 per month needed to keep up with population growth. And it’s down from an average of 180,000 in the first four months of this year.
In September, employers added only 103,000 jobs last month, and the unemployment rate remained 9.1 percent for a third straight month.
Employers pulled back on hiring this spring, after rising gas prices cut into consumer spending and Japan’s March 11 earthquake disrupted supply chains. That slowed U.S. auto production.
Auto output has rebounded in the past couple of months and gas prices have come down from their peak in early May. In September, consumers increased their spending on retail goods by the most in seven months.
Those trends likely boosted growth in the July-September quarter to about 2.5 percent, economists predict. That’s an improvement from the 0.9 percent annual rate in the first six months of this year. But it’s not enough to spur much job growth.
The number of people receiving unemployment benefits rose 25,000 to 3.7 million. But that doesn’t include several million additional laid-off workers receiving extended benefits under an emergency program paid for by the federal government and put in place during the recession.
All told, 6.7 million people received benefits in the week ended Oct. 1, the latest data available.
Gallup.com reported Wednesday that Americans are more than twice as likely to blame the federal government in Washington (64%) for the economic problems facing the United States as they are the financial institutions on Wall Street (30%).
On January 20, 2009, at his inauguration, the 44th President of the United States, Barack Hussein Obama said:
The question we ask today is not whether our government is too big or too small, but whether it works, whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified.
Where the answer is yes, we intend to move forward. Where the answer is no, programs will end.
And those of us who manage the public’s dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.
Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched.
But this crisis has reminded us that without a watchful eye, the market can spin out of control. The nation cannot prosper long when it favors only the prosperous.
The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on the ability to extend opportunity to every willing heart [Share the wealth!] — not out of charity, but because it is the surest route to our common good.
Grand plans, Mr. President. Poor execution.
Your economy. Your responsibility. Your failure.