Obama’s Economic Approval Falls to 35%

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By Douglas A. McIntyre Updated Published
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The economy may be getting better, albeit at a slow pace. Americans do not seem to believe the improvement is fast enough or good enough, at least insofar as any role the president might have in the halting recovery. Fortunately for him, he is not up for reelection. After taking the country through the recession of 2008, he gets almost no credit for the transition out of that recession to a time when at least unemployment and the housing market, two major markers of the economy, have improved.

According to a new poll from Gallup:

Despite President Barack Obama’s renewed focus on the nation’s economy this summer, crisscrossing the country to talk about job creation, he scores worse with Americans on the economy than he did in June. His approval rating on the issue, now 35%, is down seven percentage points, and his ratings on taxes and the federal budget deficit are each down five points. During the same period, his overall approval rating is down three points.

Worse for the president is that the general sentiment about the health of the economy has improved in the past year, but people must believe it would have done so in spite of him, or perhaps would have done better without him.

Gallup hinted that Obama’s ratings may be pulled down by a general distaste for Washington and how the federal government may have hindered a stronger recovery:

It may be summer, but Americans are not all smiles and sunshine, at least when it comes to their ratings of Washington leaders. Gallup’s August polling finds Americans’ scant approval of Congress remaining low at 14% this month, while their satisfaction with the direction of the country slipped six points to 22%, the lowest since March. In this context, it is not surprising that Obama’s overall job approval rating is at a low ebb for the year.

However, Obama is the president, and the opinions about him largely stand alone because of that. This dissatisfaction with the president can only be tied so much to those further down the federal government food chain, particularly when people really believe there is someone, some single person, who has to take the blame.

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Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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