Americans to Obama: The Economy Is All That Counts

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By Douglas A. McIntyre Published
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President Obama cannot run for office again, at least not for the presidency. So, the effects of his approval ratings are academic. However, he may care about how he is considered in his second term. If so, all most Americans care about is the health of the economy.

The economy is supposed to be getting better. According to The White House, it is already tremendously better than during the recession. Many Americans do not agree with that assessment. Almost all these people think about is what the economic future of America, and themselves, will be.

According to a new poll from Gallup:

The economy carries the greatest weight of nine key issues in determining how Americans rate President Barack Obama overall. Americans who approve of the job Obama is doing on the economy are six times more likely to approve of Obama’s overall performance than those who disapprove of Obama’s handling of the economy. That is nearly double the impact of any other issue. The next-most-influential issues are healthcare, terrorism, and the federal budget deficit.

“Six times” is not a typographical error.

The opinions of people who are worried about the economy likely rest with job creation and the stagnation of wages. Unemployment at well over 7% remains much higher than what experts believe reflects national economic health. The real wages of Americans who make the national median household income have fallen in the past decade. The prices of most of the things they need to cover daily living expenses have risen.

One of the oddities of the Gallup results is that the deficit is usually tied to the strength of the economy. Many Americans apparently do not believe that, or perhaps do not understand it. Either way, the war in Washington over debt and deficits gets lost as people consider how they live.

Because the cost of health care is so large a part of many people’s overall costs, and people worry about their health in general, one might think it would be higher on the list. Clearly, many Americans set that issue aside, perhaps because they believe they cannot afford good care. Such an assumption is absurd, because it appears thin. However, that does not mean it cannot be true.

The state of the economy was at the top of most people’s lists throughout the recession. Even with what is described by the White House as a recovery, many Americans are not convinced.

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Methodology: Results for this Gallup poll are based on telephone interviews conducted Aug. 7 to 11, 2013, with a random sample of 2,059 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia.

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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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