Today, President Obama begins his bus tour of the Midwest. Missing from his agenda will be new proposals to create jobs. Last week, after the President said he would reveal new job proposals “week by week,” the White House rushed to clarify that no new proposals would be forthcoming.
Heavy on rhetoric and light on jobs policy – the hallmark of the Obama Administration. With millions of Americans out of work and an unemployment rate at 9.1%, why isn’t the President putting forward his new job proposals as promised?
Americans Maintain A Bleak Outlook On Jobs. Americans are feeling pretty grim about jobs these days. Only 29% of respondents to a poll released Friday believe more jobs will be available in their communities a year from now. On top of that, a mere 44% said they believe that the same number of jobs will be available. And 26% take the even bleaker viewpoint that jobs will decline, according to the CNN/ORC poll. (CNN, 8/12/11)
Over Two-Thirds Of Americans Believe The Worst Is Yet To Come. Continued high unemployment, the recent debt-ceiling circus and the stock-market swoon have left Americans more pessimistic about the economy than at any other time this year, according to a new McClatchy-Marist poll. Last week, 68 percent of adults surveyed about the economy said they felt the worst was yet to come. That's the highest percentage since the question was first asked last September. It's also a 15 percentage-point spike from the number who felt that way in July. (McClatchy Newspapers, 8/11/11)
• Survey Of Economists Show The Chance Of Another Recession Is Rising. The chances of the economy slipping into another recession have risen significantly, and forecasts for economic growth and job gains over the next year have been substantially downsized, according to USA TODAY's quarterly survey of top economists. The 39 economists polled Aug. 3-11 put the chance of another downturn at 30% — twice as high as three months ago, according to their median estimates. That means another shock to the fragile economy — such as more stock market declines or a worsening of the European debt crisis — could push the nation over the edge. (USA Today, 8/15/11)
Consumer Confidence Hits Its Lowest Level In 30 Years. Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior month. The gauge was projected to decline to 62, according to the median forecast in a Bloomberg News survey. (Bloomberg, 8/12/11)
• With Economic Confidence At An Already Abysmal Level, Signs Indicate It Could Get Even Worse. Gallup's Economic Confidence Index averaged -28 nationwide during the first six months of 2011, reflecting Americans' pessimistic views of the current and future U.S. economy. This consumer pessimism essentially matches that of the first half of 2010, when the index averaged -26. The index is based on two questions: the first asking consumers to rate their perceptions of current economic conditions as "excellent," "good," "only fair," or "poor," and the second asking them whether economic conditions in the country are "getting better" or "getting worse." Economic confidence has worsened considerably during recent weeks and, as such, views over the second half of the year may be quite different from those in the first half. (Gallup, 8/15/11)
Another All-Time Low: Only 39% Approve President Obama’s Job Performance. President Obama's summer woes have dragged his approval rating to an all-time low, sinking below 40% for the first time in Gallup's daily tracking poll. New data posted Sunday shows that 39% of Americans approve of Obama's job performance, while 54% disapprove. Both are the worst numbers of his presidency. (The Los Angeles Times, 8/14/11)