How Much Patience Do The American People Have?

by Sal on March 3, 2009

in Economy,Politics

A new President is traditionally given a honeymoon period by the majority of the American people.  In normal times, the American people look to a new President with good wishes, and give him the benefit of the doubt when it comes to policy within the first three months or so of an administration.  These, however, are not normal times, and I wonder just how far the patience of the American People will extend.

Those who rave about Obama’s sky-high approval ratings are not looking at the historical record.  Afer a little more than a month in office, Obama’s approval ratings are hovering in the high 50s according to Rasmussen, the most accurate pollster, which is right where George W. Bush’s approval ratings were eight years ago at this time.  At inauguration, Obama enjoyed a 67% approval rating, which should have given him enough political capital and good will to enjoy a long honeymoon.  Circumstances and his own actions, however, have led to his numbers returning back to earth.  While still popular, his support is not as strong as it was 40 days ago.

I had feared a month ago that the American people would give Obama carte blanche to do what he wanted with the economy, with health care, and with the role of government in everyday lives.  Any economic problems that we found ourselves in, I thought, would be blamed by most people on Bush, and Obama would be given the benefit of the doubt.  I am becoming convinced, however,  that the honeymoon period for Obama will be a lot shorter than is typical, and that the state of the economy will play into a growing sense of disapproval with the new administration over the remainder of the traditional 100 days.

One of the big dichotomies between the Obama Administration and the American People is the expectation of American Affluence held by the American people.  While jobs have been lost throughout the private sector, they have been concentrated in the banking and financial industries due to the nature of this crisis.  Workers in these areas will not want to transition from white-collar, high-stakes financial positions to blue-collar shovel-ready projects (note this is not meant as a disparagement to blue-collar workers;  some of our most important work is done by blue-collar workers.  Rather, it is simply a statement of what I see as being people’s expectations of what types of jobs they want to have).  People expect Obama to fix the economy so that it was the way it was, not the way that he envisions it.  Obama envisions a world in which wealth does not play a part, and where the wealth is distributed around for everyone’s benefit.  This type of worldview, along with the policies that support it, are what will help to bring about a decline in confidence in the new administration.

An additional element is the stock market, which has no confidence whatsoever in Obama’s policies or rhetoric.  Many Americans do not even remember the last time the market declined this much (early 1980s), with no end in sight.  At this writing, the Dow was hovering around 6700, down almost 1500 from it’s Inauguration Day opening at 8,279.63.  With the DOW continuing to drop virtually every time Obama or one of his disciples puts forth a new policy or criticizes Wall Street, Obama is running out of people to blame for the crisis we are in.    Since the market tends to be a leading indicator, it appears that the investor class has lost its confidence in The One.  If the current trends continue, it won’t be much longer before the rest of America follows suit.

{ 1 comment… read it below or add one }

Don March 4, 2009 at 9:35 pm

I’ve entered a NATIONWIDE Tea Party Event to take place on April Fool’s Day (see http://www.pjtv.com/?cmd=page&page-id=78 ).

The event will consist of everyone driving s l o w l y between 7 and 9 AM with their emergency flashers on and displaying their favorite anti-pork, anti-Obama bumper stickers.

PLEASE TAKE PART to show unity in our strong opposition to what Obama, Pelosi and Redi are doing to our country.
We Can’t Take Any More of This Change !!!

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