The latest WSJ/NBC News poll brought more bad news for President Obama and the Democrats. For the first time in his presidency, more Americans disapprove of Obama (48%) than approve of him (45%), according to the poll. Meanwhile, 62% say the U.S. is heading in the wrong direction, the highest level since before the 2008 elections, and just 40% give him positive ratings on his "ability to handle a crisis," down from 51% in January.
As Henry and I discuss in the accompanying video, several factors account for Obama's precipitous drop in the polls, including:
It's the Economy Stupid: Rightly or not, presidents are viewed as being in control of the economy. With persistently high unemployment, renewed weakness in housing, stock market volatility and an ongoing sense the "recovery" is on shaky ground, it's no surprise Obama's popularity is flagging.
The Never-Ending Katrina: President Obama is surely not to blame for the horrific events in the Gulf of Mexico. But the government's response to the spill has disappointed many Americans, who feel Obama took too long to "take control" of the situation -- or at least to meet with BP executives who presumably are responsible.
Spend ‘Til You Drop: Even as Paul Krugman, James Galbraith and other Keynesians say the government hasn't spent enough to combat the unwinding of the credit bubble, many Americans fear runaway government spending will lead to a Greek-like debt crisis, as detailed here. The real tragedy here is that most economists agree the $787 billion stimulus was largely misspent and badly targeted; and let's not forget the ongoing bailout of the financial system, the tally for which runs into the trillions.
Image Is Everything: In politics, perception IS reality and the perception (right or wrong) is that Obama is aloof and over-intellectual. He's also suffering from the sky-high expectations that greeted his historic victory in the 2008 campaign.
Finally, there's one other stat from the WSJ/NBC poll that deserves more attention: 17% of Democrats disapprove of Obama's job performance, the highest level of his presidency.
The president's supporters say the GOP's conservative base never did (and probably never will) embrace Obama, which is probably true. But the president is also losing support among the left-wing base of his own party, which is disappointed in his handling of a number of issues, including: health-care reform, environmental policy, Afghanistan, gay marriage and financial reform.
Clearly the honeymoon is over for Barack Obama. Now the real work begins.
