According to Gallup, “Americans’ economic confidence plunged to -53 in the week ending Aug. 7, a level not seen since the recession days of March 2009.” The survey goes on to report economic confidence deteriorated even faster in July and the first week of August than it did in June compared with May. “This plunge in confidence contrasts with the relatively flat trend in 2010,” according to Gallup. “It also places consumer perceptions of the economy in the range of March 2009 during the recession.”
In addition — and not coincidentally — the president’s job approval rating has dropped to 40 percent, tying his low from a week ago, and his disapproval rating is now 50 percent. It’s only a matter of time before Obama’s approval rating sinks below 40 percent, at which point the rising concern among Democrats will turn to panic.
They understand the enormous wave building against the president and his party. They saw what it did in 2010. They know what it might do to them in 2012. And there’s just not much they can do to stop it.
It’s going to get very, very ugly–very, very soon.
Peter Wehner
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