Obama Holds a Town Hall, But Is He Listening?

May 12, 2011

Democrats Continue to Ignore the Economic Consequences of their Unrestrained Taxing, Spending and Borrowing

CBS News will broadcast a town hall meeting with President Obama Thursday morning, focusing on the economy. However, Obama’s economic infomercial can’t erase his record of job-destroying policies that continue to hang over the economy even today:


“HOUSING MARKET TAKES A TUMBLE” AFTER FALLING FOR “57 CONSECUTIVE MONTHS”: “Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom.


“Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.” (Nick Timiraos, “Housing Market Takes a Tumble,” The Wall Street Journal, 5/9/2011)


REAL UNEMPLOYMENT RATE AT 15.9 PERCENT: “Another measure of unemployment rose as well: the so-called “real” unemployment rate, which rose to 15.9 percent, up two-tenths from the prior month. The government calls the rate the U-6, and it measures not just those looking for work and unable to find jobs but also those ‘marginally’ attached to the labor force and those who are working part-time but who want full-time work.” (Jeff Cox, “Jobs Reports Has More Bad News Than Good News,” CNBC, 5/6/2011)


INFLATION DUE TO RISING GAS PRICES IS CAUSING HIGHER FOOD PRICES:“Inflation is back, with higher prices for food and fuel hammering American consumers, and this time it really hurts.


“It’s not just that prices are rising — it’s that wages aren’t. …


And the particular prices that are rising are for products that people encounter most frequently in their daily lives and have the least flexibility to avoid. For the most part, it’s not computers and cars that are getting more expensive, it’s gasoline, which is up 19 percent in the past year, ground beef, up 10 percent, and butter, up 23 percent.” (Neil Irwin, “Inflation Inflicting Pain, As Wages Fail to Keep Pace With Price Hikes,” The Washington Post, 5/9/2011)


91 PERCENT REPORT PAYING MORE FOR GROCERIES THAN THEY DID A YEAR AGO: “The latest Rasmussen Reports national telephone survey of American Adults shows that 91% report they are spending more money on groceries than they were one year ago. Only five percent (5%) say they are not paying more for groceries now.” (“Americans Spending More on Groceries Than Ever Before,”Rasmussen Reports, 5/11/2011)


Even in the wake of a job approval bump following the capture of Osama bin Laden, Obama’s approval ratings on the economy hit record lows last week. Americans still remember how Obama’s policies have failed to stimulate economic recovery, exploded the national debt and destroyed jobs:


NBC POLL: OBAMA APPROVAL ON ECONOMY HITS RECORD LOW 37 PERCENT: “President Barack Obama’s approval rating continues to show a boost after the successful mission to kill Osama bin Laden, though it’s being weighed down by his lowest marks on the economy since taking office, a new poll suggests. … But views of how the president is handling the economy have dropped since April to their lowest levels since Obama took office. A month ago, 45 percent of Americans said they approved of his handling of the economy. That number is now down to 37 percent, while disapproval has risen six percentage points to 58 percent. Before this month, his lowest ratings on the economy came last August, when 39 percent approved and 56 percent disapproved of his job performance on the issue.” (“Economy Blunts Bin Laden News,” Politico, 5/10/2011)


CBS/NEW YORK TIMES POLL: OBAMA ECONOMY RATINGS HIT RECORD LOW OF 34 PERCENT APPROVAL: 34 percent approve of Obama’s handling of the economy, 55 percent disapprove. (“The New York Times/CBS Poll,” The New York Times, 5/2-3/2011)


CNN: 80 PERCENT SAY ECONOMY IN “POOR” SHAPE: “More than 80% of Americans surveyed say the economy is in poor shape, with unemployment still the public’s top concern, according to the latest CNN/Opinion Research Corporation survey.” (Charles Riley, “8 in 10 Americans: Economy is in Poor Shape,” CNN, 5/6/2011)


NEWSWEEK/DAILY BEAST POLL: NEARLY 60 PERCENT DISAPPROVE OF OBAMA’S HANDLING OF ECONOMY. “Even after Bin Laden’s death, only 30 percent think the country is on the right track, and only 27 percent think the economy is on the right track. Respondents disapprove of President Obama’s handling of the economy  by a margin of 56 percent to 39 percent.” (“Obama Approval Numbers After Bin Laden Kill,” The Daily Beast, 5/3/2011)