Survey: “It’s The Economy, Stupid!

Opinion by Gilbert Mercier, NEWS JUNKIE POST

A survey from the Pew Research Center, released on July 8, shows that the American public is hearing more negative news about the economy than good ones.

From January to May, it was a mix of good and bad news. However, in the last few weeks the number of people saying that the economic news is mostly bad has increased.

Currently, 41 percent say they are hearing mostly bad news about the economy, it was 37 percent in June and 31 percent in May. Only 3 percent of Americans say they are hearing good news about the economy.

Americans are keeping a close eye on economic news, 38 percent say they follow report on the condition of the economy very closely. Since May, more Americans see news on the economy front as mostly bad. This is particularly true among Independents.

Currently, 45 percent of Independents say they are hearing mostly bad news on the economy. Among Republicans, it is 48 percent. 50 percent of Republicans say it is a mix of good and bad news.

Even among Democrats, the survey shows that 30 percent say the economic news has been mostly bad compared to 21 percent in May. 64 percent of Democrats think it is a mix of good and bad news.

In the last few days, various people from the Obama administration have been floating the idea of a second stimulus package. This idea is favored by liberal economists as well as some notable figures of the financial world such as Warren Buffet.

At this juncture, and despite the risk of inflation and the increase of the budget deficit it seems that a second stimulus package is the best option for the Obama administration to boost the economy, and avoid a substantial erosion in the polls for President Obama and the Democrats.

If the economy and consumer confidence doesn’t pick up before the end of the year, it will become easier for the GOP to keep calling the current recession “Obama’s recession,” even so it is largely inaccurate. This factor could make another White House’s bid by President Obama in 2012 a lot more challenging.