Posted on 10/09/2013 1:06:22 AM PDT by 2ndDivisionVet
Consumer confidence is crashing. If the economy goes south because of default fears, President Obama will be the big loser.
So, people currently blame the Republicans more than anyone else for the government shutdown, but predicting the long-term political fallout is not as easy as that suggests. For one thing, the latest CBS News poll shows that while slightly more people believe the Republicans are at fault, a majority of them are upset with both sides for the inability to avert this crisis.
The real story is not revealed by people's view of the politicians; it's contained in the indices of economic sentiment. Gallup finds that Americans' confidence in the economy has dropped like a rock, from -20pt just before the shutdown, to -35pt now. And it would not be surprising to see that measure continue to fall over coming days, with the deadline for raising the debt ceiling looming in ten days' time.
What we're seeing is a time-lag in consequences for the politicians. Gallup has President Obama's approval rating still within its normal range of 45%, plus or minus a few points.
But remember the debt ceiling battle of April to July 2011: the politicians solved that crisis without the US actually defaulting, yet the mere idea of a default hurt tremendously. S&P downgraded the United States' credit rating, while Gallup's economic confidence rating fellby 30pt, to -55.
Regardless of whom the public blamed for the 2011 crisis, President Obama's net approval rating did drop, by up to -4.3pt, per the Real Clear Politics average. True, that was not a catastrophic fall, but consumer confidence tends to be a leading economic indicator; it moves before the rest of the economy does.
Sure enough, Obama's net approval rating didn't bottom out until the end of August 2011....
(Excerpt) Read more at theguardian.com ...
Obama does not care if the government shuts down. His goal (also Reid’s and Pelosi’s goal) is to break Tea Party conservative influence on the Hill. The battle is to tear out the heart and long-term commitment of their opposition in 2014/2016 and have one party government.
The big loser will be US.
This is just what ZERO has had planned all along.
He knows our economy is teetering on the brink.
He now has someone else to blame and guess what it is working.
The LSM is playing right along.
When it all comes crashing down the Republicans will get the blame from the LSM.
The only ones who will know the truth will be US here on FR.
Our saving grace is the "ZERO Don't care" so called health care plan.
Every day I read where the ZERO supporters are waking up when they see how much his plan will cost them.
A majority of Americans think government cannot run without the ACA? Sad.
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