A Washington Post-ABC News polling reveals that public disapproval of the way President Bush is handling the economy has hit a new high.Seven in ten Americans now give negative ratings to the President's handling of the sinking US economy. Only 28% approve of his performance in this area, a double digit decline from a year ago, and even core Republicans have begun to disagree with the President on this issue. Among Republicans 59% approve of the way he is handling the economy, down from 70% at the beginning of February. Only a quarter of Independents and 6% of Democrats approve of Bush's performance on the economy.The last time a majority expressed positive views on Bush's handling of the economy was in January 2004.
Why is it that Americans have rejected the Bush Administration's approach to domestic economic matters? McClatchy Newspapers analysis of 2005 census figures found that 16 million Americans are living in severe poverty.The number of severely poor Americans grew by 26% from 2000 to 2005. Worker productivity has increased dramaticaly since the brief recession of 2001, but wages and job growth lagged behind, primarily due to indiscriminate outsourcing to countries with low cost structures. At the same time the share of national income going to corporate profits increased significantly. This helps explain why the median household income of working-age families, adjusted for inflation has fallen for five straight years! While the national real estate market is suffering, multi million dollar homes continue to trade briskly in the Hamptons and Manhattan, and CEO salaries and bonuses are making new highs every year.The response to the mortgage crisis has been confused and half hearted to say the least. Steps taken so far are aimed more at providing relief to the home builders rather than distressed homeowners. Another criticism is that the measures announced so far are designed to prevent future problems and do very little to solve the present crisis. The great American Dream has suddenly gone sour. This is why the US public rightfully and wisely rejects President Bush's handling of the economy.