America's Economic Mood: Gloomy

[question everything]

The Wall Street Journal

America's Economic Mood: Gloomy
Broad Public Pessimism Spurs Democratic Candidates To Target Business Interests
By JOHN HARWOOD
August 2, 2007; Page A4

WASHINGTON -- Americans are feeling decidedly sour about the economy and those in charge of it, fueling Democratic efforts to target business interests in the 2008 election campaign. More than two-thirds of Americans believe the U.S. economy is either in recession now or will be in the next year, a new Wall Street Journal/NBC News poll shows. That assessment comes despite the fact the economy has experienced sustained growth with low inflation and unemployment and generally rising stock values ever since the recession that ended early in President Bush's tenure.

In addition, the poll shows a lack of confidence in economic leaders. That includes not just Mr. Bush and Congress, both of whom have the approval of fewer than one-third of all Americans, but the financial industry, large corporations in general and energy, drug and insurance companies in particular.

(snip)

Democratic politicians are reflecting those sentiments in the 2008 presidential campaign and in legislative proposals in Congress. Populist lawmakers in the House and Senate have targeted oil-industry tax breaks, and challenged pharmaceutical companies on issues from drug prices to generic substitutes to imports from foreign companies. The chairmen of the House Ways and Means and Senate Finance committees, and all three leading Democratic presidential candidates, have endorsed higher taxes on hedge-fund and private-equity managers or firms. Efforts by Republicans and the business community to raise fears about Democratic tax increases, spending excesses or economic mismanagement have proved unsuccessful. In what Mr. Newhouse called a "world turned upside down," Democrats enjoy an edge in public approval that extends beyond such party strengths as health care and education, where Republicans trail by more than 20 percentage points.

(snip)

The biggest drag on Republican fortunes remains the Iraq war, which has depressed the nation's mood across the board. Just 19% of Americans say things in the nation are headed in the right direction, while 67% say the country is off on the wrong track. When those who expressed pessimism were asked to identify a reason, the Iraq war was cited by the highest proportion, 56%. For the first time since the Sept. 11, 2001, terrorist attacks, a plurality of Americans say the U.S. is less safe than before the attacks. Failures in the health-care system are next on the list at 31%, as Americans continue to struggle with rising costs and coverage gaps. Democratic Gov. Jon Corzine of New Jersey, in Washington yesterday to lobby for higher federal health-care spending, argues that the two concerns feed on each other since Americans "think the war is pre-empting our ability to deal with health care and other issues."

(snip)

The poll shows Wall Street itself is a target of public ire. Just 16% expressed substantial confidence in the financial industry, slightly below those expressing confidence in the energy industry (18%) or the pharmaceutical industry (17%). Large corporations (11%) and health-insurance companies in particular (10%) fared even worse. One bright spot for the world of commerce: 54% of Americans expressed high confidence in small businesses, which tied with law-enforcement agencies for the second ranking behind the U.S. military among institutions rated by respondents. About 67% of Americans expressed high confidence in the military. By comparison, local governments drew expressions of high confidence from 34%, public schools 32%, religious leaders 27%, the national news media 18% and the federal government 16%.


URL for this article:
http://online.wsj.com/article/SB118600572789185278.html (subscription)

[Mojambo]

1. The Democratic party might not exactly be soaring just yet, but make no mistake

the Republican party is all but dead and buried.

[Progressive Friend]

4. The corporate media always comes to the GOP's rescue though

The GOP will always be a powerful force so long as progressives lack a mass media capable of offering an alternative to the corporate media's propaganda.

[Mojambo]

5. They have it in the Internet.

We just have to make sure it stays free and keep expanding it.

[Peregrine Took]

2. But, didn't I just read yesteday that consumer confidence was at a high level?

[OHdem10]

3. 90% of Americans have lost ground. ---=Saw Incomes

decrease1,280 dollars from 2000 to 2005. No stats on last
2years.

Top 10% are hogging all the pie.

Salary drops, Housing Collapse High Grocerie Prices and High
Gas Prices.

What is there to beam about for 90%???