Wednesday, August 15, 2012
Gallup survey: Only 23% of Americans say that they are satisfied with the way things are going in the country while 75% are dissatisfied
The current level of satisfaction is now similar to what it was in early August 1992 (17%), prior to George H.W. Bush's re-election defeat. It is significantly lower than what it was in mid-August 1996 (38%) and mid-August 2004 (44%), years in which incumbents Bill Clinton and George W. Bush, respectively, were re-elected. Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower. The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46% of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350% of the jobs lost, on average.