Kiss your 401(k) contributions goodbye, Save Jerseyans: the DOW Jones Industrial plummeted a stunning 512 points today, making this the stock market’s worst “losing streak” since 1978.
Jimmy Carter was president back then. On August 3, 1979, at about the same time in his own presidency as our current chief executive, Carter’s approval rating hung at a dismal 32% approve, 53% disapprove. Obama’s latest number from Gallup is a little better (or less weak, if you prefer) – 41% approve, 51% disapprove – but having a very high, over-50% disapproval rating like the one-term Carter is clearly BIG trouble for any White House occupant.
For the sake of providing a more recent historical comparison, President George W. Bush’s approval rating in August 2003 was 52%… significantly stronger than Obama’s right now! Fellow Democrat Bill Clinton was at just 45% in August of 1995 (not much better, right?) but his disapproval registered at only 41%. That’s a 10-point differential and clearly indicates how the Clinton Independents/Moderates don’t feel the same way about Obama that they did about Bubba. Even Ronaldus Magnus scored a low 44% Gallup rating in August 1983; again, the key difference from Obama is that his disapproval rating remained safely below the 50% threshold at 46%.
As a note of caution, it should never be forgotten that polling is an imperfect indicator of reelection prospects just the same as the stock market doesn’t tell you everything there is to know about the economy’s health. That said, however, President Obama would clearly lose the presidency and the U.S. Senate with it were the 2012 Election held today. And that’s not a place where you want to be if history is any guide at all.
Reagan in 1980 got 55% of the two party vote. The House GOP got 54% last year when Obama was more popular than he is now. There are articles which state House Vote has become a good predictor of the next Presidential. Republicans race to lose.