From the AP this morning: “The percentage of Americans saying the country is headed in the right direction rose to 48 percent, up from 40 percent in February. Forty-four percent say the nation is on the wrong track.”
That’s the mood; now let’s look at actual indicators and headlines . . .
CNNMoney: “Even as they await billions in federal stimulus funds, states are racing to close a combined $121 billion budget hole in the coming weeks, according to a report released Thursday . . . The report paints a grim picture for the states for several years to come.”
CNNMoney: “The number of initial claims for unemployment insurance rose last week, with the number of people collecting benefits overall climbing to a record 6.14 million, according to a U.S. government report released Thursday.In the week ended April 18, there were 640,000 initial jobless claims filed, up from a revised 613,000 the previous week, the Labor Department said.”
The New York Times: “For Housing Crisis, the End Probably Isn’t Near . . . Jan Hatzius, the chief economist at Goldman Sachs, says that the ‘massive amount of excess supply’ means that home prices nationwide will probably fall an additional 15 percent.”
Even with a furious rally in recent weeks, before today’s trading the Dow Jones Industrial Average was down 63 points from Obama’s inauguration, down 1,729 points from the day he was elected.
Our secretary of state says the Pakistani government is “basically abdicating to the Taliban and the extremists.” The “Buy American” provision in the stimulus has triggered a trade war with Mexico. North Korea has launched a missile with no consequences. Ahmadinejad has responded to Obama’s open hand with another furious rant against Israel.
But don’t worry, because we’re on the right track.
UPDATE: A reader points out this detail in the story, which explains a great deal: “Of those who say the country is on the right track in the AP-GfK poll, 73 percent are Democrats, 17 percent are independents and 10 percent are Republicans.”
ANOTHER UPDATE: Another reader points out the partisan breakdown in this poll: “On page 21 covers the party id for the polls sample. 36 D, 18 R, 26 Independents, 18 none. With the leaners it is 46 D 28 R.”
Recall that exit polls for the 2008 election had the Democratic advantage in party ID at 7 percent. Not 18 percent.