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US debt fight hurting Barack Obama

Washington , Wed, 13 Jul 2011 ANI

Washington, July 13 (ANI): The raising of the nation's debt ceiling is demoralizing consumers, analysts suggest, and threatening President's Barack Obama's bid for a second term in the White House.

 

Negotiations have yet to produce an agreement to lift the 14.3 trillion debt ceiling and stave off default this August, which the president and his top aides have warned would devastate an already anemic economic recovery, Politico reports.ccording to surveys and economists, this harsh reality feeds consumer anxiety, stunting the recovery and - in a boost to Republicans - undermining faith in Obama's handling of the economy.

 

Voters have not returned an incumbent party to the Oval Office with the Consumer Confidence Index below 100.

 

Released by the nonprofit Conference Board since 1967, the monthly index dropped 3.2 points to 58.5 in June.

 

"No doubt, charisma, a leader's projection of presidential powers, rhetoric and the like will matter, but anyone with a reading much lower than 100 will have a hard time," warned Lawrence Yun, who has explored the phenomenon as chief economist for the National Association of Realtors.

 

Michael Ettlinger, vice president for economic policy at the Center for American Progress, said disputes about the debt ceiling from both sides have already slowed the economy, though he acknowledged it's tough to quantify by how much.

 

Senior White House adviser David Plouffe had said last week that voter decision next year would be based upon how they felt about the debt crisis immediately and later in the run-up to the presidential campaign.

 

According to his analysis, the public cares more about taking action than the posturing at news conferences; tangible results trump speaking with optimism and assurance. (ANI)

 


Read More: Law

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