Rasmussen: Half Rate Obama’s Economic Performance Poor

President Obama’s economic approval rating is tanking, even though administration officials continue to insist that the economy is showing signs of improvement. The Discover Consumer Spending Monitor shows that just 28 percent of Americans think the economy is getting better, while 48 percent say it’s getting worse.

Half of the nation’s voters now view President Obama’s handling of the economy as poor, according to a new Rasmussen Reports national telephone survey. This is the president’s highest negative rating in this area since he took office in January 2009.

Obama gets good or excellent marks from 36 percent for his handling of economic issues in the July 6 and 7 telephone survey of 1,000 likely voters.

Just after his inauguration but before he had initiated any policies, 52 percent rated the president’s handling of economic matters as good or excellent, while only 25 percent viewed his performance as poor.

Confidence in the president’s handling of the economy began to drop in late June 2009 following a disappointing report on job creation. At that time, the administration had passed the $787 billion economic stimulus plan and taken over General Motors and Chrysler. Additionally, debate had just begun on healthcare reform.

Those measures all proved unpopular with voters: Just 29 percent believe the stimulus plan helped the economy, most still believe it was a mistake for the government to take over General Motors and Chrysler, and most favor a repeal of the healthcare law. Eighty-two percent say it’s important to cut the federal deficit in half but few expect that to happen.

During the summer of 2009, those with doubts about the president’s handling of the economy grew. The number giving him poor marks has stayed in the mid- to high-40s since November before reaching 50 percent this month.

On the economy, as on many issues, perceptions of the political class differ from the rest of the nation. While 63 percent of mainstream voters now view the president’s handling of the economy as poor, 98 percent of those in the political class give him good or excellent marks in that area.