Rasmussen: Consumer confidence hits 2012 low

posted at 12:06 pm on July 26, 2012 by Ed Morrissey

Last week, Barack Obama told an Oakland crowd that the reason he’s running for a second term is because his economic plan worked:

In today’s OOTD, I scored the results against the plan itself — which doesn’t support Obama’s argument.  I’m not the only person who gives it a failing grade, either.  Rasmussen’s latest survey shows consumer confidence hitting a 2012 low:

The Rasmussen Consumer Index, which measures consumer confidence on a daily basis, fell another point on Thursday to the lowest level of 2012. At 78.5, confidence is down three points from a week ago, down three points from a month ago and down 11 points from three months ago.

Confidence is down 19 points from the highest levels of 2012.

However, while confidence is at a new low for this year, it remains well above the lows of recent years. The 2011 low was 58.1, and the all-time low was reached in 2009 at 54.7.

The Rasmussen Investor Index fell five points on Thursday to 89.1.  Investor confidence is still up two points from a week ago. However, it is down two points from a month ago but is down 12 points from three months ago. Investor confidence remains five points above the lowest level measured for 2012.

What has gone up?  Pessimism:

Most Americans now believe both the overall economy (54%) and their own personal finances (52%) are getting worse. Just 25% believe the economy is getting better. Twenty-two percent (22%) say the same about their personal finances.

Long term optimism about the economy has fallen to the lowest level ever measured by Rasmussen Reports. Just 40% expect the economy to be stronger in five years. That’s down from 46% a year ago, 50% two years ago, and 58% three years ago. Most believe the housing market will take more than three years to recover.

Gallup’s last consumer confidence level (measured weekly) showed a slight increase, although still very much in negative territory with a -25, down from a May peak of -16.  Then again, Rasmussen’s consumer confidence levels last week also showed a slight increase, going from 81.4 on Wednesday to 86.5 on Monday of this week.  Today’s 78.5 is a significant drop from that level, one which Gallup may also find by the end of this week.

So far, neither consumers nor investors concur with Obama’s claim to have delivered an economic plan that “worked” — a finality that definitely makes the claim a Mission Accomplished statement, rather than a plan still in process.  Jim Geraghty wonders whether this latest claim on economic success in the wake of so much bad data will be worse than Obama’s claim that the private sector is doing fine:

Or for that matter, the “you didn’t build that” comment:

Actually, I believe these statements will aggregate together to build a narrative that Obama is hopelessly out of touch with Americans on the economy.  The Romney campaign apparently agrees, as they have launched a new website today called “Built By Us,” featuring this new video:

The site invites small business owners to tell their stories of risk-taking, entrepreneurship, and hard work.  We can expect to see more than a few of these stories featured in future Romney ads — and combined with the video of Obama’s victory lap in the face of failure, it’s going to present a powerful narrative of Obama’s cluelessness.

Update: Romney’s lead over Obama on the economy narrowed slightly in the last month, though:

Voters continue to have slightly more trust in Mitt Romney than in President Obama when it comes to dealing with the economy. The Republican challenger has narrower leads in trust over the incumbent on four other top issues regularly tracked by Rasmussen Reports, further highlighting the closeness of the race.

A new national telephone survey finds that 49% of Likely U.S. Voters trust Romney more when it comes to the economy, while 43% have more confidence in the president. (To see survey question wording, click here.)

Last month, Romney posted a similar 50% to 42% edge over Obama but was ahead 51% to 39% in May. The two men were virtually tied on the issue in early March.

This survey came after the “you didn’t build that” comment.  Romney actually leads Obama on all of the issues polled by Rasmussen, but his lead on the economy is the only one outside of the margin of error.


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The private sector is doing fine.

Our plan worked.

You didn’t build it anyway.

Good Lt on July 26, 2012 at 12:08 PM

The Obama campaign is the gang that can’t shoot straight. These guys are totally ruining themselves. I’ve heard the new strategy is for them to just focus on getting their base out. I guess that must be what they’re doing; nothing else can explain bizarre statements like this except rank incompetence.

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

Keep farrakhaning that chicken.

faraway on July 26, 2012 at 12:12 PM

I wish someone would loop that video in an ad, interspersed with the scenes of boarded-up shops, headlines of food stamp use at all-time highs,Solyndra,gas price signs, etc.

Lord, help me; I can’t stand that delusional punk.

SailorMark on July 26, 2012 at 12:12 PM

Identity groups pitted against the rest of us. Mission accomplished!

a capella on July 26, 2012 at 12:13 PM

Zero Confidence.

That is the Obama Regime.

That’s what the “O” stands for now.

wildcat72 on July 26, 2012 at 12:13 PM

“You think you’re pretty smart?
Let me tell you, there’s a lot of smart people out there!”

aquaviva on July 26, 2012 at 12:14 PM

you didn’t build that economic plan, champ. Karl Marx did.

Ixnay on the ooh-over day and the ‘econd-say, erm-tay…..ya dig?

ted c on July 26, 2012 at 12:16 PM

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

No, they are the same people. It’s just that Steve Schmidt was THAT MUCH MORE incompetent than them and McLame was that much WORSE a candidate.

For the first time in his life Obama has to run on his record and is facing a contest between himself and someone who isn’t going to lay down and get run over by his bus and he’s losing. BADLY.

Obama’s campaign machine never was invincible and unstoppable. Hillary and McCain were just that much more awful as competitors.

wildcat72 on July 26, 2012 at 12:16 PM

The cows in the Chick-fil-A commercials have tapped into the USDA website to promote meatless Mondays. Because they are anti-SSM cows, their message will not be tolerated.

maubman on July 26, 2012 at 12:16 PM

Keep farrakhaning that chicken.

faraway on July 26, 2012 at 12:12 PM

Heh!

Farrah-khan MoAr Chik-nz!

ted c on July 26, 2012 at 12:17 PM

“You think you’re pretty smart?
Let me tell you, there’s a lot of smart people out there!”

aquaviva on July 26, 2012 at 12:14 PM

Obama didn’t make any mistakes. Bush made that happen.

God help us if the American People are dumb enough to re-elect this dolt.

wildcat72 on July 26, 2012 at 12:18 PM

How this election could even be close is mind-bending.

Bitter Clinger on July 26, 2012 at 12:18 PM

“You think you’re pretty smart?
Let me tell you, there’s a lot of smart people out there!”

aquaviva on July 26, 2012 at 12:14 PM

yep, you’re right, champ! They’re all “out here” and none of them are “in there” –IE, in YOUR administration……

ted c on July 26, 2012 at 12:19 PM

Keep farrakhaning that chicken.

faraway on July 26, 2012 at 12:12 PM

Heh!

Farrah-khan MoAr Chik-nz!

ted c on July 26, 2012 at 12:17 PM

Awesome! (I think my head just exploded)

apostic on July 26, 2012 at 12:20 PM

Rasmussen’s latest survey shows consumer confidence hitting a 2012 low:

…the private sector is doing fine…that’s why JugEars keeps polling in the 40′s/

KOOLAID2 on July 26, 2012 at 12:24 PM

How this election could even be close is mind-bending.

Bitter Clinger on July 26, 2012 at 12:18 PM

This is the result of decade upon decade of the “news” media reporting socialist propaganda instead of news and the left’s control of the educational establishment.

Now the news media IS in decline and the “higher” education bubble is about to burst, but they are still powerful enough to keep up the ILLUSION at least that this empty suit is in contention for re-election.

Honestly I don’t think he is. I don’t think it’s close. Why else does Obama waste $17 million in one quarter on polls? He knows he’s losing which is why he’s getting shriller, more desperate and unhinged. “You didn’t build that…Someone else made it happen” isn’t the statement of a rational person, but someone who is so disconnected as to not be able to even PERCEIVE reality!

It’s only going to get worse. Little Bammy has never had to face rejection in his charmed, pampered life. It’s happening now.

Obama is what you get when you have a spoiled 8 year old in a 50 year old’s body.

wildcat72 on July 26, 2012 at 12:24 PM

That recovery Obama built must be so awesome that nobody recognizes it. The Man is subtle and nuanced!

WhatNot on July 26, 2012 at 12:25 PM

“We tried our plan – and it worked”

This coming from the same man who said on June 23, 2007:

But my journey is part of a larger journey- one shared by all who’ve ever sought to apply the values of their faith to our society. It’s a journey that takes us back to our nation’s founding, when none other than a UCC church inspired the Boston Tea Party and helped bring an Empire to its knees.

The Rev. Dr. John Witherspoon (a signer of the Declaration of Independence) said about the American Revolution:

there was not the most distant thought of subverting the government or of hurting the interest of the people of Great Britain

Our Founders were NOT trying to bring the British Empire to its knees!

Barack Obama is completely off-base to think or suggest that our Founders were motivated by a desire to “bring an Empire to its knees”.

As David Barton notes:

King George III dispatched 25,000 British troops to invade his own Colonies, enter the homes of his own citizens to take their private possessions and goods, and imprison them without trials – all in violation of his own British Common Law, English Bill of Rights, and Magna Carta (centuries old documents that formed the basis of the covenant between British rulers and citizens). Only when those governmental covenants had been broken by their rulers and America had been directly attacked did the Americans respond in self-defense.

But you know who IS all about bringing an Empire, specifically the American Empire, to its knees?

Our country’s founding Revolution exalted the ideals of equality, justice, and democracy, of life, liberty, and the pursuit of happiness for all. Marxists have long hailed its progressive significance

Founded in Chicago in 1919, the Communist Party of the United States has an outstanding history in the struggles for peace, democratic rights, racial and gender equality, economic justice, union organization, and international solidarity. Our Party is organized on the principle of democratic centralism, combining maximum democratic discussion and decision-making with maximum unity of will and action, ensuring our ability to play a strong organizing role in the class struggle. We focus our efforts on increasing our ability to organize millions into struggle, fighting anti-communism as a divisive weapon of the capitalist class. With Marxism-Leninism guiding our actions, the Communist Party strives to build the broadest unity against global capitalist imperialism now headed by U.S. imperialism, for immediate gains and reforms that benefit working people, and for a progressive democratization of the government, the economy, and society of our country on the road to and after winning socialism.

- CONSTITUTION OF THE COMMUNIST PARTY OF THE UNITED STATES OF AMERICA

ITguy on July 26, 2012 at 12:27 PM

Re smart, liked what Iowahawk said about this the other day on Twitter (RIP):

If you are (1) smart, and (2) hard-working, but (3) are still failing, double check assumptions (1) and (2). #ProTips

apostic on July 26, 2012 at 12:27 PM

And yet these Democrat buffoons are threatening to raise everyone’s taxes come January 2013.

Doubling down on stupid. I really, really hope they lose big in November, but even if they do, they won’t learn their lesson.

UltimateBob on July 26, 2012 at 12:27 PM

Obama’s “Our plan worked” is gonna hurt him as much as “You didn’t build that”

Keep talkin Obama

workingclass artist on July 26, 2012 at 12:27 PM

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

same group. in 08 they were handed a slamdunk, when the other team left the court. and the useful idiots of the MSM called them geniuses. they believed it. they were michael jordan; when they were the washington generals at practice before the globetrotters left the locker room. same doofuses, same crap. just reality now. in a real game. with the other team (marginally) on the court.

t8stlikchkn on July 26, 2012 at 12:28 PM

Agree bitter clinger i think it is RDS. Romney derangement syndrome

cmsinaz on July 26, 2012 at 12:29 PM

How this election could even be close is mind-bending.

Bitter Clinger on July 26, 2012 at 12:18 PM

People have adjusted to the new normal of a crappy economy. I think that’s pretty obvious.

lorien1973 on July 26, 2012 at 12:33 PM

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

No, most of them still have their jobs at ABC, CBS, NBC,

James Moriarty on July 26, 2012 at 12:34 PM

ETC.

James Moriarty on July 26, 2012 at 12:34 PM

Remember when the Obama administration had our embassy in Iran host a hot dog meet and greet on the Fourth of July?

Makes you think O did not know they are Muslim over there.

No confidence.

LetsBfrank on July 26, 2012 at 12:35 PM

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

No, most of them still have their jobs at ABC, CBS, NBC,

James Moriarty on July 26, 2012 at 12:34 PM

SCORE!

workingclass artist on July 26, 2012 at 12:36 PM

Only the typical white people, bitter clingers think it didn’t work.

vityas on July 26, 2012 at 12:39 PM

But, arguably it is Obama that benefits from an overemphasis on the short-term economy, as it takes attention away from spotlighting O’s radical leftism.
Gallup shows that ~ 42% calls themselves conservative, while only 21% are liberal. Move heaven & ehll to talk about the larger issue instead of the economy. The larger question is: are we going to become a virtual socialist state, or, put another way, are we going to continue into the leftist abyss of an out of control govt with out of control spending? If the election was simply a question of whether we are to be leftist or conservative, we win. Gallup, and the 2010 midterms, shows that.
(And as far as the economy goes, the important issue is the long-term economy. The out of control govt spending and regulation is going to kill that.)

anotherJoe on July 26, 2012 at 12:39 PM

Ya’ll are badly missing the point, and the GOP is missing the opportunity, about Obama’s claim that his policies are working. The chuckles and exasperation from the right when he makes this claim proves too many are comparing what he says with what their own idea of “working” would mean. But from Obama’s perspective, which was to destroy capitalism and set the stage for a new socialist America, he can’t help but think his goals have been very nearly completed. From that perspective I agree with him; his policies and plans have worked exceptionally well.

MikeA on July 26, 2012 at 12:41 PM

Obama’s “Our plan worked” is gonna hurt him as much as “You didn’t build that”

Keep talkin Obama

workingclass artist on July 26, 2012 at 12:27 PM

I hate to tell you this but the White House marxist’s plan is working pretty damn good. He’s got the country on the brink of financial collapse and has a shot at being re-elected. I’d say he’s pretty much on track to achieving his goal of fundamentally transforming the country. If he does win re-election the country’s done.

bgibbs1000 on July 26, 2012 at 12:43 PM

I’ve asked this before and I’ll ask it again; what in the heck happened to his 2008 team? Did they just dump all their smart people and replace them with shills and flacks?

Doomberg on July 26, 2012 at 12:11 PM

No, they are the same people. It’s just that Steve Schmidt was THAT MUCH MORE incompetent than them and McLame was that much WORSE a candidate.

For the first time in his life Obama has to run on his record and is facing a contest between himself and someone who isn’t going to lay down and get run over by his bus and he’s losing. BADLY.

Obama’s campaign machine never was invincible and unstoppable. Hillary and McCain were just that much more awful as competitors.

wildcat72 on July 26, 2012 at 12:16 PM

same group. in 08 they were handed a slamdunk, when the other team left the court. and the useful idiots of the MSM called them geniuses. they believed it. they were michael jordan; when they were the washington generals at practice before the globetrotters left the locker room. same doofuses, same crap. just reality now. in a real game. with the other team (marginally) on the court.

t8stlikchkn on July 26, 2012 at 12:28 PM

I think we’re also seeing an exhausted, increasingly irrelevant and frightened– and maybe even somewhat bored and resentful– media, which covered so effectively his not all that brilliant campaign last time around. They just can’t do it all for him this time. And now that Obama has become self-consumed with his own brilliance– “I think I could probably do every job on the campaign better than the people I’ll hire to do it”– the media has twice as much to cover (up) than last time.

de rigueur on July 26, 2012 at 12:44 PM

[1] The private sector is doing fine.

[2] Our plan worked.

[3] You didn’t build it anyway.

Good Lt on July 26, 2012 at 12:08 PM

[1] Obama threw the private sector under the bus.

[2] The “Great Society” was a failure; Reaganomics and Welfare Reform were successes.

[3] private Enterprise builds EVERYTHING; the government and its bureaucracy live off of what the private economy produces.

reliapundit on July 26, 2012 at 12:46 PM

People have adjusted to the new normal of a crappy economy. I think that’s pretty obvious.

lorien1973 on July 26, 2012 at 12:33 PM

People on the dole haven’t seen much change for the worse. Seriously. It’s only the 53% that notice the depression we are in. And since some of those are yellow-dog Democrats, we have a close election.

rockmom on July 26, 2012 at 12:51 PM

de rigueur on July 26, 2012 at 12:44 PM

Exactly right! These media wizards told us in 2008 when people started questioning Obama’s thin credentials for the job that Obama would be a good President because he ran such a good campaign. Wellllll….now what?

rockmom on July 26, 2012 at 12:55 PM

[1] Obama threw the private sector under the bus.

[2] The “Great Society” was a failure; Reaganomics and Welfare Reform were successes.

[3] private Enterprise builds EVERYTHING; the government and its bureaucracy live off of what the private economy produces.

reliapundit on July 26, 2012 at 12:46 PM

Did I really need a sarc tag?

Good Lt on July 26, 2012 at 12:56 PM

People on the dole haven’t seen much change for the worse. Seriously. It’s only the 53% that notice the depression we are in. And since some of those are yellow-dog Democrats, we have a close election.

rockmom on July 26, 2012 at 12:51 PM

Not buying it, never have, never will. Voting machines can be rigged, polls can to. Easiest way to control the population, narative, and government is to make the masses believe public opinion is split down the middle.

bgibbs1000 on July 26, 2012 at 12:58 PM

Almost 50% will vote for Obama (if they vote) simply because people don’t vote against their welfare check. Hence, the closeness of the polls. For such voters, there is no “future”.

tngmv on July 26, 2012 at 1:10 PM

December 2008 FLASHBACK!!! about teh awesome awesomeness of “Teh Best Transition Team Evah®!”:

[Chris] Matthews anxiously wondered whether Obama could

get a big head of steam to save the American economy

John Heileman of New York Magazine

I mean, [Obama] won a clear mandate” and “how well [Obama's] done in this transition and the way it’s been received by both parties is having been arguably the best transition that anyone in our lifetime has ever seen.

NBC’s Aaaaaaaaaaaaaandrea Miiiiiiiiiiiiitchell agreed and gushed over Obama’s rhetoric and the competence of his team:

He has the rhetorical skill to be inspirational. We’ve seen that throughout the campaign and since. And the competence of the crack team that he’s putting together particularly on the economic and foreign policy field. And what you’re seeing now, at least in this transition is the competence, the skill of the incoming Obama team. I think that restores a great deal of credibility and gives him a head of steam.

FAIL!

pain train on July 26, 2012 at 1:17 PM

Re smart, liked what Iowahawk said about this the other day on Twitter (RIP):

If you are (1) smart, and (2) hard-working, but (3) are still failing, double check assumptions (1) and (2). #ProTips

apostic on July 26, 2012 at 12:27 PM

That’s what I want to see someone ask little Bammie. “If being smart and hard-working doesn’t count, why are so many in your base grifters? Don’t the grifters have the same access to the “roads and bridges” that the successful do?”

slickwillie2001 on July 26, 2012 at 1:28 PM

To quote Barry, “We’re headed in the right direction!”

GarandFan on July 26, 2012 at 1:31 PM

How this election could even be close is mind-bending.

Bitter Clinger on July 26, 2012 at 12:18 PM

I don’t put any stock into polls. Poll questions are skewed depending on targeted audiences. Pollsters keep jiggling the questions around to get results they are looking for. Wait until the levers are pulled in the voting booths. This is the real determining factor.

timberline on July 26, 2012 at 1:43 PM

“Consumer confidence” is such a bourgeois concept. Excessive consumption is bourgeois. The bourgeoisie consume far too much anyway. It’s time for Hope’N Change. If we just spread the wealth around some more everyone will be able to consume equally, and they will be equally confident, and that will be good for everyone. Except for maybe the bourgeoisie. But who cares about them — they didn’t build it, the workers did.

farsighted on July 26, 2012 at 1:46 PM

That’s what I want to see someone ask little Bammie. “If being smart and hard-working doesn’t count, why are so many in your base grifters? Don’t the grifters have the same access to the “roads and bridges” that the successful do?”

slickwillie2001 on July 26, 2012 at 1:28 PM

I think you are missing the jug-eared Kenyan’s point. Nobody is special, those people putting in 20 hours a day building their businesses are no better than cousin Pookie who spends his days on the couch watching television and waiting for his monthly ration of Obamabucks. In short, Obama seems to want to take credit for anybody’s success seeing that he is such a miserable failure as President, father, husband, and human being.

Happy Nomad on July 26, 2012 at 1:50 PM

To quote Barry, “We’re headed in the right direction!”

GarandFan on July 26, 2012 at 1:31 PM

And the private sector is doing fine.

Happy Nomad on July 26, 2012 at 1:51 PM

wildcat72 on July 26, 2012 at 12:24 PM

Time for a new EO declaring a ‘National Emergency’ followed by a suspension of elections I suppose…

ghostwalker1 on July 26, 2012 at 2:40 PM

As his entire frame of reference is politicians and academics – then yes, his plan worked – for them.

Obviously, not for anybody else.

Pablo Snooze on July 26, 2012 at 4:45 PM