A Razz on the Economy as Bush Heads South
Sixty-five percent of Americans rate the economy as "poor"
Jan. 13, 2009 — -- For a counterpoint to George W. Bush's swan song look no further than the long-running razz that is consumer confidence: It's never been worse for a departing president in nearly a quarter century of ongoing ABC News polls.
Sixty-five percent of Americans now rate the economy as "poor," a record in 23 years of weekly polls. Another 29 percent say it's merely "not so good," for a net negative rating of 94 percent, matching the all-time high. The previous worst for a departing president was 81 percent negative as Bush's father bowed out in January 1993.
Click here for pdf with charts and data table.
Overall, the ABC News Consumer Comfort Index stands at a dismal -49 on its scale of +100 to -100, unchanged the past three weeks and below -40 for a record 38 weeks straight. That compares to its long-term average, -11 since late 1985.
The CCI has averaged -14 across Bush's two terms in office, -10 in his first term but -19 in his second, cratering at -42 the past year. That compares with +1 in Bill Clinton's two terms (-20 in the first, +22 in the second), -30 in Bush's father's single term and -8 in available data for Ronald Reagan (his last three years in office).
In addition to the housing and credit crises, the economy shed half a million jobs in December, capping a year of layoffs that accelerated in the last four months, with almost two million jobs lost. Adding insult to injury, gas prices have reversed track, rising 17 cents in two weeks to $1.78 nationally – but still 42 percent below their level last year.
INDEX –ABC's CCI is based on Americans' ratings of the economy, their personal finances and the buying climate. As noted, only 6 percent rate the economy positively, 9 points below the 2008 average and 33 points below the long-term average.
Just 44 percent rate their own finances positively, 2 points from the low last hit in December. That's 13 points off the long-term average and below a majority for 25 straight weeks, the longest such streak since 1992-93.
