Whoever’s to Blame, it Stinks

With political leaders duking it out today on who’s to blame for the economy, Americans overwhelmingly agree on the key point: It’s lousy.

That view, however, is ever-so-slightly less emphatic than it was a few weeks ago. The ABC News Consumer Comfort Index stands at -44 on its scale of +100 to -100 this week, up 6 points from its recent low, -50 three weeks ago.

But while it’s reversed much of a 9-point slide in July, consumer sentiment still is dreadful by historical terms, far below its average in nearly 25 years of weekly polls, -13. In a separate look-ahead measure just last week, moreover, only 24 percent said the economy’s improving.

The CCI is based on Americans rating of their own finances – 54 percent say theirs are in bad shape, 10 points more than the long-term average; the buying climate, rated negatively by 73 percent; and the national economy, which 89 percent rate negatively. At least 88 percent – and as many as 96 percent – have said the economy’s in bad shape steadily since mid-October 2008.

Politicians are battling over the blame. Today House Minority Leader John Boehner called for the resignation of President Obama's economic team; Vice President Joe Biden shot back, saying, “Mr. Boehner and his party ran economy and the middle class literally into the ground."

More than half of Americans disapprove of Obama’s handling of the economy, underscoring the Republican line of attack. At the same time, former President George W. Bush has taken heavier public criticism on the economy, and Americans have divided in recent polls on which political party they trust most to handle it – making ownership of economic solutions a crucial element of this fall’s midterm elections.

Click here for tables with this week’s CCI data.