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Paul Kiesel
Paul Kiesel
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75% of Americans and a Growing Number of Republicans Blame Bush for Failed Economic Policies, Foreclosure Crisis

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There has been a sharp increase in economic pessimism over the last year, and three out of four Americans blame President Bush for ushering in one of the more turbulent economic periods, particularly for the middle-class, over the last thirty years.

Only nine percent of respondents to a Los Angeles Times/Bloomberg poll released yesterday said the country’s economic condition had improved since Bush became president. 75% said conditions had worsened.

However, the number/statistic that stood out the most was amongst Republicans polled. 42% of Republicans said the country was worse off, 26% said it was static, and 22%, less than a quarter of registered Republicans, thought economic conditions had improved.

Clearly, the concerns surrounding the economy are bipartisan. High gas prices, increasing grocery costs, and the housing/foreclosure crisis are issues on top of most Americans’ minds. This is also reflected in Bush’s most recent approval rating — just 23% — compared with 34% in February. The stimulus checks, as many economists expected, have not alleviated any of the aforementioned concerns.

Also, because of recent allegations surrounding politicians who’ve received preferential or VIP treatment when it came to securing a “preferred interest” on their mortgage, Americans are now less likely to support a housing bailout plan/package, which is very unfortunate (whether a housing aid package is approved or not). This most likely stems from distrust in the officials who are suppose to have the public’s interest in mind and not the lenders, like Bear Stearns, who have received government assistance/bailouts ($29 billion in Bear Stearns’ case) and misled millions of borrowers into Option ARM loans — the same lenders, like Countrywide, who in recent days have been in the press as state Attorneys General have been filing complaints against them.

All of these statistics have jumped considerably since the LA Times/Bloomberg poll was taken in February.