The cause? Massive, ballooning public debt. The public intuitively knows that debt is bad, Ferguson says--perhaps because consumers now have it coming out of their ears. This is why so many Americans disapprove of Obama's handling of the economy. And it's why his future is threatened... Niall Ferguson, FT: According to the polls, voters disapprove of Congress by 61 per cent to 31 per cent. What’s more, the two parties would be neck and neck if the midterm elections were held today. The reason is clear. While the stimulus package had a sound macroeconomic rationale, the growing structural imbalance between federal revenue and spending scares the hell out of voters. A recent USA Today/Gallup poll showed that 59 per cent of Americans think government spending is excessive. Mr Obama receives his lowest approval ratings for his handling of the federal budget deficit. Voters have good reason to disapprove. The deficit this year is likely to be $1,800bn (€1,270bn, £1,090bn).
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