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Americans Overwhelmingly Opposed To Spiraling Debt Black Hole

New polls show majority against raising debt limit, believe economy is worse off

Steve Watson
Aug 4, 2011

Americans Overwhelmingly Opposed To Spiraling Debt Black Hole

New polls from both Gallup and Rasmussen conclusively indicate that a majority of Americans on both sides of the political spectrum are steadfastly opposed to the actions taken by Congressional leaders this week in agreeing to raise the debt ceiling limit.

In the Rasmussen survey, just 22% of likely voters say they approve of the debt ceiling agreement, while a majority of 53% disapprove.

The same poll found that most voters, 58%, do not believe the deal will do anything to ensure a significant decrease in federal spending over the next few years. Just 35% of voters believe that meaningful deficit reduction will occur.

“During the debt ceiling debacle, voters listened to members of Congress like they were the boy who cried wolf,” says Scott Rasmussen, president of Rasmussen Reports,. “While official Washington obsessed over the minute-by-minute silliness, voters expected all along that the debt ceiling would be raised without making significant spending cuts.”

In a similar Gallup poll out today, Americans disapproved of the legislation, 46% to 39%.

The survey indicated that a plurality of Americans believe the deal will make the U.S. economy worse. Gallup asked: “What effect do you think the agreement will have on the U.S. economy–will it make the economy better, not have much effect, or will it make the economy worse?”

41% of Americans said it would make the economy worse, with just 17% percent believing it would make the economy better. 33% said it would have no effect.

Among Republicans, a huge majority of 64% to 26% said they disapproved of the debt deal in the Gallup Poll, with a margin of 4-to-1 against in the Rasmussen survey.

Even Democrats believe that the deal will make the economy worse with 33% in the Gallup poll believing the economy will suffer, compared to 29% believing it will get better and 32% saying there will be no effect.

Rasmussen found that 34% Democrats are in favor of the deal and 40% are opposed.

Meanwhile Congress has slipped to a record low 6% approval rate, with 62% of voters suggesting they would replace every single one of their elected representatives immediately.

As The Washington Times reports, on Tuesday US debt ballooned by $239 billion, to a total of $14.532 trillion.

The spike represents the largest one-day debt increase in history, dwarfing the previous one-day record debt increase of $186 billion, set on June 30, 2009.

The increase used up a whopping 60% of the $400 billion in borrowing that Congress granted the to the White House this week.

It also represents a significant milestone in that borrowing has now eclipsed 100% of US gross domestic project. making it increasingly likely that ratings agencies will downgrade the US AAA debt rating.

Moody’s said Tuesday that the government needed to stabilize the ratio at 73% by 2015 “to ensure that the long-run fiscal trajectory remains compatible with a AAA rating.”

In addition, AP reports that the government will borrow another $72 billion in debt auctions next week.

As the Telegraph reports, all this, coupled with the increased likelihood of QE3, means that gold is surging toward the $2000 mark.


Steve Watson is the London based writer and editor for Alex Jones’, and He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.

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