Pew: Obama tumbles to 47%

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Politics,Paul Bedard,Washington Secrets

After reelecting President Obama with great hopes, the public has soured on him, sinking his job approval from 55 percent in December to 47 percent today, according to a new Pew Research Center poll.

"Barack Obama's job approval rating has tumbled since shortly after his re-election, as the public's economic expectations for the coming year have soured," said Pew just as Gallup revealed that their Obama job approval was even lower, 46 percent.

Pew said that Obama's disappointing numbers are "comparable" to former President George W. Bush, whose approval was 45 percent at this point of his second term.

Other findings from Pew's release:

-- The decline in Obama's approval rating comes at a time when the number of Americans saying that real estate prices have gone up has jumped from 25% in 2011 to 52% currently, and 71% of investors say the value of their portfolios have increased.

-- Just a quarter (25%) expect economic conditions to be better a year from now, while nearly a third (32%) say conditions will be worse; 41% say they will be about the same. In March 2012, nearly three times as many Americans expected the economy to be better as worse over the next year (44% vs. 14%).

-- The market turnarounds are having a limited effect on the public's economic outlook because they do not have as much impact on people's households as other factors - notably gas prices and food prices.

-- Rising prices now rank near the top of the public's economic worries. Currently, 32% say the job situation is the national economic issue that worries them most, while 29% cite rising prices and 27% the federal budget deficit. Just three months ago, jobs far surpassed all other economic worries.

-- A large proportion of Americans - particularly those with lower family incomes - continue to face economic and job-related problems. Overall, 42% of the public say they have faced one or more of the following problems in the past year: difficulty obtaining or paying for medical care; trouble paying their rent or mortgage; or losing a job.