Why Americans Are Slamming Obama On The Economy

Recently, only 33% of those surveyed by CNBC approved of Obama's handling of the economy. The reason for that horrible rating might just be explained in, one chart:

Clearly, Americans are losing ground when it comes to food prices and, for many people, food is their 3rd biggest expense behind housing and transportation costs:

However, with the current rate of inflation, it is quite possible that food can easily overtake the cost of transportation in the next two years.  Also note, for many seniors, food is their biggest expense because housing is generally paid for, and because their costs for transportation are lower because they no longer work.  Food inflation rates tend to hit the poor the hardest.  Today, we have a record high of more than 48 million Americans who are living in poverty. Most likely, that's another reason the President gets such low marks on the economy.

So, who is to be blamed for this high rate of inflation for food.

Weather for some of it.  But, the bulk can be blamed on government policies under Obama.  Beef and other meats and dairy depend on feed stocks that come from, primarily, corn.  Corn prices have been soaring because of the EPA's push toward renewable ethanol from corn.  Other price increases resulted from the 2007-2009 40% minimum wage increase.  The administration's policies on clean energy have also affected food prices by causing energy costs to rise above other inflation rates.

Simply, President Obama does deserve the blame for his handling of the economy.

References:

Confidence in Obama on economy hits new low: http://thehill.com/policy/finance/219978-confidence-in-obamas-economic-plan-hits-new-low

That's rich: Poverty level under Obama breaks 50-year record: http://www.washingtontimes.com/news/2014/jan/7/obamas-rhetoric-on-fighting-poverty-doesnt-match-h/?page=all

Corn Prices by Bushel: http://www.accuval.net/insights/newsletter/2012/SepOct/_images/price.png

EPA faces '14 accusations on ethanol: http://thehill.com/regulation/energy-environment/217548-epa-faces-accusations-on-ethanol-standard

Food Prices Are Soaring And Washington Doesn’t Care: http://thefederalist.com/2014/07/08/food-prices-are-soaring-and-washington-doesnt-care/

48 million Americans live in poverty, Census Bureau says: http://money.cnn.com/2014/10/16/news/economy/48-million-americans-poverty-census-bureau/