Saw something on CNN while I was doing my cardio yesterday about how Democrats intend to use the near unanimous Republican opposition to the 2000-plus page financial overhaul bill against them. Guess they feel that running against Wall Street will burnish their populist credentials. Trouble with this narrative is Wall Street seems more pleased with the legislation than do small banks on Main Street.
Even if Democrats do succeed in peddling their narrative that Republicans are tools of Wall Street (while Democrats have recently been the party raking in the most Wall Street cash), I don’t think they’ll find voter paying them much heed. They have different concerns this year. Bashing Wall Street may earn accolades on left-wing blogs, but it won’t change people’s opinion about the Democrats’ record since Obama took office.
Two new polls show that the top issues for American voters are jobs and the national debt. And the president’s inauguration, his party hasn’t done a very good job of enacting policies which allow for the the creation of more jobs, but they have passed legislation which, will lead to a trebling of the national debt.
The public overwhelmingly views the job situation as a major priority for Congress during the coming months. Fully 80% say it is very important for Congress to pass legislation to address the job situation, which is virtually unchanged from May (81%).
Somewhat fewer (70%) say it is very important for Congress to reduce the federal budget deficit.
The county’s most important economic problem, Americans say, is jobs, volunteered by 38 percent of respondents. Coming in a distant second was the national debt, the deficit and spending, cited by 10 percent in the poll, which was conducted between July 9th and 12th.
(CBS Poll via Instapundit.)
Yup, people are concerned about financial regulation, but I doubt they’d support legislation with more support on Wall Street than on Main Street, particularly given that large Wall Street financial institutions can more readily comply with the new regulations than can smaller banks and brokerage houses outside our nation’s major metropolises.
Not just that. According to Pew, opposition to Obamacare has increased since the month after congressional Democrats passed the health care overhaul. Disapproval jumped from 44 to 47 percent in the past three months while approval fell a full five points from 40 to 35 percent. Guess those White House attempts to sell the bill after it had passed didn’t pan out.