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Failed Economic Policies

John Fund commented yesterday in the Wall Street Journal:

Until yesterday, many Democrats were hoping for a late turnaround in the national mood before the November elections. Then came last week's news that economic growth in the second quarter was an anemic 2.4% -- making it almost impossible for unemployment to decline much before voting begins. That was followed by yesterday's report indicating that a six-percentage point lead Democrats had briefly enjoyed in the Gallup Poll's generic House ballot test had evaporated. Republicans now have regained a 48% to 43% advantage in the Gallup survey, in line with most other polls. "To the extent congressional passage of financial regulatory reform on July 15 was the impetus" for Democratic gains, Gallup noted, "the effect has faded."

Even more ominously, Gallup says that the percentage of Democrats who report being "very enthusiastic" about voting has fallen to 22%, the lowest recorded this year. By contrast, fully 44% of Republicans are "very enthusiastic," in line with Gallup's average survey results this election season.

"The environment still looks exceedingly bad for Democrats," concludes Charlie Cook, the Beltway's leading political prognosticator. Last week, his newsletter raised its seat-by-seat prediction of GOP gains in the House to between 32 and 42 seats -- Republicans need 39 seats to take control. But Mr. Cook says the national mood against President Obama and Congressional Democrats is "suggesting [even] bigger numbers. The wave is still the wave and it still looks pretty strong and unabated."

This is what happens as the result of failed economic policies.

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