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Obama faces his own political 'headwind' on the economy

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“Our poll respondents say the GOP is just laying the blame on Obama rather than making their own positive proposals, 58 percent to 29 percent,” writes Schoen. (Also, by a wide 68-27 percent margin, respondents support raising taxes on the wealthy to help balance the budget – essentially Obama’s position.)

Those poll results, it’s worth noting, came before last week’s bad news on employment – that the economy added just 54,000 jobs in May and the unemployment rate rose to 9.1 percent.

Housing another major political challenge

Meanwhile, the housing situation is another challenge for the Obama administration. As the Monitor’s Mark Trumbull wrote last week, credit is tight for would-be buyers, uncertainty runs high, and the supply of homes for sale is huge.

“The foreclosure wave may have already peaked, but the numbers of loans in serious delinquency remain at historically high levels,” Trumbull reported.

Other reports echo that view.

“The house price collapse is now worse than it was during the Great Depression,” writes Brett Arends, senior columnist for MarketWatch and a personal-finance columnist for the Wall Street Journal. “It’s yet more proof that the nationwide financial bust is far worse than Wall Street is pretending, and it may be getting worse instead of better.”

That’s not a comforting thought for Obama.

The lesson of FDR

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