Congress: Not Winning Any Popularity Contests
A Quinnipiac University poll ending August 1, reported by CNN, found Congress had a 14% approval rate.
That poll was of registered voters, both parties.
Gallup, the following week in August reported just 16% of Republicans approved of “the job Congress is doing.”
That’s the party that holds the White House and both houses of Congress. 16% approval in their own camp.
RealClear Politics as of September 26 had a blended, all tracked polls, Congress approval rating of 13.4%.
You put 100 registered voters in a room at random, you’re going to get about 13 or 14 people who wholeheartedly approve of the how Congress does it’s job.
Is it the inability of a Republican Congress to implement Trump’s agenda, or something more?
Though the data’s older, Open Secrets has reported the median net worth of a member of Congress is right around $1 million. That’s not ultra-rich. But it’s not struggling either.
Business Insider reports the median net worth of a household headed by an American age 65 or older is $170,516.
The average member of Congress has almost 6-times the net worth of the average senior household in America.
Real wages, adjusted for inflation, have barely budged in decades.
The purchasing power of a dollar, adjusted for inflation, is evaporating before our eyes.
Technology prices low-skilled and under-educated workers out of the workforce in droves.
Regular Americans are falling behind. Losing pensions. Benefits. Health insurance.
And Congress seems most interested in their soap opera fights and booking appearances on the Sunday television shows. It’s theater. It’s absurd.
There’s the basis of a 13.4% approval rating.
Turning now, thankfully, to the markets…
Market Rundown for Wed., October 4
S&P 500 futures are just about flat this morning at 2,531.
Oil’s been stuck right around $50, sitting this morning at $50.14.
Gold’s up $4.30 at $1,278. A Bitcoin sells for $4,250 at writing.
Finally today, Ray Blanco’s promised commentary on Roku (NASDAQ: ROKU).
“On the hardware side, Roku’s nothing special. They’re not content. They’re a device. GoPro, Fitbit. Both ugly. It’s tough for devices. Point is, I wouldn’t buy Roku anywhere near this IPO.”
Roku stock over the last week:
When pressed for his opinion, Jonas Elmerraji echoed Ray’s comments. Roku went 0-for-3 around the office this week. Contra-indicator?
Talk to you again on Friday. Thanks for reading. We appreciate the time you take to read this note.
For the Rundown,