(Bloomberg News) The inability of Congress and President Barack Obama to reach a deal on raising the national debt ceiling leaves retired Air Force pilot Phil Pignataro filled with feelings, none of them good.
"All the negative emotions you can think of I pretty much have when I see that there's no compromise and they're willing to ruin the economy," said Pignataro, a 65-year-old who lives in Algonquin, Illinois. "For better or for worse, my retirement is all tied up in the government."
Polls and interviews conducted over the past two days show Pignataro is among Americans growing disenchanted by and disconnected from congressional leaders and Obama, even as they face a personal economic reckoning.
If Aug. 2 passes with no deal, the government won't have money to pay monthly Social Security checks, veterans' benefits and contracts with businesses, President Barack Obama said in a televised address yesterday. Interest rates on credit cards, mortgages and car loans would skyrocket, Obama said.
The average American had real disposable income after taxes of $33,064, according to May figures from the Bureau of Economic Analysis. The lead debt-ceiling negotiators, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell each will earn $193,400 this year, according to U.S. Senate data. Reid, a Nevada Democrat, reported assets worth up to $9.4 million on his annual financial disclosure statement released in June. McConnell, a Kentucky Republican, reported assets up to $19.8 million.
Yawning Divide
"They're not in touch with reality," said Cheryl Carroll, 51, who lives in Tinton Falls, New Jersey, with her two daughters and has been subsisting off her family's investments since her husband died last year while applying for jobs in retail.
"They should really get an average American in Congress who knows how to balance their checkbook," Carroll said. "It would be fixed in a week."
A Washington Post-ABC News poll of 1,001 Americans showed 45 percent "strongly disapprove" of the way Obama is handling the budget deficit. The July 14-17 survey showed 77 percent said Republican leadership has been not willing enough to compromise on the issue.
Disapproval of Obama and lawmakers also is rising.