Washington Post-ABC News Poll: Obama Takes 9 Percent Lead Over McCain Due To Economic Fears

Yet another poll has come out that suggests a substantive shift has now occurred in the 2008 Presidential race due to America’s growing financial crisis: a new Washington Post-ABC News national poll now shows Democratic Sen. Barack Obama has taken a 9 point lead over GOP Sen. John McCain as the two head into Friday’s crucial televised foreign policy debate:

Turmoil in the financial industry and growing pessimism about the economy have altered the shape of the presidential race, giving Democratic nominee Barack Obama the first clear lead of the general-election campaign over Republican John McCain, according to the latest Washington Post-ABC News national poll.

Just 9 percent of those surveyed rated the economy as good or excellent, the first time that number has been in single digits since the days just before the 1992 election. Just 14 percent said the country is heading in the right direction, equaling the record low on that question in polls dating back to 1973.

More voters trust Obama to deal with the economy, and he currently has a big edge as the candidate who is more in tune with the economic problems Americans now face. He also has a double-digit advantage on handling the current problems on Wall Street, and as a result, there has been a rise in his overall support. The poll found that, among likely voters, Obama now leads McCain by 52 percent to 43 percent. Two weeks ago, in the days immediately following the Republican National Convention, the race was essentially even, with McCain at 49 percent and Obama at 47 percent.

And, the Post notes, the lead is even more impressive when viewed in recent Presidential election historical context:

As a point of comparison, neither of the last two Democratic nominees — John F. Kerry in 2004 or Al Gore in 2000 — recorded support above 50 percent in a pre-election poll by the Post and ABC News.

The poll had other bad news for McCain, the White House and the GOP. Such as:

–”Fully 50 percent called the economy and jobs the single most important issue that will determine their vote, up from 37 percent two weeks ago. In contrast, just 9 percent cited the Iraq war as their most important issue, its lowest of the campaign….”
–”Forty-seven percent said they approve of the steps taken by the Treasury and the Federal Reserve to stabilize the financial markets, while 42 percent said they disapprove…”
–” Just over half of the poll respondents — 52 percent — believe the economy has moved into a serious long-term decline. Eight in 10 are concerned about the overall direction of the economy, nearly three-quarters worry about the shocks to the stock market, and six in 10 are apprehensive about their own family finances.”
–There has been a shift among college educated whites:”Whites without college degrees favor McCain by 17 points, while those with college degrees support Obama by 9 points. No Democrat has carried white, college-educated voters in presidential elections dating back to 1980, but they were a key part of Obama’s coalition in the primaries.”

Another factor, the poll found: Republican Vice Presidential candidate Gov. Sarah Palin’s negatives have gone up 10 points over the past two weeks.

As has been evident throughout a long primary season as well, polls can shift rapidly. But this one shows a shift due to a specific cause (the worsening economy) which the polls indicate could trump the kinds of factors and issues that have helped decide recent national elections.

Read this post about an earlier Bloomberg/LA Times poll which also showed major political shifts due the bad economic news from Wall Street and headlines dominated by the issue of the proposed billion dollar government bailout.