Yesterday, I did a blog entry questioning Bernanke's claim that the recession was over and suggesting that most Americans wouldn't believe him.

If you need further evidence, check out this alarming ABC News-Washington Post poll showing that 41% of US households have had their pay or work hours cut, and that nearly half, 47%, have suffered either a pay cut or a lay off. More to the point, one in four who have lost their job don't have health insurance cover,

Read this survey carefully and it's easy to see how the Obama administration could be hit with a massive political fallout. Even though the seeds of this calamity were sown during the Bush administration, people will be feel not enough is being done to bring their lives back into balance. And that could create enormous political problems down the track.