That’s the state of the union according to the people who really matter, namely us:

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.

The upshot of all that pessimism:

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.
[...]
… 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.

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.

Other tidbits:
— 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.
— The survey also found that the strong initial public reaction to Alaska Gov. Sarah Palin, McCain’s running mate, has cooled somewhat. Overall, her unfavorable rating has gone up by 10 points in the past two weeks, from 28 percent to 38 percent.
— 62 percent of Obama supporters said they are “very enthusiastic,” compared with 34 percent of McCain’s supporters. Coming out of the GOP convention, nearly half of those backing McCain said they did so fervently.
— Among Republicans, conservatives and white evangelical Protestants, strong enthusiasm for McCain’s candidacy has dropped by double digits.
— Obama … now holds a double-digit lead as the more honest and trustworthy candidate, flipping what had been a slight McCain edge two weeks ago.

Maybe there’s still some hope for this country?