President Lee's Approval Rating Hits First 'Dead Cross' Below 50%

South Korean President Lee Myung-bak's approval rating has dipped below 50% for the first time during his term, marking a "dead cross" where negative public opinion now outweighs positive sentiment, albeit within the margin of error. A recent poll conducted by Realmeter from July 15-19 among 2,517 voters revealed that 49.7% disapprove of President Lee's performance, while 46.7% approve. This represents a significant shift from the previous week, with disapproval rising 5.5 percentage points and approval dropping 4.8 percentage points.

The poll results indicate a notable decline in support across various regions and demographics. Approval ratings saw substantial drops in Daegu-Gyeongbuk (down 9.9 percentage points to 34.6%), Incheon-Gyeonggi (down 7.6 percentage points to 44.8%), and Seoul (down 7.4 percentage points to 39.8%). While the Gwangju-Jeolla region remains highly supportive at 74.8%, the overall trend suggests a widening gap in public perception.

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We take this with gravity and humility, and will more carefully examine what the public is concerned about and what they desire.

Realmeter attributed the decline to several factors, including the "spread of responsibility arguments" stemming from election management problems and ongoing conflicts within the ruling party. Despite some positive indicators like the President's European tour and the KOSPI index surpassing 9,000 points, concerns over widening asset market disparities appear to have swayed public opinion, particularly among centrist voters and those in the capital region. The analysis suggests that economic anxieties are playing a significant role in the president's falling approval.

In response to the poll, the presidential office issued a statement acknowledging the results. "We take this with gravity and humility," the statement read, adding that the office would "more carefully examine what the public is concerned about and what they desire." President Lee himself had previously commented on the declining trend, noting during a press conference that the public's primary concern might be economic hardship amidst political infighting. This sentiment is seen as a reflection of the intensifying internal party struggles ahead of the August national convention.

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There are various analyses, but the biggest sentiment is likely 'People are struggling to make a living, so what are they fighting about?'