‘It’s the Economy, Stupid': Americans Pessimistic about Economic Recovery

Filed in Gather Business News Channel by on June 30, 2011 0 Comments

Wednesday in a depressing news poll, Americans revealed that when it comes to the economy, hope for strong recovery is bleak. With only 20% of voters expecting the economy to get better, the mood of the country has soured. Seeing prices rise at the grocery store, gas pumps, and listening to Congress and the White House quibble about the necessity of tightening the belt, lowering debt and raising taxes, well Americans are losing hope.

According to the CBS News Poll released Wednesday, the mood of the country has taken a decidedly pessimistic turn. What is most troubling is that nearly 40% of Americans belive our economy is in a permanent decline.

Of course, just sitting in any McDonald’s table in America talk often turns to complaints of how the dollar just doesn’t go as far as it did just a few months ago. Concerns of health care costs and a lack of confidence in government and in the Obama administration are often topics of conversation.

Jobs and housing markets are usually key indicators of the state of the economy, and neither market is doing well. With unemployment hovering at around 10% and homeowners owing more than their home’s value does not bode well for economic stability. People are expressing concern about their future and the ability to keep their homes and jobs.

Shade of elections past, remember the phrase, “It’s the Economy Stupid?” Election campaigns will be heating up soon, and we expect that the economy, if not strengthened, will be key in President Obama’s reelection campaign. In fact there may well be overtaking of government, as has happened in other countries recently. Perhaps Americans will “throw the bums out” and replace all the administrative and congressional leaders in a sweeping change. See Full CBS Poll Results.

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