Weak Economy Sours Public’s View of Future

April 4, 2008

Americans are more dissatisfied with the country’s direction than at any time since the New York Times/CBS News began asking about the subject in the early 1990s, according to the latest poll.

In the poll, 81 percent of respondents said they believed that “things have pretty seriously gotten off on the wrong track,” up from 69 percent a year ago and 35 percent in early 2003.

Although the public mood has been darkening since the early days of the war in Iraq, it has taken a new turn for the worse in the last few months, as the economy has seemed to slip into recession. There is now nearly a national consensus that the country faces significant problems.

A majority of nearly every demographic and political group — Democrats and Republicans, men and women, residents of cities and rural areas, college graduates and those who finished only high school — say that the United States is headed in the wrong direction. Seventy-eight percent of respondents said the country was worse off than five years ago; just 4 percent said it was better off.

The dissatisfaction is especially striking because public opinion usually hits its low point only in the months and years after an economic downturn, not at the beginning of one. Today, however, Americans report being deeply worried about the country even though many say their own personal finances are still in fairly good shape.

Only 21 percent of respondents said that the overall economy was in good condition, the lowest such number since late 1992, when the recession that began in the summer of 1990 had already been over for more than a year. In the latest poll, nearly two in three people said they believed the economy was in recession today.

Our Perspective

Are you better off than you were 4 years ago?

I seem to remember that question being asked in a previous presidential election.

How come nobody is asking the same question now?

It’s the economy stupid!  We all heard that one too! 

We are all caught up in the upcoming election but the focus seems to be on “he said …she said.” 

There are real issues with the economy: 

  • Employers slashed 80,000 jobs in March, the most in five years and the third straight month of losses.
  • At the same time, the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be srinking.
  • Fed Chairman Bernanke told the Joint Economic Committee on April 2nd that declining home prices are “at the core” of the credit crunch. Falling employment, rising energy costs, and depreciating housing wealth are also undercutting consumer spending.

This is a perfect opportunity to make our voices heard. There is an election in November.

Know the issues.

Know how each candidate stands on the issues.

Encourage everyone to get out and vote.

Our silence has brought us to where we currently are. We always thought that our elected officials would do what is best for all. Somehow they missed the point!

Moving from the Big Picture, what steps are you taking?

What are you doing to bring about stability in our little world?

These are issues we deal with all the time.

What is your unemployment rate?

How much sales tax did you pay last year?

Are you paying for services that you don’t even have?

Our clients are asking these questions!

They are finding savings and refund opportunities.  

Let us know your thoughts?

Do you have a question?

You may email george@hbsadvantage.com

Hutchinson Business Solutions ……Your CFO on the Go.  

Creating Opportunities Today,…Defining Savings for Tomorrow.

Visit http://www.hutchinsonbusinesssolutions.com/ to learn more about saving opportunities available for your company. 

Spread the good news….. share this information with a friend.    

2 Responses to “Weak Economy Sours Public’s View of Future”

  1. […] Wayne Friedman wrote an interesting post today onHere’s a quick excerpt Americans are more dissatisfied with the country’s direction than at any time since the New York Times/CBS News began asking about the subject in the early 1990s, according to the latest poll. In the poll, 81 percent of respondents said they believed that “things have pretty seriously gotten off on the wrong track,” up from 69 percent a year ago and 35 percent in early 2003. Although the public mood has been darkening since the early days of the war in Iraq, it has taken a new turn for […]

  2. […] Weak Economy Sours Public’s View of Future By ghutch A majority of nearly every demographic and political group — Democrats and Republicans, men and women, residents of cities and rural areas, college graduates and those who finished only high school — say that the United States is headed … $$$ Smart Solutions $$$ – https://ghutch.wordpress.com Foreign Investment: Follow the money to Russia By Today’s Financial News “Russia is a developing economy building airports, rail lines and other vital infrastructure. In contrast, the United States relies heavily on cash-strapped consumers to squeeze growth from its service-dominated economy. … TodaysFinancialNews.com LLC – http://www.todaysfinancialnews.com  This as-it-happens Alert is brought to you by . this alert. Create another alert. Manage your alerts. […]

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