9/9/2013 6:30 PM ET|
Recession now? A third of Americans thinks so
The National Bureau of Economic Research has declared that the US pulled out of recession more than four years ago, but a lot of people apparently didn’t get the memo.
A third of Americans think the US economy is in a recession or a depression and only one in six think it's growing, says a new survey that also finds "deep-seated pessimism about the medium term."
Americans are highly critical of policymakers, unwilling to take risks with their savings, planning to reduce their indebtedness over the next year, suspicious of the stock market, and more worried about inflation than unemployment, according to the survey released today.
It was sponsored by Absolute Strategy Research, a London firm that does macroeconomic research for institutional clients such as banks. The firm has done surveys with a panel of online respondents each six months since 2009.
The National Bureau of Economic Research has declared that the US pulled out of recession more than four years ago -- in June 2009 -- but a lot of people apparently didn't get the memo.
The survey found that 85% of the 1,000-plus adults worry to some degree about their financial situation, compared with 90% three years ago. People who say they're worse off than they were a year ago outnumber those who say they're better off, 28% to 22%.
Inflation has been well below historical averages and unemployment well above it for the past several years. Nonetheless, "a rise in the cost of living" was respondents' top worry, cited by 26% of respondents, vs. 12% citing unemployment, 11% a drop in income, and 8% taxes.
Who's to blame? The survey asked people about how well unspecified "policymakers" had managed the economy over the past year. Four percent said they'd done a very good job and 11% credited them with a fairly good job. In contrast, 27% said they'd done a "fairly poor" job and 49% -- just under half -- said policymakers had done a "very bad job."
One of the few bits of optimism was on housing. Forty percent of respondents expected housing prices to rise over the next year, vs. only 17% who said so a year ago.
As a cross-section of America, the respondents were far from wealthy on average -- only 52% said they had personal income of more than $40,000, and only 31% said they had more than $40,000 in personal wealth.
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Even after $85 billion/month in QE, our economy is still only growing at $35 billion/month.
Do the math.
Are they saying the polls only included responses from 1,000 adults? How many adult americans are there? You can add my vote for policymakers doing a terrible job. They kept the economy from crashing but in doing so screwed the working class into oblivion. My one more vote for worse off. Another vote for my worries about the cost of living. They shouldn't even use the term inflation the way they do. Most people confuse inflation with cost of living and you seldom hear lawmakers mention cost of living.
My take. You can establish whatever date you want to call the recessions end. Post recession has grown the lower class, grown the upper class and left what remained of the working class standing on eggshells. There will be more foreclosures, more renting, more homeless, more family oriented living arrangements and generally more struggling. There will however be less borrowing, less spending, less retiring..... Kinda like China....Welcome. Have good day now.
Simple truth for our household... DH hasn't had a pay raise in 6 yrs., and at the same time has more deducted from his paycheck for (PPO) insurance and taxes. DS1 graduated from college (no student loans) 1.5 years ago, has yet to find a professional job, is still working part time at the job he started his senior yr. of high school, and had to take a break from a master's program at the local state college (where is degree is from) to more fully concentrate on finding fulltime work. DS2 is entering his 3rd yr. of college while working part time and living at home. Ha also hasn't needed to take out student loans.
Our CC debts are paid off. No substantial savings. We employ MANY frugal habits... such as... a grocery trip today ran $60.00 before a $5 off coupon; total savings was about $40. Among those groceries (and we cook mostly from scratch) was a "splurge" of Tombstone frozen pizzas @ 3/$10. In the past, we'd order pizza for delivery once per week. No more. On the other hand, we're doing well. Living frugally. Hopeful we'll be able to build savings. Nevertheless worried about what the future might hold for each of us.
Were it not for the lapdog mainstream media, we would have been declared "in recession" three years ago.
it's funny well it's not funny to me but my left wing liberal looney boss complained about Bush but
the business was booming especially after Katrina and we got our usual bonus which was just a pay
raise since we don't get one ever year and since Obama the dicktator business is in the tank! she's
hired all these big east coast liberal aholes to come in and save the company and all they've done is
collect big checks and the company has gone even further down! typical liberals who think they know
it all and know nothing about running a business! I've been telling her for years what the problems are
but after 20 years of running the only department that isn't a complete failure and not being put on
salary or made a manager when others who are considered higher ups? have been giving it all!
I just go do little as possible don't report any problems give any ideas or suggestions and it just gets
worse and worse! I saved that fing company so many times! I learned liberals are the evil capitalist
and racist and ones who separate people into classes! hard working honest people who build a
business from scratch without help from mommy and daddy or big govt don't treat people like that!
The Same Old Song,
The absolute tsunami of BS from the out-of-touch economic 'spinmeisters' and assorted government do-nothings espousing all of the feel good pablum is rather reminiscent of that old Cole Porter song;
"Yea, its summertime....and the living is easy,
The fish are jumpin'....and the cotton is high,
And your daddy's rich....and your momma's good lookin',
So hush pretty baby....doh oh oh oh don't you cry "
Peace to all ~
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