Bloomberg Poll Finds Americans No Longer Drinking Kool Aid, 71% See Economy "Mired In Recession"

Tyler Durden's picture

According to the latest broad poll conducted by Bloomberg, Americans, except for those on Wall Street of course, have never been more pessimistic on the economy, despite the administration's efforts to push stocks to 36,000 by Halloween. In a nutshell, 63% of respondents confirmed things in the nation are headed in the wrong direction, 71% disbelieve Kool Aid pushers and say it still feels like the economy is in a recession, with 13% convinced a double dip is coming, and just 14% who see the economy as being on solid ground. And the result that should be very troubling to the Keynesian fanatics out there, while 70% say reducing the unemployment rate is a key priority, 28% say that reducing the budget deficit should be first and foremost for Washington.

Other findings from Bloomberg:

Four months ahead of the midterm congressional elections, the poll’s results show a challenging climate for Democrats. The public mood is bleak, with 63 percent saying they believe the country is on the wrong track, the most negative reading of Obama’s presidency. After a year of economic growth, 71 percent say the economy is still in recession; another 13 percent say the economy is faltering and will dip back into recession.

Only 1 in 6 say they believe they are personally better off than they were 18 months ago, when President Barack Obama took office. They are more apt to see the economy today as deteriorating than improving.

More than half say they are responding to the economic climate by hunkering down. Fewer than a quarter say they are getting back to normal and only 16 percent are seeing opportunity and taking risks. The public’s posture is more pessimistic than the view of global investors polled a month earlier. In a poll of Bloomberg customers conducted June 2-3, more than twice as many respondents -- 35 percent -- said they are seeing opportunities and taking risks.

The public gives the Obama administration little credit for its tax cuts, which according to the Washington-based Tax Policy Center lowered federal income taxes for 93 percent of filers. Asked to compare their federal income taxes to what they paid during George W. Bush’s presidency, only 7 percent say they are lower; 20 percent say their taxes are higher and 65 percent say they are about the same.

“The debt that our kids are accumulating is going to be beyond belief,” says Jim Tympanick, 55, of Foxborough, Massachusetts, an independent who works in technology support. “I don’t see how it can be rectified without an increase in taxes.”

The White House hasn’t made much progress in selling its $862 billion economic stimulus package. Asked how their opinion of the stimulus has changed in recent months, respondents were divided about evenly among those who say they had become more supportive, those who are less supportive and those who haven’t changed their opinion.

Other high-profile spending plans undertaken in the wake of the financial crisis have fared worse. The assistance package to automobile companies is becoming less popular: 48 percent say they had become less supportive in recent months versus 17 percent who say they have become more supportive.

By a two-to-one margin, the public classifies the $700 billion Troubled Asset Relief Plan that Congress passed in 2008 as the financial industry teetered as an “unneeded bailout” rather than “necessary.”

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Cursive's picture

Looks like the mood of the populace is hinged on the extension of EUC.

Cognitive Dissonance's picture

To paraphrase an old political expression, all politics and employment are local.

The average Joe is first and foremost a belly button gazer. Since we have been trained and conditioned to believe happiness is as close as an iPhone, why are we surprised when sentiment is based upon our ability to earn the money needed to purchase the iPhone or other sundry pacifiers.

svendthrift's picture

To paraphrase an old political expression, all politics and employment are local.

As it should be. Why does my city, which is broke, send billions to DC who then sends that money to Iraq and others after consuming most of it itself. For most Americans, life begins and ends with their city/county. It is where we live, work, play, and die. The US needs radical decentralization.

besodemuerte's picture

As it should be. Why does my city, which is broke, send billions to DC who then sends that money to Iraq and others after consuming most of it itself. For most Americans, life begins and ends with their city/county. It is where we live, work, play, and die. The US needs radical decentralization.

Nice post.  Frustrating, yet simply honest.  I agree that we need radical decentralization.  Seems that could happen sooner than we think.

Also, +1 to CD's language.  "Sundry pacifiers" lol.  Tis a shame that for the majority of Americans happiness truly is just an iPhone away.


economicmorphine's picture

Spoke with a local CEO about secession yesterday.  Six months ago, it was fringe talk.  Now it's mainstream. While I realize that my state (Texas) receives more than its fair share of government largesse, there is deep resentment here that our tax dollars are going to places like California and Illinois, where government appears to be on a suicide mission.  California, in particular grates, since philosophically the state is so diametrically opposed to what Texans believe in.  Not saying it's merited or unmerited.  Just commenting on the social mood.  

svendthrift's picture

“The bottom line here is that Americans don’t believe in President Obama’s leadership,” says Rob Shapiro, another former Clinton official and a supporter of Mr Obama. “He has to find some way between now and November of demonstrating that he is a leader who can command confidence and, short of a 9/11 event or an Oklahoma City bombing, I can’t think of how he could do that.”

Ripped Chunk's picture

False flag op. Let's start a pool to guess when where and how.

svendthrift's picture

Who = angry white male. Associates with 1) Ron Paul groups 2) Tea Party 3) Truthers 4) Doesn't like blacks/Mexicans/women/gays/Muslims/Jews. Where? The elite won't touch their toys again, so NYC, DC, Mia, LA are out. How about Texas? Oh! Wyoming.

Calculated_Risk's picture

Arizona. It seems to be their favorite whipping state recently..

svendthrift's picture

Right! An angry white male anti-immigrant racist bigot who likes Ron Paul and the Tea Party and is a Truther.

Ripped Chunk's picture

Profile quickly established!!!  You should work for the FBI but I don't think they pay too well.......

dnarby's picture

You just described about...

0.002% of the population.

TBT or not TBT's picture

You're on!    Obama will have himself assasinated, as the only hope he now has of

A)  Being remembered fondly

B)  Having any of his policies carried on  (I can hear the sobbing speeches on the floor of our legislatures calling for this or that stupid tyrannical measure to be pushed through in his memory, a la Ted, Hiccup, Kennedy.)

Cognitive Dissonance's picture

I contend that the so called "crash" in Sept-Nov of 2008 was a false flag operation. And that the next one will be delivered courtesy of the HFT computers. I have no doubt the NSA/CIA are behind some of these companies. Not a doubt in the world.

Do a little research into some of the companies that were "victims" of Madoff.

Ripped Chunk's picture

I have to agree. For months I keep thinking "this is the day, it will happen today".

I keep watching. November will come quickly.

Dental Floss Tycoon's picture

Have you noticed how many Clentonistas are throwing Bam Bam under the bus.  In a helpful, supportive way of course.

svendthrift's picture

You can think of them as Clintonistas. You can also think of them as Zionists.

Ripped Chunk's picture

Those Californians are moving to your state in record numbers right now.  I think I read that Texas' deficit is $12 billion right now. Better start charging an "entrance fee"

TBT or not TBT's picture

That might tip us toward secession right there.

BobWatNorCal's picture

I'll move to TX if the state secedes.

CA is a great place to live but the politicians are nutso.

svendthrift's picture

I will move to TX if it leaves the union. I'll fucking force out a Texan accent and wear a lone star cowboy shirt every day.

TBT or not TBT's picture

We don't say YeeHaw anymore, and generally the cowboy get up is a dead give away that you don't have any cattle, or if you do you're overcompensating for the lossiness of the operation, or you're dabbling in the kicker bar scene.

Calculated_Risk's picture

Careful, they'll change your state to their socialist tree hugging utopia, as they did/tried here in AZ.

SWRichmond's picture

Those Californians are moving to your state in record numbers right now.

Oakies in reverse?

Cathartes Aura's picture

"those Californians" have been cashing in their over-valued housing, and "up buying" in cheaper markets for years now. . . Arizona, Oregon, Washington, even Vancouver BC, have all had to deal with the influx of Cali's moving in, buying up the real estate, sometimes for their 20-something special kidlets to landlord the rooms out for paying back the mortgage - inflating the markets, making even house sharing and room-renting unaffordable relative to local wages. . .

much like folk talk of cashing out and moving to "third world" locales to continue to live "above" the locals, don't ya know. . . it's the amrkn way.

traderjoe's picture

I think there will be a lot more fracturing of the social compact as we move forward through this economic downturn. When I visit 'progressive' websites - they blame the rich and look for massive wealth re-distribution. The conservative sites blame the welfare state and look for less government intervention. Everyone hates the banksters. 

And there's definitely more shoes to drop - especially with the municipalities and their budgets. 

There's no consensus on what's actually wrong, much less how to fix it...

hound dog vigilante's picture

"Everyone hates the banksters."


Everyone except congress and our market regulators, both of whom work for the banksters.


docj's picture

Nah, they hate the banksters, too.

Who doesn't hate their boss?

Especially when their boss is an a$$hole?

Trundle's picture

I think if the rubes perceive the elections as non-fraudulent, then, depending on the outcome, people will still be extremely pissed, but not psycho.

What I fear is that if there is a show of election fraud on a grand scale using those electronic voting machines, software engineering and tampered death certificates, I'm willing to bet the good Scots-Irish citizens (known to be some of the best fighting forces in the world) of the Gulf of Mexico, et al. will become mighty uncooperative.  

Blano's picture

I'm sure dead people are already registering to vote in Chicago as we speak.

wyosteven's picture

The joke is on Texas (and the other few states fiscally prudent and exercise self control).

Expect this trend to skyrocket until central banks are drug through the streets.

AssFire's picture

OK, LA, AR Go with us (Texas), they share our sentiments.

Cognitive Dissonance's picture


Someone else on ZH asked me the same question regarding this very same article a few months ago. To which I responded that I wish I was that creative.

I am working on a fictional novel about the Flash Crash. 

Dismal Scientist's picture

Why make it fictitious ? simply say 'This is a story, 100% correlated with real life. All events happen in real time'

Chump's picture

I'll admit, I would bitch less about taxes if I could shoot a big fucking laser cannon every now and then...

midtowng's picture

That wasn't the only poll to come out today.

3 out of 4 Americans say the recession will last 2 years or more.

71% call the job market "bad".

Boilermaker's picture

All the more reason to jack the shit out of the market to rid the masses of those 'truthy' thoughts.  Seriously, I bet they step on the gas even harder.

besodemuerte's picture

Public opinion is usually we should go long?

Divided States of America's picture

So what, the 71% are part of the 90% which owns 1% of the nations wealth. We have no say in anything when the 10% of the elite class is well represented in Congress, Wall Street and the Media. That may change if the 71% collectively go into their garage and pick out a nice pitchfork and heavy duty shovel and organize something.

ColonelCooper's picture

Unfortunately, 80% of that 71% sold their pitchforks and shovels so they could eat at Applebees.  90% of the 20% who kept theirs  are more likely to opt for their semi-automatic weapons, should the need arise.


seventree's picture

I am 50% sure I disagree with the 33 1/3 % of what I understood of all that, with a confidence factor of +/- 5%.

Cognitive Dissonance's picture

I'm always amazed to read statistics showing the average American eats out "x" number of times each week, where "x" is usually 6 or 7.

Even more amazing is the casual sit down dinning statistics, meaning the Applebee's/Olive Garden type of places. That number if I remember correctly was 2.3, meaning 2.3 out of each 7 days people are eating at a non-fast-food sit down restaurant. Where is this money coming from?

When I interview my clients, I always ask about their entertainment expenses. I've been in the personal financial planning business for over 25 years and one thing I've noticed is that over the past 10 years, more and more people consider the money spent at restaurants as part of their "food" bill and not "entertainment".

ColonelCooper's picture

When I was growing up, going out to eat was a big deal.  My closest (spatially, not kinship) neighbor takes the family of four out EVERY DAY Monday through Friday.  This isn't just snoopy, observational guesswork on my part, I asked him about it.  He replied that since his wife was stuck home with kids all day, it was sort of her chance to get out, and get away from the kitchen.

I'm fully aware that I'm an unromantic, dried up tight wad, but "Holy Shit, Batman!!!"  With the exception of when we are out of town, you can count the number of times our family goes out to eat in a year, on one hand.

Sadly, it seems that nearly every day either my wife or I mention to each other,  "One more reason this piece of shit needs to come tumbling down."  Today's will be, "Lazy no-cookin' MotherEffers."


Blano's picture

When I was a teenager going to McDonald's was a real treat because a) the food was good, and b) it was a 50 mile round trip to get there.

SWRichmond's picture

When I was a kid we went out to dinner once a week, at a local family place, not fancy at all.

Boilermaker's picture

It's actually a problem with today's women.  No shit, they don't think they even have the responsibility to run the households anymore.  Ironing - send it out.  Cooking - eat out.  Nails - go to the parlor.  Hair - drop a C-note a the salon.  Cleaning - weekly house call from service. 

Honestly, I don't even know what the fuck they do anymore...except fuck and sometimes not even that.

Somewhere, somehow, and someway, women have mixed their quest for 'equality' with men and their absolute desire to do absolutely nothing except shop and go to Starbux.