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Bloomberg Poll Finds Americans No Longer Drinking Kool Aid, 71% See Economy "Mired In Recession"
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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Paper trail! No way.
Brilliant !!
I live in the country, far from any city of size and the tension is palpable. The people I see are certain some kind of systemic collapse is in our near future.
Interestingly, their greater concern is about how to contend with roving bands of hungry city folk than how to provide for themselves.
I'm in rural Texas. Same concerns, except of course that rural Texans know how to deal with roving bands of hungry city folk. Here's a hint: We don't call 9-1-1.
Run them over with your '95 Camaro?
Hint: think of the last zombie survival movie you saw
For now, we also have to keep the backhoe at the ready, for disposal. When the time comes we can dispense with that, naturally.
+ 10^15
Camaro is the hillbilly sports car, and corvettes are for hillbillies with a drywall business... LMAO!
I don't know... All the bodies piling up in front of the house might attract attention.
Or at the very least flies.
Lime...
Here's why one simple (minded) citizen is pissed off today, just in case Bloomberg asks:
1) BP has now spilled at least 174 million gallons of oil in GoM, and if the actual fine was imposed---rather than the $28 million planned by OilBama---BP would be dead, gone, extinct, dust.
2) BP bartered the Lockerbie bomber release in exchange for drilling rights to an offshore field in Libya. They even arranged for a doctor to lie about the "imminent death" of the released terrorist, who is actually quite healthy and doing fine. To quote from the Grateful Dead's "Candyman"....if I had me a shotgun, I'd blow you straight to Hell. And that goes for Jack Straw, too.
3) The American Taxpayer pays for the hush money for Congressional Staffers groped by sitting Congressmen. Last year it was $800K, the year before $4 million. Congress passed a law that one, the taxpayer and not the accused Congressman pays, and two, no one is allowed to name names.
I (want to) see dead people.
++++
I didn't know about #3...not that it suprises me.
I think I'm going to be ill.
http://news.yahoo.com/s/politico/20100713/pl_politico/39637
Now this little tidbit is really shocking. Who would have thought Congress would consider themselves above the law?
"Congress has exempted itself from having to inform employees about their workplace rights by posting notices in offices — a practice required by law in the public and private sectors. Congress is also not required to keep records that would show a paper trail of lawmakers’ past misbehavior."
Amazing ain't it?
The creation of a law that absolves the creator's of the law of any liability of their own actions.
And just to make sure that they cover any victims by individual Congress members by the creation of this new law, the ones who assume the liability of any perverts in Congress are not those who did the act, it will be the ones who had nothing to do with the creation of the law or the unlawful act.
Perfect.
The law is deemed passed. The House is adjourned. Everyone have a nice vacation. See you all in a month to take up more of the peoples business.
Freakin asshats.
Speechless.....give me a second to pick up my jaw & I will sharpen a shovel, throw it into the back of a 95 Camaro & on my way to Canada I will take a detour to K Street & throw copies Dodd-Frank at any lobbyist I see - the sheer weight of the document will kill on impact - At least some good can come from Dodd-Frank - Great Post Chindit13 - If I didn't joke about it I think I might just cry...
The only thing more worrisome than the slow-motion collapse of the system that we are all observing is the extremely low level of education and sophistication of the average American "voter."
Problem is that 99.9% of people don't understand the fundamental problems (unsustainable economic model, unsustainable energy usage per capita, too many people) and 99.9% of people act almost strictly in self interest.
So how many does that leave who both - get what ails us, and - are willing to sacrifice to arrive at something better.
DOOM.
I think 99.9% is more than an exaggeration.
The conflict for us in the know is there really isn't anything we can do about it. Maybe there is, but nobody has thought of it yet. Have a bit more faith in people, but yes, your right in the end result being DOOM.
Why? Given the thousands of opportunities, as groups, to do the right thing over recorded history, nobody ever has. Faith in people?
Of all of the things that have ever been presented to me for which faith is required, "people" has been the least compelling.
99.9% is not an exageration. I was being generous.
I have not met 1 in a thousand men who didn't operate for his self interest first.
I have not met 1 in a thousand men who appreciate that the proximate critical issue is energy per capita while the distal cause is overpopulation.
"Have a bit more faith in people..." I am still waiting for the next American Dictator, just what the masses want, a massa! (The One, will go down in history as the phony massa... a one term wonder) As a kid, I always thought about what it would have been like to have lived in the US in the 1850's and the Civil War which followed..... Guess I should have been more careful about I wished for...
I think a fair number of people (say 10-20%) do know that something bad is coming, but just want to wish it away. Or they blame others, and want someone else to pay the price.
The people waiting in line at AAPL stores overnight so they can get the 1st iPhone 4 (defective) - well they really have NO clue.
extremely "low level of education and sophistication of the average American "voter.""
http://www.youtube.com/watch?v=4jQT7_rVxAE
Who cares about the 71% in the Plutonomy of the USA?
"Spending by the uber-rich overwhelms that of the average consumer and helps explain why the U.S. economy has continued to do well and the U.S. dollar hasn't collapsed even in the face of the current federal budget deficit, a negative savings rate, global imbalances and high energy prices, he says. The United States is one of the plutonomy countries countries whose economies are powered by a relatively small number of rich people."
http://www.scribd.com/doc/6674234/Citigroup-Oct-16-2005-Plutonomy-Report...
qustion # 3 is a false choice, obviuosly written by a central bankster.
71% think we're "Mired in Recession"?
Am I to take that to mean that 29% of the US population lives either in lower Manhattan, or inside the Capital Beltway?
The work for the media and are not allowed to think
But Jim Cramer said the double-dip was off the table and gave us the all clear to buy stocks.
<msacras> Yeah, but what does the public know, they don't have a collective PhD in Economics?</msacras>
DavidC
I forgot where I heard this but I will "beat back poverty with a broom" if I have to--and I have an expectation that we will all be shoveling crap and dancing with mops by the time this whole thing picks up steam -- if we are lucky that is. If we're not lucky, I hope we all have made peace with God.
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I think 99.9% is more than an exaggeration.
The conflict for us in the know is there really isn't anything we can do about it. Maybe there is, but nobody has thought of it yet. Have a bit more faith in people, but yes, your right in the end result being DOOM.
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