Market Crash On The Horizon? Americans Alarmingly Pessimistic
The majority of Americans are alarmingly pessimistic about the US economy and think it will not improve, according to a new poll. Only 42% of those polled describe the US economy as good and 23% believe the economy will improve this year, according to a survey released Wednesday by The Associated Press-NORC Center for Public Affairs Research.
Only one third of Americans are confident they could find another job if they were laid-off- a clear sign of vulnerability even though the ‘Great Recession’ officially ended nearly seven years ago as Obama borrowed $900 billion to bail out the very companies that ruined the economy in the first place. Since then, the United States has endured a sluggish economic recovery from the worst downturn since the Great Depression. Nothing has ignited the robust economic growth that Americans remember enjoying until the Great Recession struck in late 2007.
Some view the slow growth as a sign that the economy has never escaped the threat of another recession, or worse. For years, Americans have patiently watched politicians feud over how to accelerate economic growth and extend more opportunities to people who have been left out, with little progress.
“It’s just real shaky right now,” said Dorothy Mszanski, 60, a former steelworker who had to retire on disability. “It’s like nobody can figure out what to do.”
“I’ve had chronic back pain, and I’m a diabetic and I’m on oxygen 24-7,” she said. “If my medication keeps going up, there will be a time that I won’t be able to afford to eat or buy my medicine. So what are you going to do?”
This poll also indicates that many are waking up to the fact that the uneven nature of this ‘recovery’ has favored the wealthier and better-educated. The AP-NORC survey found that 52% of Americans with a bachelor’s degree or higher believe the nation’s economy is poor, while 48 percent think it’s good. Meanwhile, those with a high school education or less consider the economy poor (63%) than good (37%) and far less likely to feel comfortable about their finances. In fact, other polls indicate that two thirds of Americans have no emergency fund whatsoever, which would lead to certain disaster should the economy have the slightest hiccup.
Nearly 60% of all income gains between 2009 and 2014 went to families in the top 1 percent of earners, according to analysis by Emmanuel Saez, an economist at the University of California, Berkeley. Still, regardless of their own circumstances, history shows that voters tend to develop negative views of the economy during presidential election years, which typically dwell on economic shortcomings, said Diane Lim, a researcher at the Committee for Economic Development, a non-partisan think tank.
Doubts about the economy appear to also lie at the heart of the split over which presidential candidate is best equipped to lead the country… If any…