Almost 90 percent in US believe economy in recession: poll

Almost nine in 10 Americans believe the US economy is still mired in recession, a new CNN poll released Thursday found.

Fully 87 percent of those questioned in the CNN survey said they believe the United States was in a serious, moderate or mild recession.

Public perceptions about the economy's wellbeing are very important, particularly in the United States where two-thirds of economic activity is consumer spending.

rawstory.com...

2/3 of economic activity is consumer spending? I knew it was bad but not that bad.
So...the economy depends on consumer spending, I guess you all better keep buying those Ipods, bobble heads, Big-Macs, pet rocks and whatever else...

I like the way this is worded. As if 90 percent are just delusional. GOD I HATE THE MSM. bunch of worthless scumbags.

[edit on 3-9-2009 by projectvxn]

reply to post by warrenb


The remaining 13% are in denial.
Best case scenario is that we have a double dip recession.
In order to fly out of this bad recession we need something new.
In the 90's it was the internet. Jobs....Jobs......Jobs!

Originally posted by warrenb
2/3 of economic activity is consumer spending?

Capitalism at its best. Tell people to spend their money, not save it. You don't have money? Try credit! Its the easiest way to get money ina hurry! Need a new truck? Yes! My truck ain't cool enough like his! Want a new home? YES! My house isn't big enough!

Yeah. Thats why we are in the mess we are in.:bnghd:

Originally posted by havok

Originally posted by warrenb
2/3 of economic activity is consumer spending?

Capitalism at its best. Tell people to spend their money, not save it. You don't have money? Try credit! Its the easiest way to get money ina hurry! Need a new truck? Yes! My truck ain't cool enough like his! Want a new home? YES! My house isn't big enough!

Yeah. Thats why we are in the mess we are in.:bnghd:

What? That makes absolutely no sense. Even if people didn't spend money on things to keep up with the Jones' they would still have to spend. 2/3 of every economy is consumer spending. Just some economies are larger than others. Think about it - if everyone only bought necessities, consumer spending would still be 2/3 of the economy, but the economy would be smaller. That's what an economy IS - people buying things from other people and then those people buying things from other people and so on.

[edit on 3/9/2009 by Iamonlyhuman]

reply to post by warrenb


So 1 in 10 think we are doing fine?

Must be the bloodsucking bankers, executives and lawyers. They seem to be profiting greatly at the expense of the other 9, like usual.

Originally posted by havok

Originally posted by warrenb
2/3 of economic activity is consumer spending?

Capitalism at its best. Tell people to spend their money, not save it. You don't have money? Try credit! Its the easiest way to get money ina hurry! Need a new truck? Yes! My truck ain't cool enough like his! Want a new home? YES! My house isn't big enough!

Yeah. Thats why we are in the mess we are in.:bnghd:

Just like cash for clunkers. I wonder how many people turned in perfectly fine working vehicles for a nice shiny new car that the finance company owns?

Sounds like another bubble

Originally posted by lucentenigma
reply to post by warrenb

 

So 1 in 10 think we are doing fine?

Must be the bloodsucking bankers, executives and lawyers. They seem to be profiting greatly at the expense of the other 9, like usual.

I think it's 10% that work for the Govt.

reply to post by havok

You don't have money? Try credit! Its the easiest way to get money ina hurry!

Hey, it works for the government... Well, at least that's what they try. And they think it works. But then the citizens are the ones who end up getting screwed by their decisions. That's one of the reasons we are in this recession.

So the true question here is, how long until anybody who saves a percetage of their money for the darker times ahead is labeled a "domestic terrorist" by the administration and their MSM puppets and accused of intentionally trying to sabotage the recovery by not deepening their personal debt and poverty for the good of the many?

reply to post by burdman30ott6


BURDMAN!!!! 'bout time you showed back up...Haven't seen your posts for a while...How the hell have ya been?

OT:

I noticed that the government is painting savers as part of the problem. How long before a law is passed to tax savings even more so than inflation is already doing?

Almost 90 percent in US believe economy in recession: poll

Damn!

And I just thought we started a new golden age of prosperity....I was WAY off on that one!

Originally posted by Eurisko2012
reply to post by warrenb

 

The remaining 13% are in denial.

The remaining 13% HAVE JOBS.

Originally posted by projectvxn
reply to post by burdman30ott6

 

I noticed that the government is painting savers as part of the problem. How long before a law is passed to tax savings even more so than inflation is already doing?

Been good, Vix. I've been around, just not posting in the meltdown as much. (sometimes a self imposed sabbatical is theraputic)

Taxation of savings has almost been done already. That was the unspoken reason they dropped interest rates to almost zero, discouragement of savings. It certainly wasn't to achieve one of their proclaimed goals of getting banks to start loaning money they already had, as all the lower interest rates would do there is provide even less profit to the banks.

Then there's this: www.cnn.com...

last month, the Swedish Riksbank entered uncharted territory when it became the world's first central bank to introduce negative interest rates on bank deposits.

That essentially means that the Swedes are making it more profitable to go deeper into debt than to invest your money into a bank. And, if you really think about it, as long as the banks now are confident that their losses will be paired with bailouts from the government, why wouldn't they view this favorably? I do not know this for a fact, but I suspect much of the lending being done today uses some form of a variable rate. They're making savings accounts undesirable to savers while getting the short sighted consumers to commit to yet higher levels of debt under appealingly low interest rates which they will jack up rapidly in the not so distant future (under my speculation, again I do not have data on this), and all of it is being done with the security blanket of "If the individual consumers default on their loans, we can again demand that the tax payers take on the burden courtesy of our friends in the government." They win either way.

Originally posted by Tentickles

Originally posted by Eurisko2012
reply to post by warrenb

 

The remaining 13% are in denial.

The remaining 13% HAVE JOBS.

Well, it's not that bad.
I would say about 10% are unemployed.
10% are underemployed with their hours scaled back.
80% have good jobs and are doing fine.