U.S. Concern Over Economy Is Highest in Years
By Michael Abramowitz and Jon Cohen
Washington Post
Monday, February 4, 2008; A01
Public views of the national economy are now more negative than at any point in nearly 15 years, and few people believe that the kind of stimulus plan being devised by President Bush and Congress is enough to stave off or soften a recession, according to a new Washington Post-ABC News poll.
More than eight in 10 Americans describe the economy as "not so good" or "poor," and nearly six in 10 believe the United States is already in a recession. While voters appear more sanguine about their own circumstances, three in 10 are now pessimistic about their financial prospects over the coming year, double the percentage holding a dour outlook in December 2006.
The new poll, conducted Jan. 30-Feb. 1, shows how thoroughly the souring economy has overtaken the war in Iraq as the electorate's principal concern. Thirty-nine percent of all Americans now cite the economy and jobs as the No. 1 issue in the presidential campaign, up 10 percentage points in the past three weeks; more than twice as many people now highlight the economy as call Iraq the top issue. No other concern reaches double digits.
These assessments follow months of steadily worsening news about the economy that could bring the country full circle to the downturn that took hold at the beginning of the Bush administration in 2001. A financial crisis that began in the U.S. markets over home mortgage defaults has steadily spread since last fall, and on Wednesday, the first day of the Post-ABC poll, the government reported that the nation had experienced its weakest period of economic growth since 2002.
On Friday, the Labor Department said the economy lost jobs in January, the first time in 53 months that had happened, putting new pressure on Bush and Congress to take action to stimulate the economy. The Federal Reserve Board has slashed key interest rates in an effort to keep the economy from sliding into a long, debilitating recession, which is defined as at least two consecutive quarters of decline in gross domestic product.
(Continued here.)
Washington Post
Monday, February 4, 2008; A01
Public views of the national economy are now more negative than at any point in nearly 15 years, and few people believe that the kind of stimulus plan being devised by President Bush and Congress is enough to stave off or soften a recession, according to a new Washington Post-ABC News poll.
More than eight in 10 Americans describe the economy as "not so good" or "poor," and nearly six in 10 believe the United States is already in a recession. While voters appear more sanguine about their own circumstances, three in 10 are now pessimistic about their financial prospects over the coming year, double the percentage holding a dour outlook in December 2006.
The new poll, conducted Jan. 30-Feb. 1, shows how thoroughly the souring economy has overtaken the war in Iraq as the electorate's principal concern. Thirty-nine percent of all Americans now cite the economy and jobs as the No. 1 issue in the presidential campaign, up 10 percentage points in the past three weeks; more than twice as many people now highlight the economy as call Iraq the top issue. No other concern reaches double digits.
These assessments follow months of steadily worsening news about the economy that could bring the country full circle to the downturn that took hold at the beginning of the Bush administration in 2001. A financial crisis that began in the U.S. markets over home mortgage defaults has steadily spread since last fall, and on Wednesday, the first day of the Post-ABC poll, the government reported that the nation had experienced its weakest period of economic growth since 2002.
On Friday, the Labor Department said the economy lost jobs in January, the first time in 53 months that had happened, putting new pressure on Bush and Congress to take action to stimulate the economy. The Federal Reserve Board has slashed key interest rates in an effort to keep the economy from sliding into a long, debilitating recession, which is defined as at least two consecutive quarters of decline in gross domestic product.
(Continued here.)
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