Poll: Nearly half believe America is in a recession.
By on Oct 18th, 2007 at 12:36 pm
Poll: Nearly half believe America is in a recession.
A CNN poll finds that nearly “half of Americans feel the U.S. economy is in a recession, marked by a significant decline in economic activity. … Sixty-nine percent of black Americans feel the United States is in a recession, while only 42 percent of white Americans feel the same way.” (Economists agree.)
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Heh. Obviously a bunch of deluded America-hating libruls.
October 18th, 2007 at 12:41 pmI, as a ‘white American’ “feel the same way”.
October 18th, 2007 at 12:42 pmWhy do americans hate the economy?
October 18th, 2007 at 12:42 pmNo, its why does the economy hate America?
October 18th, 2007 at 12:45 pmwhoo hoo! bring it on! I got a farm with a bullet makin’ shed!!
October 18th, 2007 at 12:46 pmOr maybe, why do those who dictate the economic structure and performance hate Americans?
October 18th, 2007 at 12:46 pmKreist, whitey, you gotta whole barn just fer makin bullets?
October 18th, 2007 at 12:46 pm“The National Bureau of Economic Research defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales.”
I always undestood the definition of a recession to be negative or zero growth in the GNP for two consecutive quarters. Is that not right, or did it change, did I sleep through Econ in college too…?
October 18th, 2007 at 12:47 pmNah, Keltoi – you destroyed your brain cells imbibing the Republican Kool-Aid.
It’s ok. We understand, and we’re sorry. It’s not your fault.
October 18th, 2007 at 12:48 pmMost Americans don’t know that definition. That’s for the economists to ruminate and speculate about.
October 18th, 2007 at 12:50 pmThey see their wallets emptier at the end of each month, their cola raises each year not keeping pace with the prices that keep going up faster.
Their impression is that they’re getting screwed.
RUC-naaaah. just a shed NEXT to the Barn..
October 18th, 2007 at 12:50 pmw/AC…
October 18th, 2007 at 12:50 pmThis is because the people touting the “wonderful economy” are using the stock market as their guide. The stock market has become nothing but a form of gambling. There was a time when people would invest their money in companies they believed were doing well, and now it’s been taken over by day traders and other short term speculators who are just looking for whatever is “hot”, regardless of how a company is actually performing.
Those of us who are managing to live on our stagnant wages and expenses that keep getting higher aren’t investing wads of cash in the stock market. And we see the economy from a completely different point of view.
October 18th, 2007 at 12:51 pmNow why the fack do you need AC in a bullet makin shed?
Unless of course your lil furnace for meltin lead get the temps in there around triple digits?
October 18th, 2007 at 12:51 pmand security cams…
:)
October 18th, 2007 at 12:51 pmyou have to keep the room cool to keep the gunpowder from ’splodin…..
October 18th, 2007 at 12:52 pmWhat about trip wires with fougass???
October 18th, 2007 at 12:52 pmNah, Keltoi – you destroyed your brain cells imbibing the Republican Kool-Aid.
It’s ok. We understand, and we’re sorry. It’s not your fault.
Comment by Leftside Annie — October 18, 2007 @ 12:48 pm
Oh, chill out, Annie, can’t I even ask for a point of clarification without being called a Kool Aid drinker?
October 18th, 2007 at 12:56 pm“The fundamental structure of the Economy is sound.” Herbert Hoover, 1930
“Big darkness come soon. take my word for it.” Hunter S. Thompson, 2005
October 18th, 2007 at 12:57 pmI imbibed some moonshine the other weekend.According to everyone else, I had a great time after that. It’s a little fuzzy for me though….
October 18th, 2007 at 12:58 pmWatch it, son, that shit’ll make you go blind!
October 18th, 2007 at 1:00 pmwell, I was definitely BLINDED for the rest o’ that night…
October 18th, 2007 at 1:02 pmWith all the shenaniganns and politicizing thsi adminsitraiton has been accused of, what do you think the odds are that all thhe “good economic data” they release has been doctored in some way??
October 18th, 2007 at 1:03 pmKeltoi – The NBER will announce the economy is in recession if there are two or more consecutive quarters of negative GDP growth. At least my own edumacation told me that.
It does mean in practice that people will “notice” a recession before it is officially confirmed. But the litmus test with these sorts of surveys is that pretty much anyone who’s finding their paychecks aren’t keeping pace with an increased cost of living will be pissed at the economy, and it isn’t much of a surprise if you follow the BLS data.
October 18th, 2007 at 1:09 pmThis nation is not in a recession. There is definitely a problem with the economy, but recession ain’t it.
The problem with the economy is that the gap between the ultra-rich and the plebes (everyone else) in this country is widening at breakneck speed. The economy per se is doing just fine, but only the privileged few benefit from that, while the vast majority of Americans are experiencing difficulty so oppressive and pervasive, they can be forgiven for incorrectly terming it a ‘recession’.
No, the economy is not in a recession…which means that there is absolutely no excuse this administration can hide behind for the plight of the average citizen.
October 18th, 2007 at 1:12 pmI gotta stand by Keitol this time. I always understood a recession to be defined as he suggests — a period of no or negative growth for two or more quarters.
The poll may reflect people’s opinions of the economy, and those people may feel like we’re in a recession, but strictly speaking, I think they’re wrong.
That’s not to say they’re wrong about the economy being stinko — especially for the bottom 90% — just that they’re wrong about it being a recession.
October 18th, 2007 at 1:12 pmhow does going to hell in a hand basket rate?
October 18th, 2007 at 1:15 pmYou’re right this isn’t a recession. This is a redistribution of wealth. Big difference. When a recession is over, people start making what they should and prices normalize. That won’t be happening with the wealth distribution going on.
October 18th, 2007 at 1:16 pmWe are in a recession heading for a depression. And I fear this depression is going to make the last one like like a walk in the park. Once the sub-prime lending mess hits and China starts calling in their debt, we are going to be in hurt city.
How many of you on this blog have seen their salaries rise since Bush took office?
How many of you are not paying more for health insurance, if you even have it?
How many of you spent some part of the last six years looking for a job?
It always cracks me up when the trolls come here to say that the stock market is doing fine like that is an indication of how the country is doing as a whole. The point they are missing is that very few of us even own stocks, so the stock market is only an indication of how the economy is doing for the rich.
October 18th, 2007 at 1:18 pmThe stock market is only an indication of how rich the rich are getting. It has nothing to do with the average American.
October 18th, 2007 at 1:19 pmThe stock market is gambling for rich people who are bored with the tiny amounts of money you can win in Vegas.
October 18th, 2007 at 1:21 pmI can second Wonder Illama’s post on that. Where I live, (Aspen, CO), the economy is going great guns. Has been for a long time. The problem with that though is most of the jobs here are service sector. So unless your a trust funder who can afford $2000.00 a month or higher for rent or own your home, you’re screwed.
October 18th, 2007 at 1:21 pmAnother thing wrong with our economy is that 90% of the people in our country have very little disposable income to purchase the things we need to purchase to keep our economy strong. Most people have maxed out the equity in their houses, which kept the economy rolling for a while. And now most have maxed out their credit cards, which was another way to keep the economy rolling. So, now that 90% of the people in this country are broke, who is going to be spending the money necessary to keep our economy rolling?
October 18th, 2007 at 1:24 pmWhile, technically, this nation is not (yet) in a recession, the plebes (us) can not continue to bear the weight of this ridiculously top-heavy economy forever. Something has to give.
Sure, the stock market is doing great now, but pride goeth before a fall, as this increasingly relevant quote illustrates:
More quotes like this can be found here.
October 18th, 2007 at 1:25 pmI can tell you that looking at the Charts for the Dow, S&P, any of the other indexes that we are WAY overdue for a Correction from hell. When you factor in Bullish sentiment being near all time highs, then you have a market that is ripe for a crash. Its coming, just a question of when.
October 18th, 2007 at 1:32 pmComment by bilbobaggins — October 18, 2007 @ 1:18 pm
To answer your questions:
“How many of you on this blog have seen their salaries rise since Bush took office?”
– Not I. In fact, since Bush took office, I have been downsized out of the company I was working for, and I had to take a job that pays me less for doing the same work.
“How many of you are not paying more for health insurance, if you even have it?”
– My employer has had to scale back their health care benefits, due to skyrocketing costs. My co-workers and I still get a plan, and our employer still pays part of it, but our coverage is less and our out-of-pocket premiums are greater.
“How many of you spent some part of the last six years looking for a job?”
– I was a job hunter two years ago after being downsized. I spent my unemployment scouring the internet, the newpapers, and every place I could find ads for work. I sent out tons of resumes. I walked into places looking for work. Because I have marketable skills, I would get interviews, but sheer numbers were against me (one job ad would routinely get a couple hundred responses). Persistence paid off, and I DID finally get a job (after my unemployment ran out and I had gone through a fair amount of my savings) — one that pays less than what I had been making. And I’m one of the lucky ones.
It wasn’t that long ago that I was secure in the knowledge that I had a good job with a future, money in the bank, money invested for my old age, a good health care plan, and a secure place to live. I would hear about others having hard times, and think “that can’t happen to me.” Yes, it can — and it can happen to anyone.
October 18th, 2007 at 1:34 pmThe confidence level is more important than the numbers, which are all jerked around every which way anyhow. If America believes it’s in a recession, then it is.
October 18th, 2007 at 1:46 pmRemove Bush, what are the parellel signs of which you speak?
October 18th, 2007 at 1:48 pmWith every major indicator used to measure the economy at or near record levels a big shout out needs to go to the MSM.
Comment by jdc — October 18, 2007 @ 1:37 pm
I wonder if jdc’s private health insurer covers dirt-clogged ear canals. Must be a recurring problem what with his head bruied in the sand constantly.
October 18th, 2007 at 1:56 pmKeltoi – my comment was based not only on *this* post on this particular thread — but your every day (tiresome) repetition of Republican Talking Points.
As far as I’m concerned, the only differences between you and the rabid idiots posting on LGF and Free Republic is that you *spell* better and you at least *sound* like you’re thinking for yourself (you aren’t, though, you’re just better at rephrasing and don’t repeat them verbatim).
Otherwise, it’s busines— er, talking points — as usual.
I’ll probably chill out when I don’t have to be subjected to Repuke rule and Repuke talking points every day of my freaking life – but until then, I calls ‘em as I sees ‘em: Kook-aid drinkers, lemmings, sheeple, etc.
October 18th, 2007 at 2:08 pmAnd FWIW, no matter *what* words you use to describe this economy – recession, depression, whatever – the American middle class (and the poor) is getting well and truly screwed by the leaders you and your sheeple pals elected.
October 18th, 2007 at 2:12 pmWhy does TP keep publishing this junk. Just because someone thinks or “feels” we are in a recession doesn’t even kinda make it true. All factual economic indicators show we are NOT in a recession. Not even kinda.
October 18th, 2007 at 2:15 pmno matter *what* words you use to describe this economy – recession, depression, whatever – the American middle class (and the poor) is getting well and truly screwed by the leaders you and your sheeple pals elected.
Comment by Leftside Annie — October 18, 2007 @ 2:12 pm
That I’ll agree with.
October 18th, 2007 at 2:16 pmAs far as I’m concerned, the only differences between you and the rabid idiots posting on LGF and Free Republic is that you *spell* better and you at least *sound* like you’re thinking for yourself (you aren’t, though, you’re just better at rephrasing and don’t repeat them verbatim).
Comment by Leftside Annie — October 18, 2007 @ 2:08 pm
Your powers of clairvoyance are astounding, Annie. You not only know what my unstated thoughts are, you know their source. Maybe YOU should play the stock market, you’d be great at it.
October 18th, 2007 at 2:20 pmPoll: Nearly half believe America is in a recession
October 18th, 2007 at 2:21 pmWell then nearly half are seeing what a fraud this republican owned MSM is. Maybe I am wrong as I canceled my cable in protest of this fascism, but aren’t the republicans running on an issue of a good economy touted by the Bush crime family?
Well, the costs of health care, college education, and housing are going through the roof. At the same time, the Producer Price Index doesn’t even count food or energy costs in calculating inflation. I’m not sure what we are in or what economists might call it, but I’m sure glad I’m not a young person in America today. The cost of everything is much higher than it was when I was young and it seems that good paying jobs are harder to find. When I was a kid, my mother didn’t work and my father was a career Officer in the Air Force where he didn’t make a lot of money. But I remember my dad renting a two-story Victorian House near the Air Force Base in 1960 for $50 a month. $50 A MONTH! And he could afford to buy a new car every four years.
October 18th, 2007 at 2:26 pm“The National Bureau of Economic Research defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales.â€
I always undestood the definition of a recession to be negative or zero growth in the GNP for two consecutive quarters. Is that not right, or did it change, did I sleep through Econ in college too…?
Comment by Keltoi — October 18, 2007 @ 12:47 pm
Blah, blah, blah…
October 18th, 2007 at 2:37 pmThe NBER’s definition doesn’t mean squat when half the population says otherwise. Public confidence level is the true indicator of how well, or bad the economy is doing.
That’s reality.
Michigan Consumer Confidence (100 = par)
October 18th, 2007 at 3:04 pmMonth Rating
2007-09-01 83.4
That has to be one of the dumbest comebacks I have ever read! Befitting a second grade, nuh uh?
Comment by republicans hate facts — October 18, 2007 @ 2:34 pm
Truly amusing coming from you….
October 18th, 2007 at 3:06 pmKeltoi – sorry? How did clairvoyance come into it? I didn’t say a single word about your silly “unstated thoughts.” I was comparing your writing STYLE with that of the rabid idiots.
Frankly, I paid you a compliment: at least you don’t SOUND like a toothless, illiterate knuckle-dragger (for all that you espouse the same Rethuglican values).
A left-handed compliment, to be sure, but consider the source. ;o)
October 18th, 2007 at 3:25 pmAnd, with things the way they are, I’m staying the HELL out of the stock market – it’s a bubble that’s going to burst, and when it does, it’s going to put Black Friday to shame.
October 18th, 2007 at 3:26 pmum, this post should be corrected. It implies economists agree with americans that we’re in a recession, and then links to statements from economists saying we could be headed there. by the definition of recession they’re using–consecutive periods of zero or negative growth–we’re not there yet, and wont be even if the next quarter registers zero or negative growth. perceptions of consumer sentiment are important, of course, but thats not a warrant for this sloppiness. accuracy people! it separates us from them, so no slacking.
…and with regard to these comments, jesus, Annie…grow up. Keltoi makes a very basic point about the definition of recession which you didnt seem to be aware of (which, of course, he’s correct about) and you can only call him a republican. insulting someone over inconvenient truths makes you the one that belongs at LGF.
October 19th, 2007 at 4:16 am