Bloomberg Writes: Americans in Poll Doubt Economy Rebound
Americans are losing faith in the nation’s economic recovery even as forecasters expect growth to accelerate, according to a Bloomberg National Poll.
Fewer people anticipate improvement in the economy’s strength over the next year than in the last survey in June, with 27 percent saying the expansion will be more robust, down from 39 percent who expected improvement three months earlier.
Forty-four percent of poll respondents say they expect the economy, which has expanded for nine consecutive quarters, to remain about the same, while 28 percent see it weakening.
“We’re still in a recession; I don’t know why they say it’s over,” says Chris Sams, 28, a disabled Navy veteran from Daingerfield, Texas. “It may be over in Washington, D.C., where the per capita income is higher than anywhere else, but down here the minimum wage is the highest wage.”
President Obama and Mr. Bernanke, I have news for you. American people are no longer buying your bullshit.
You can attempt to twist economic recovery numbers anyway you wish, but since the reality for most Americans is so much different from your reported number….. it will not work. Only the richest 5% of Americans benefited from your one sided actions. Only those who had the direct access to your cheap capital reaped the rewards. The rest of Americans see their economic situation erode. The pole above clearly indicates that.
Now, a contrarian in me might even argue that this kind of a view from the majority of the population is great news for both the stock market and the economy. However, such an opinion would only be valid if we were at the bear market bottom……not sitting at an all time high. I believe this is the case of American people finally waking up and saying “Wait a second, even though there are all these great economic news, my situation is not improving, as a matter of fact, it is declining”.
As such realization sets in across the nation and confidence erodes further, financial markets should feel the impact.
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