(Angus Reid Global Monitor) – Adults in the United States are worried about their country’s financial status, according to a poll by Angus Reid Strategies. 90 per cent of respondents rate the economic conditions in the U.S. today as poor or very poor.
(Angus Reid Global Monitor) – Adults in the United States are worried about their country’s financial status, according to a poll by Angus Reid Strategies. 90 per cent of respondents rate the economic conditions in the U.S. today as poor or very poor.
In addition, 26 per cent of respondents think the American economy will improve over the next three months, 26 per cent believe it will decline, and 42 per cent say it will remain the same.
Since 2007, defaults on so-called subprime mortgages—credit given to high-risk borrowers—in the U.S. caused volatility in domestic and global financial markets and ultimately pushed the U.S. economy into a recession. A recession is defined as two consecutive quarters of negative growth. The crisis has affected the global financial and credit systems, and triggered layoffs in companies around the world.
Last year, the federal government—then under the leadership of U.S. president George W. Bush—took control of mortgage lenders Fannie Mae and Freddie Mac. Other financial institutions—including Bear Stearns, Merril Lynch, Lehman Brothers, American International Group (AIG), IndyMac Bancorp and Washington Mutual—have been sold, placed under bankruptcy protection, or received emergency loans from the Federal Reserve.
On May 14, U.S. president Barack Obama discussed his views on consumer protection, saying, "These practices, they’ve only grown worse in the midst of this recession, when hardworking Americans can afford them least. Now fees silently appear. Payment deadlines suddenly move. Millions of cardholders have seen their interest rates jump in the past six months. (…) Enough is enough. It’s time for strong, reliable protections for our consumers."
Polling Data
How would you rate the economic conditions in the United States today?
|
Very good
|
0%
|
|
Good
|
7%
|
|
Poor
|
52%
|
|
Very poor
|
38%
|
|
Not sure
|
2%
|
Over the next three months, do you think the American economy will improve, remain the same, or decline?
|
Improve
|
26%
|
|
Remain the same
|
42%
|
|
Decline
|
26%
|
|
Not sure
|
6%
|
Source: Angus Reid Strategies
Methodology: Online interviews with 1,000 American adults, conducted from May 6 to May 8, 2009. Margin of error is 3.1 per cent.
