(05/27/10) -

Few Americans Are Satisfied with U.S. Economy

(Angus Reid Global Monitor) – People in the United States hold gloomy views on their country’s financial standing, according to a poll by Angus Reid Public Opinion. Only 11 per cent of respondents rate the economic conditions in the U.S. as good or very good, down four points since April.

(Angus Reid Global Monitor) – People in the United States hold gloomy views on their country’s financial standing, according to a poll by Angus Reid Public Opinion. Only 11 per cent of respondents rate the economic conditions in the U.S. as good or very good, down four points since April.

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.

In 2008, 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.

The U.S. economy grew at an annual rate of 2.2 per cent from July to September 2009—the first quarterly gain after four consecutive declines. The country’s unemployment rate stands at 9.9 per cent.

On May 25, U.S. president Barack Obama discussed the current state of affairs, saying, "It took years to dig our way into this hole and we’re not going to dig our way out overnight, but we will recover, we will rebuild."

Polling Data

How would you rate the economic conditions in the United States today?

Complete Poll (PDF)