(Angus Reid Global Monitor) - Adults in the United States keep gloomy views about their economy, according to a poll by Gallup released by USA Today. 36 per cent of respondents claim the U.S. economy is in a recession, while 33 per cent believe it is in a depression.

George W. Bush—a Republican—earned a second four-year term in the November 2004 presidential election. The next presidential election will take place on Nov. 4.

Since last year, defaults on so-called subprime mortgages—credit given to high-risk borrowers—have caused volatility in domestic and financial markets and raised concerns that the U.S. economy could fall into a recession.

Earlier this year, the U.S. government 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 Sept. 15, the stock market plummeted in North America, Europe and Asia.

On Sept. 29, the House of Representatives rejected a proposal for the federal government to purchase up to $700 billion U.S. in assets from finance companies in a 228-205 vote. On Oct. 1, a modified version of the bill was approved by the Senate in a 74-25 vote.

Yesterday, Bush discussed the current state of affairs, saying, "The problem is, because people are worried about their future, they’re worried the government won’t act, credit is frozen. People aren’t lending money from bank to bank or they’re not lending money to our medium- and small-sized businesses. And that means people’s jobs are in jeopardy. And the bill that’s before the House of Representatives tomorrow is a bill that has got the best chance of providing liquidity, providing credit, providing money so small businesses and medium-sized businesses can function."

Polling Data

Right now, do you think the U.S. economy is growing, slowing down, in a recession, or in an economic depression?

Source: Gallup / USA Today
Methodology: Telephone interviews with 1,011 Canadian adults, conducted on Sept. 26 and Sept. 27, 2008. Margin of error is 3 per cent.

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