January 28, 2008

Abstract: (Angus Reid Global Monitor) - Many American adults are concerned about their country’s finances, according to a poll by SRBI Public Affairs released by Fortune. 73 per cent of respondents rate the economic conditions in the U.S. as fair or poor, and 57 per cent think the U.S. is heading into a recession in the next 12 months.

(Angus Reid Global Monitor) - Many American adults are concerned about their country’s finances, according to a poll by SRBI Public Affairs released by Fortune. 73 per cent of respondents rate the economic conditions in the U.S. as fair or poor, and 57 per cent think the U.S. is heading into a recession in the next 12 months.

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.

On Jan. 18, U.S. president George W. Bush discussed the situation, saying, "Our economy is still creating jobs, though at a reduced pace. Consumer spending is still growing, but the housing market is declining. Business investment and exports are still rising, but the cost of imported oil has increased. (...) I’m optimistic about our economic future, because Americans have shown time and again that they are the most industrious, creative, and enterprising people in the world."

In an interview published yesterday in Britain’s The Times, former Federal Reserve chairman Alan Greenspan discussed the current state of affairs, saying, "The actual hard evidence (for a recession) at this stage is still not there. (...) I don’t recall an instance when a recession has not carried with it a significant rise in unemployment. (...) Growth in the United States at the moment is probably zero. We are at stall speed, and we are vulnerable."

Polling Data

Turning to the economy, in general, how would you rate economic conditions in the country today?

Excellent	3%
Good	23%
Only fair	44%
Poor	29%
No answer / Don’t know	1%

Which of the following best describes the country’s economic condition right now?

In an economic recession right now	19%
Heading into a recession in the next 12 months	57%
Not in a recession and not heading into one	19%
No answer / Don’t know	5%

Source: SRBI Public Affairs / Fortune
Methodology: Telephone interviews with 1,000 American adults, conducted from Jan. 14 to Jan. 16, 2008. Margin of error is 3 per cent.

 

Complete Poll (PDF)

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