Thursday, April 28, 2011

Change! Economic Growth Slows as More Than Half of Americans Say U.S. in Recession or Depression

The U.S. economy slowed to a rate of 1.8 percent growth for the first quarter, as reported at the New York Times (and Memeorandum).

Meanwhile, 55 percent of Americans believe the country's in a recession or depresssion, according to Gallup:


More than half of Americans (55%) describe the U.S. economy as being in a recession or depression, even as the Federal Open Market Committee (FOMC) reports that "the economic recovery is proceeding at a moderate pace." Another 16% of Americans say the economy is "slowing down," and 27% believe it is growing ...

Although economists announced that the recession ended in mid-2009, more than half of Americans still don't agree. These ratings are consistent with Gallup's mid-April findings that 47% of Americans rate the economy "poor" and 19.2% report being underemployed.

It also seems likely that most Americans would not agree with the FOMC's assessment of the current economic recovery. Nor does it seem likely that -- given surging gas and food prices -- most would agree with the Committee that "longer-term inflation expectations have remained stable and measures of underlying inflation are subdued."
Also at Gallup: 67 percent think the economy is getting worse.

Change we can believe in!

Added: More economic news at Instapundit, "RIGHT TRACK OR WRONG TRACK: 21% Say U.S. Heading in Right Direction, A New Low." (And plus some at that link.)