More than three in four Americans think the country is in a recession
Ξ May 14th, 2008 | → | ∇ Be aware |
USA TODAY/Gallup Poll over the weekend shows, reflecting a crisis of confidence that economists say could make the economy worse.As the Federal Reserve expanded credit to securities dealers and President Bush said his administration had taken “strong and decisive action,”
the poll revealed pessimism about the economy’s direction.Seventy-six percent of those polled said the economy is in recession, The poll of 1,025 adults was completed Sunday… more about the story: youngnegotiators.com
Although technically speaking according to economic specialists we are not in a recession, many people who do not belong to the economic upper crust actually are.
In order for a recession to be considered a recession nationwide, it has to hit everyone, every business - unfortunately for those of us who do not belong to said upper class both individually and in business it does no good to only go by national, or federal standards of a recession definition. People and small businesses are already, and have been for some time, feeling the crunch of a collapsing economy.
Hence the disparity between a technical recession, and popular opinion about said recession.One of the contributing factors to the largest recession in US history (AKA the Great Depression) was the wild misdistribution of wealth between the upper and lower clasess. When one group of people hold too much money, they can only spend so much to keep the economy afloat, while the poorer half doesn’t have enough money to spend to keep the economy afloat either.
Fast forward to today, and you see the same glaring mistake - the top one percent holds the same amount of wealth if not more than the bottom 90 percent of citizens in the US. Top that off with predatory lending, predatory business practices towards other businesses (buying a business and intentionally bankrupting it), huge amounts of unresolvable debt and what you have is a recipe for disaster - no amount of personal budgeting is going to prevent that.
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