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Nearly Half of Americans See Recession

Posted: 2007-10-19 06:57:36

WASHINGTON (Oct. 18) -- Nearly half of Americans feel the U.S. economy is in a recession, marked by a significant decline in economic activity, according to a survey released Thursday.

The poll by the CNN-Opinion Research Corporation found that while 46 percent of Americans hold that belief, 51 percent don't.

Black citizens were more pessimistic than whites, findings show.

Sixty-nine percent of black Americans feel the United States is in a recession, while only 42 percent of white Americans feel the same way.

The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP [Gross Domestic Product], real income, employment, industrial production and wholesale-retail sales."

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The GDP measures the economy's output. It represents the total market value of all goods and services produced in the United States during a specified period. Economic indicators suggest modest growth

According to the bureau, "a recession begins just after the economy reaches a peak of activity, and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades."

The recession findings may be having an impact on President Bush's approval rating.

The CNN-ORC poll finds Mr. Bush's approval rating remains steady at 36 percent, but his approval rating among black Americans is just 15 percent.

Photo Gallery: Rich America, Poor America

Nick Wass, AP

Tax returns tell researchers that the wealthiest 1 percent of Americans earned 21.2 percent of all income in 2005, which surpasses the previous high of 20.8 percent set in 2000.

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CNN Polling Director Keating Holland says "a majority of whites also disapprove of Bush, although four in 10 have a favorable view of his administration. The president's approval rating has been stuck at 36 percent since late summer."

The sampling error for the survey is plus or minus 3 percentage points for all but the black vs. white breakdowns, which have a sampling error of 5.5 percentage points.

-- From CNN Deputy Political Director Paul Steinhauser. Top of page

2007-10-18 11:51:20

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1100 comments

augustine974 06:47:00 PM Oct 20 2007

Report This!

will257b 09:06:09 AM Oct 19 2007

Report This! For the serious out here----- (I mean those whose commentary relates to artilcle)

Morning business report came up with - median house price 1980 - 156,000
median income 1980 67,000
????????????????????????????????????????????????????????
Census bureau 1980 - home 93,400 - income 39,300
Talk about twisting data to make things look good - the reported figure and the census figures are both adjusted to inflation, but the higher ones were used to make comparisons to the price of oil and housing in an effort to say that things are not that bad when you compare time frames. Of course, use the real figures and things don't look so nice. (The business report used Cal. - one of the highest and promoted it as the avg.)

If you would like the truth about tr inflation, wages, GDP and "hedonics", go to :

http://www.nowandfutures.com/forcast.html

It's not pretty, but it really explains why the middle class is hurting.

tampatabby 11:39:29 AM Oct 19 2007

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shame on you righmercurylike for taking up all the spaces to blog. What a self centered SOB, it is all about you.

will257b 09:06:09 AM Oct 19 2007

Report This!

For the serious out here----- (I mean those whose commentary relates to artilcle)

Morning business report came up with - median house price 1980 - 156,000
median income 1980 67,000
????????????????????????????????????????????????????????
Census bureau 1980 - home 93,400 - income 39,300
Talk about twisting data to make things look good - the reported figure and the census figures are both adjusted to inflation, but the higher ones were used to make comparisons to the price of oil and housing in an effort to say that things are not that bad when you compare time frames. Of course, use the real figures and things don't look so nice. (The business report used Cal. - one of the highest and promoted it as the avg.)

whoseaskingu 08:19:18 AM Oct 19 2007

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Yes we're in a recession. The majority of 3rd quarter profits are down, especially if you look at the financial sector. Houses with for sale or forclosure signs are just sitting around losing value with very few buyers. The mortgage co.'s and banks can't sell off their commercial backed paper, securities because they look too risky. We have record foreclosures. Unemployment has creeped up to 4.7% and is expected to reach 5% by the end of this year. Companies are announcing more losses and layoffs. We've left a stage of growth and have entered a stage of slowed growth. Even Ben Bernanke said housing is putting a drag on the economy. That's a recession.

an1918 07:51:35 AM Oct 19 2007

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Were not going to have a recession it will be more like a DEPRESSION!

Dugwindad 06:49:40 AM Oct 19 2007

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When the REAL recession comes, and it will when the productive people are made to support the parasites, those who think we're in an recession now will remember these times as the good old days.

richmercurylike 04:14:21 AM Oct 19 2007

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HAVE YOU LOOKED IN THE MIRROR LATELY?
WHAT DID YOU SEE?
DID YOU SEE SOME ONE WHO IS PART OF THE
PROBLEM OR PART OF THE SOLUTION?
DID YOU SEE SOME ONE WHO
POINTS THE FINGER AND
FORGETS THREE FINGERS ARE
POINTING AT THEM?
DID YOU SEE SOME ONE WHO IS
POWER AND / OR MONEY HUNGRY?
KNOWLEDGE IS POWER
GOOGLE IN THE FOLLOWING :
IN DEO SPERAMUS
SAVE THE COCKROACH BIBLE
RAINBOW WARRIORS OF FAITH
HAVE A BLESSED DAY

ATTENTION ALL RAINBOW WARRIORS OF FAITH - If you see any of those so called "professionals", who are actually CORRUPT EVIL BITCHES, WITCHES and BASTARDS who have "tried" to crucify me since November 12, 2004, remind them that "I AM IRON MAN" and that "EXPLOSIVE DIAHREA IS JUST NOT FOR BREAKFAST ANY MORE". Remember that "Faith Respect = Peace" and "In Deo Speramus" Have a blessed day. Rich Mercurio - founder of Rainbow Warriors of Faith. 499 Dewey Avenue, Rochester - A.K.A.- " THE LITTLE APPLE", New York 14613, United States of America.