CBS Poll: Thoughts On Economy Grow Darker

Majority Of Americans Now Believe U.S. Economy In Recession, CBS News Poll Shows

(CBS)  With the financial market reeling from the collapse of Bear Stearns, public confidence in the national economy continues to plummet. Three in four Americans now rate the economy as at least somewhat bad - the highest percentage in more than 15 years - and the same number say they think it is getting worse, according to a new CBS News poll.

Sixty-six percent of Americans say the U.S. economy is now in recession, up 13 points from January. Just 2 percent of those surveyed say the economy is getting better, while 34 percent characterize the present economic situation as very bad.

A year ago, a majority of Americans thought the economy was in at least somewhat good condition. But now just 25 percent of Americans feel that way. That's the lowest percentage recorded since October 1992, just before President George W. Bush's father lost the presidential election to Bill Clinton.

Read The Complete Poll Results

Only one in four Americans approve of Mr. Bush's handling of the economy, his lowest rating to date. Sixty-eight percent disapprove of how he’s handling the economy, an all-time high. Only a slim majority of Republicans - 53 percent - still approve.

Twenty-nine percent of Americans say the economy is the issue they most want the presidential candidates to discuss. Twenty percent cite the war in Iraq and 12 percent cite health care.

More Americans believe the economy is getting worse than at any time since 1980, another election year in which the incumbent candidate lost. Republicans, Democrats, and Independents - as well as Americans of all income levels - are all pessimistic about the economy.
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This poll was conducted among a random sample of 1,067 adults nationwide interviewed by telephone March 15-18, 2008. The error due to sampling for results based on the entire sample could be plus or minus three percentage points. The error for subgroups is higher. A small oversample of African Americans was also conducted for this poll, for a total of 122 interviews among this group. The results were then weighted in proportion to the racial composition of the adult population in the U.S. Census.

[popstom1]

Hope you all have gardens

[b-easy63]

In February, this was my personal observation:

Went to Fazolis 3 times, the amount of customers were 3 families. Went to Cheesecake factory 6 times, always got immediate seating, restaurant including the bar was less than half full, while I was there each time (went on the weekends and in the evening)


Target, on 5 visits, less than 75 people (including workers) in the store from 6Pm to 7:30pm

Arbria Brazilian restaurant (cover is 50.00/person) on 2 occassions, only 2 other couples in entire restaurant, all personnel just standing around.

Best Buy (yesterday and also twice in Feb) less than 25 customers in the store for the 35 minutes I was there (7:30PM)

All in all, it is getting pretty scary out shopping and eating, many places have more staff there than patrons, I am talking almost ghost towns for places like Jo Ann Fabrics, etc. The most people were seen at Walmart and Lowes and Hobby Lobby, though HObby Lobby was less than usual.

I''d say this recession is even worse than any I''ve seen in the past 20 years. YOU know it''s bad when Americans stop eating out....

[dncorp]

Forgot about Greenspan, wasn''t he the one that pressured the Japanese to switch to the American Banking System that eventually led to a 10-11 Year Recession that the Japanese are just now coming out of?
During the Early Show it was finally stated, that we are paying the Saudis for oil with money borrowed from the Chinese. This is what our U.S.Dollar is based on "Credit by Debt", paying one credit card with another, we know what happens next.
Enron, Worldcom, CompUSA, Bear Sterns. "Son or daughter you do not want to be a Doctor Lawyer, Politician, you want to be a Corporate Executive so you can rape and gut the Company that your responsible for, no one cares where you got your Billions, Million.. fxxx the employees."

[dncorp]

Wake up people. First you have no 2nd Ammendment Rights (you are not a Milita), crowds against armed Police, hummm. Second if you drive a car your are voting for the War In Iraq for oil. Third the Wars in Iraq and Afganistan are keeping the U.S. Finances going since the U.S. Military must buy from U.S.Industry only, this is keeping Americans working. Pull out of Afganistan and Iraq and no more gas, no more work for those making bombs, bullets, guns, Strikers, HUMMVs,uniforms, boots, for the U.S.Military.

[it_oldtimer]

In the US you''ll do more jail time for driving drunk than you ever would for engineering a multi-billion dollar rip-off of the taxpaying public through your soulless corporation.

Corporate crime pays very well indeed, and the actual risks are minimal to non-existent.

Is it really any wonder that these wealthy corporate managers never stop trying to fleece the taxpayers in new and ingenious ways?

We live in a country where the REAL rule of law is "Government of the rich, by the rich, for the rich". Until we start locking these financial shysters up for life (with no possibility for parole) we can only expect more of the same.

If we, as a nation, feel morally okay about locking up some poor kid for 25 years for selling a single rock of crack just to feed himself, is it really too much to ask to expect that the same degree of punishment should be applied to somebody who''s stolen millions or even billions of dollars, when the whole society has to pick up the tab for their greed in the end?

What kind of country is this, where the ultra-rich remain virtually free of any measure of accountability and immune from the concept of consequences for your actions?

[ubrew12]

Economic downturn due to GW''s debt and the loose credit of the last 6 years?

That downturn wasn''t supposed to happen until next year. I''ll bet the Prez has some angry phone calls going to Greenspan ("but.. you PROMISED!")

[Gary Kempf]

I really hate these people keep talking the celebrities and wealthy women joined the online sugarmommy service Sugarm o m m a m atch.com. Could you people have a break??


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Posted by liu_justice6 at 01:52 PM : Mar 20, 2008
+ report a

Are you related to the Babcock woman that sat on the toilet for two years? You seem to have your own mental issues....

[leftyintexas]

Look guys, Doofus has only 306 days left to put his magic touches on fixing our ecomony. Stand back and give the man some room. He''s trying to think! Snicker..snicker.

[aldee41]

How can anyone say the economy is bad. J P Morgan/Chase got a loan of $30 Billion from King George the Inept to pay less than $300 Million for Bear Stearns. I''m looking forward to my 1% opportunity when Queen Hillery takes over.

[aldon61]

To: forethepeople. Do the math again. We have 300 million people in the US....that is 300,000,000. Clue: Count the zeros and compare that to your message. Then figure out what 1 per cent of that is.

[forthepeopl1]

ITS TIME FOR AMERICANS TO TAKE UP ARMS AGAIN, AND TAKE OUR COUNTRY BACK.

ITS OUR RIGHT UNDER THE CONSTITUTION..IT STATES THAT IF OUR GOVERNEMNT IS NOT FOLLOWING WHAT THE MAJORITY OF AMERICANS WANT, THAN ITS UP TO AMERICANS TO CHANGE THAT, AND START OVER WITH A NEW GOVERNEMNT FOR THE PEOLPE BY THE PEOLPE..

SO ARE WE READY YET TO TAKE OUR COUNTRY BACK..THEY CANT KILL US ALL IF WE THE PEOPLE OF WHAT 27500000 MILLION STAND UP AND MARCH DOWN TO WASHINTON THE OTHER 2500000 ARE THE ONES THAT ARE MAKEING BILLIONS ON US POOR..THATS THE ONE PERCENT THAT IS RUNNING AMERICANS AND AMERICA BROKE..

READY YET..LETS GO

[Gary Kempf]

What recession? I thought this was King George''s plan all along, I Am just waiting for that trickle down theory King George Promised, Its coming Right?

[mcvet]

History books say the yankees already spanked you little rebel assses.


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Posted by rharrin1 at 02:23 AM : Mar 20, 2008
+ report abuse

LOL MORE than ONCE I''m afraid!! They TALK a big game but when it come''s time to belly up to the bar they are nothing but wimps.

[mcvet]

Heck, We ARE in RECESSION!....and we need more than a band-aid(stimulous package) to get out of it. Congress should be working over-time to repair the damage, rather than waste time in partisan bickering as it seems to be heavily engaged in!


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Posted by dumbshun at 02:46 AM : Mar 20, 2008
+ report abuse

Duh?? Now follow along with me here Sparky! The CONSTITUTION says the President (Fuhrer to you) makes the budget and give''s it to Congress. Now I know you fascist have a very hard time with our Democratic System but I''ll try to put in in small words here. What that means is that IF that piece of slime you call a President wants MORE than what he proposed to congress HE''s supposed to ask them for it. Now some in congress proposed more and better to pull the economy out of its slump but Sir Lies-A-Lot flatly rejected it. Now SINCE he and his Party WERE handed a BALANCED BUDGET AND A SURPLUS when they took over, MAYBE we should be placing BLAME for this mess where it belongs, humm??? SIEG HIEL BUSH!! You didn''t get to far in school did you??

[fibonacci_]

Hillarious that the Republicans say that they are "good for the economy" - problem is they are just too stupid to figure the whole thing out.

[samthetvcat]

No site of the article, but sometimes I buy some of Warren Buffet''s books - I''ve probably got that prediction sitting on my bookshelf already and just skimmed over that part of the book because I don''t read from front to back :o

Buffett''s got these great insights that always seem so common sense after he points it out, but nobody ever thinks of - like that it''s never good to hop on a ''hot thing'' bandwagon because by the time everybody''s into it, the market''s already overvalued (like the dot.com boom and the housing bubble) . . .

I saw your campaigning on behalf of your dog, and while he sounds like an excellent choice, Sam the cat says no dice, and he seems to run the show around here! However, if both Barack and Hillary get 527''d and McCain becomes the front-runner, I may have to reconsider!

[radiob-2009]

Sam I am sorry if I dissapoint you on not providing a more accurate date and a exact reference to the issue of Barrons, it can be googled. I know that Nader will not win but at least I will not be voting for a lapdog which is all that is running. Opensecrets.org proves that on all three major candidates, along with a google on all of their multiple statements that contradict one another on virtually every issue. It is either a second revolution or else more of the same. So far blind party political allegiance and apathy will "save the day" and America will have more of the same in another dresscoat.

[samthetvcat]

Wow, that''s genius! Thanks so much RadioB - I''m going to see if I can find something on that!

GL with Nader - frustrating when one doesn''t feel there''s a candidate that appears to shows promise when so much is at stake :)

[radiob-2009]

Buffet made the prediction at one of his annual shareholders meetings and it was released and published in Barrons in 2000. Sorry if I cannot be of more help than this. Going on memory and I have a long one but the dates escape me of the Barrons issue.

[radiob-2009]

Sam A old issue of Barrons in 2000, do not recall the week or mth. but yes he did and a large portion of his prediction had to do with the baby boomers cashing out of their 401ks along with retiring, the impact on the economy.