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US on wrong track, say 81 per cent of Americans
By Leonard Doyle in Washington
Saturday, 5 April 2008
More Americans than ever before are pessimistic about the state of their country and its economy.
Eighty-one per cent of them now believe "things have pretty seriously gotten off on the wrong track," a dramatic rise from the 69 per cent who felt that way a year ago. The results of the New York Times/CBS poll show a near doubling of the dissatisfaction level recorded when the question was first asked in 2002.
Whether Democrats or Republicans, men or women, city dwellers or country people, university graduates or unskilled workers they are virtually unanimous in their opinion that the US is worse off than five years ago. Just 4 per cent said it was better off.
More grim news greeted the country yesterday when it was announced 80,000 jobs had been lost in March, the third consecutive month of rising unemployment, and a another stark sign that the country is now mired in recession.
The US Federal Reserve chairman Ben Bernanke admitted in testimony on Wednesday that a recession is now possible. He too is behind the curve of public opinion and market sentiment. Some 66 per cent of those polled say the US is already in a recession. The sputtering economy and insecure job market remains the top concern for Americans 37 per cent, while the war in Iraq most concerns 15 per cent of those polled. This is a complete reversal of earlier surveys, and reflects confidence that violence in Iraq is finally waning, giving the US the opportunity so many are hoping for to finally bring the troops home.
Americans are also becoming increasingly populist in their assessment of the mortgage crisis, saying that the government should help out individuals but not financial institutions. The overwhelming majority do not want the government to help out the banks now in trouble from the sub- prime crisis, even if it could prevent a deeper recession.
The poll also found that Americans blame government officials for the crisis more than they blame the banks or greedy home buyers who got in over their heads. Forty per cent said regulators were mostly to blame, while 28 per cent blamed lenders. Only 14 per cent blamed the borrowers.
The deep-seated unhappiness bodes ill for Republicans in this year's elections. But since Democrats have controlled the House and Senate since last year, they also face the risk that unhappy voters will chose to "throw the bums out" and get rid of political incumbents. Americans now hold George Bush in such contempt that only 21 per cent say they approve of how he is handling the economy his lowest rating to date. Mr Bush's overall job approval rating stands at just 28 per cent.
He may be America's first leader with an MBA, but commentators say he has never seemed as detached from the country's troubles as during the current economic meltdown.
In February, Mr Bush said he was not even aware that US petrol prices were rising to the unheard-of price of $4 (£2) a gallon. And just over a week ago, even as he wagged his finger at Wall Street and warned against a "massive government intervention in the housing markets", the administration was working feverishly to stave off a market meltdown by bailing out the investment bank Bear Stearns.
Mr Bush and leaders of both parties are now scrambling to jump-start the economy. Their big initiative, sending tax rebate cheques of up to $1,200 to millions of people this spring, is seen as a temporary measure. Consumers are so in hock with mortgages and credit cards that few expect the rebate to provide a much-needed economic jolt to the economy.
By Leonard Doyle in Washington
Saturday, 5 April 2008
More Americans than ever before are pessimistic about the state of their country and its economy.
Eighty-one per cent of them now believe "things have pretty seriously gotten off on the wrong track," a dramatic rise from the 69 per cent who felt that way a year ago. The results of the New York Times/CBS poll show a near doubling of the dissatisfaction level recorded when the question was first asked in 2002.
Whether Democrats or Republicans, men or women, city dwellers or country people, university graduates or unskilled workers they are virtually unanimous in their opinion that the US is worse off than five years ago. Just 4 per cent said it was better off.
More grim news greeted the country yesterday when it was announced 80,000 jobs had been lost in March, the third consecutive month of rising unemployment, and a another stark sign that the country is now mired in recession.
The US Federal Reserve chairman Ben Bernanke admitted in testimony on Wednesday that a recession is now possible. He too is behind the curve of public opinion and market sentiment. Some 66 per cent of those polled say the US is already in a recession. The sputtering economy and insecure job market remains the top concern for Americans 37 per cent, while the war in Iraq most concerns 15 per cent of those polled. This is a complete reversal of earlier surveys, and reflects confidence that violence in Iraq is finally waning, giving the US the opportunity so many are hoping for to finally bring the troops home.
Americans are also becoming increasingly populist in their assessment of the mortgage crisis, saying that the government should help out individuals but not financial institutions. The overwhelming majority do not want the government to help out the banks now in trouble from the sub- prime crisis, even if it could prevent a deeper recession.
The poll also found that Americans blame government officials for the crisis more than they blame the banks or greedy home buyers who got in over their heads. Forty per cent said regulators were mostly to blame, while 28 per cent blamed lenders. Only 14 per cent blamed the borrowers.
The deep-seated unhappiness bodes ill for Republicans in this year's elections. But since Democrats have controlled the House and Senate since last year, they also face the risk that unhappy voters will chose to "throw the bums out" and get rid of political incumbents. Americans now hold George Bush in such contempt that only 21 per cent say they approve of how he is handling the economy his lowest rating to date. Mr Bush's overall job approval rating stands at just 28 per cent.
He may be America's first leader with an MBA, but commentators say he has never seemed as detached from the country's troubles as during the current economic meltdown.
In February, Mr Bush said he was not even aware that US petrol prices were rising to the unheard-of price of $4 (£2) a gallon. And just over a week ago, even as he wagged his finger at Wall Street and warned against a "massive government intervention in the housing markets", the administration was working feverishly to stave off a market meltdown by bailing out the investment bank Bear Stearns.
Mr Bush and leaders of both parties are now scrambling to jump-start the economy. Their big initiative, sending tax rebate cheques of up to $1,200 to millions of people this spring, is seen as a temporary measure. Consumers are so in hock with mortgages and credit cards that few expect the rebate to provide a much-needed economic jolt to the economy.
