There is one small glimmer of hope in the Strategy One survey released Dec. 17 on the U.S. economy, less than half (45 percent) believe things "will get worse." Three out of 10 say the economy has bottomed and is "getting better," while 18 percent agree the economy is at the bottom but are not sure if things are getting better or worse.
Forty-one percent say the economy is in a "deep recession." Only 12 percent rate it equal to the Great Depression.
Since consumer spending has been the economic locomotive of the U.S. economy, the Strategy One poll is sobering. If you think things are not getting better, that iPod for Junior will have to wait.
Bradley Honan, senior VP at Strategy One, fears the slowdown could become a protracted slump if people remain downbeat about their economic future. "These feelings could turn into a self-fulfilling prophecy," he said in a statement distributed with the survey's findings.
The Strategy One poll finds a gap between "rich" and "poor." Only a quarter of families in households with less than $50K in annual income think things are getting better. That figure rises to 36 percent in families with income of more than $100K.
Tough economic times have dealt a blow to America's "can do" spirit. Nearly seven-in-ten (68 percent) polled report the slump has taken an emotional toll. Hard times have "altered our national outlook and psyche," says Strategy One, which is part of Edelman.
The public's dour view of the future is in sharp contrast to the Obama Administration. Obama is spending billions to ratchet up U.S. involvement in Afghanistan, though America can neither afford nor stomach another costly military misadventure.
The president is renowned for his oratorical skills and often likened to the last great communicator in the White House, Ronald Reagan. Reagan, like Obama, launched his own military build-up. That effort was aimed at a true rival, the Soviet Union. Obama eyes 100 Al-Qaeda fighters in Afghanistan. We will have nearly 100K combat troops and a contractor force at least equal to that to chase a gang of terrorist thugs in Afghanistan.
There is something severely out of whack here.
Obama "talked" his way to 1600 Pennsylvania Ave., offering a sharp break from the last Administration. He needs to break from the Reagan Administration.
America needs more FDR, who rallied America during the Great Depression, than RR in the White House these days. FDR showed compassion to the "little guy" and railed against bankers who was shafting the "little guys."
Those banks are the grand dads of the banks bailed out by Obama.