I guess Americans just haven’t heard of a little something called the stock market. Isn’t that right Bernanke? Wasn’t the stock market rally you engineered supposed to make everyone feel all nice and confident? Well the great middle class squeeze continues, as the stock market is for the 1% what food stamps are for the poor. They are just strategies to keep these groups apathetic and obedient. The middle class isn’t buying it though, as is evidenced by this recent Gallup Poll conducted January 7-10, 2013. From Gallup:
PRINCETON, NJ — U.S. President Barack Obama begins his second term at a time when Americans are as negative about the state of the country and its prospects going forward as they have been in more than three decades. Fewer than four in 10 Americans (39%) rate the current status of the U.S. at the positive end of a zero to 10 scale. This is about the same as in 2010, but it is fewer than have said so at any point since 1979. As they usually are, Americans are more upbeat in their predictions of where the U.S. will be in five years (48% positive), but this is also lower than at any time since 1979.
The 39% of Americans who give a six to 10 rating when asked to evaluate the nation’s current status is similar to the 37% who said the same three years ago. Prior to that, however, assessments were generally more positive, including a 73% six to 10 rating in January 2001 — the highest on record. The three previous points in time when ratings were as low as or lower than the 2013 rating were in August 1979 (34%), April 1974 (33%), and January 1971 (39%). The 1979 measure came at a time when the economy was in bad shape and inflation was rampant, while the 1974 measure came in the midst of the Watergate scandal. When Gallup first asked the question in August 1959, 68% of Americans rated the state of the nation in the six to 10 range.
What about the future?
The 48% who give a six to 10 ranking when asked to project the status of the U.S. five years from now is tied with the 1979 measure as the lowest in Gallup’s history of asking the question. Additionally, the 40% who give a negative rating (zero to four) when asked to look ahead is lower than at any point in history. These negative ratings include 10% who say the situation of the country in five years will be zero, the worst they can imagine.
Not so much. Don’t worry Bernanke, I’m sure another 50 S&P handles will make everything better.
Full Gallup article here.
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