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Economic Terror Wins the Day: We're in a Depression

Article by Mike Whitney.
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On Thursday, Gallup reported that “More than half of Americans say the U.S. economy is in a recession or a depression despite official data that show a moderate recovery…..The April 20-23 Gallup survey… found that only 27 percent said the economy is growing. 29 per cent said the economy is in a depression and 26 per cent said it is in a recession, with another 16 per cent saying it is “slowing down,” Gallup said.”

55 percent of Americans believe we are in a depression or a recession a full 5 years after the housing bubble burst (2006) and 3 years after Lehman Brothers collapsed. (2008)  Gallup’s findings jibe with other surveys that indicate growing desperation among the public. For example,  Globescan found that a large number of Americans have given up on free-market capitalism altogether, while other polls show dwindling confidence in government institutions, the Federal Reserve, the Congress, the judicial system and the media.

This is from the New York Times:

“Americans are more pessimistic about the nation’s economic outlook and overall direction than they have been at any time since President Obama’s first two months in office, when the country was still officially ensnared in the Great Recession, according to the latest New York Times/CBS News poll….

Capturing what appears to be an abrupt change in attitude, the survey shows that the number of Americans who think the economy is getting worse has jumped 13 percentage points in just one month…..

Frustration with the pace of economic growth has grown since, with 28 percent of respondents in a New York Times/CBS poll in late October saying the economy was getting worse, and 39 percent saying so in the latest poll.  (“Nation’s Mood at Lowest Level in Two Years”, Poll Shows, New York Times)

No amount of “Sunny Jim” propaganda has been able to change the public’s belief that things are getting worse. And things are getting worse, although not if one happens to be a hedge fund manager or one the lucky few at Goldman Sachs. Then, things have never been better. The Fed has flooded the market with low interest jet-fuel and All’s Well in Wall Street’s Bubbleworld. But if you’re one of the 3 million  less fortunate working slobs; you’re probably hanging on by your fingernails hoping like hell that you  haven’t hit your credit card limit when you reach the checkstand at the grocery store or you’ll have to slither red-faced for the exit.

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