CNN poll: 60% see depression as “likely”

Really? Now why would they think that? John McCain has repeatedly told us that the “fundamentals of the economy are good” though maybe that’s why he’s flailing with his nutty side show stories that have nothing to do with the economy he helped create. I see others writing about how the stock market doesn’t resonate with American voters because it’s too distant for the average American but I’m less sure of that. Maybe 40 years ago or even 30 years ago but today, Americans often rely on Wall Street for their personal retirement plan. Most people my age are very focused on it because the days of companies offering pension plans are long gone. As John pointed out on Sunday, Americans are going to be opening their quarterly statement on those plans soon and will be gasping at the numbers.

For decades the GOP has sold America on the cheap and easy idea of pay less and all will be great. Well, Americans paid less taxes, got a system that failed to regulate and now we’re so deep in the hole with credit debt and plunging retirement plans not to mention an economy that’s shot for at least two years, so what the heck else are people going to think? What, are Americans supposed to see a rosy future after all of this? Outside of the failed CEOs who walked away with hundreds of millions (who Waxman ought to pursue instead of hosting another silly little TV theater show) everyone else is understandably stunned. The idea may be far feteched, but it’s not unreasonable to see why Americans think this way. We’ve witnessed such a major blow to a core belief in the American system being above such a fall and digging out and living beneath our means is not what the country is accustomed to doing.

Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.

The CNN/Opinion Research Corp. poll, which surveyed more than 1,000 Americans over the weekend, cited common measures of the economic pain of the 1930s:

* 25% unemployment rate;
* widespread bank failures; and
* millions of Americans homeless and unable to feed their families.

In response, 21% of those polled say that a depression is very likely and another 38% say it is somewhat likely.

The poll also found that 29% feel a depression is not very likely, while 13% believe it is not likely at all.

But economists, even many who feel current economic risks are dire, generally don’t believe another depression is likely.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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