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Americans Say They Missed Market Surge: Bloomberg National Poll
added: 2010-03-25

Americans are negative on the economy and markets even as stocks and growth indicators are up, according to the Bloomberg National Poll, a quarterly survey of Americans.

A 57 percent majority of Americans believe the economy has worsened rather than improved during the past year even though a bull market has driven up the benchmark S&P 500 U.S. stock index more than 73 percent and the economy has grown at a 5.9 percent annual pace. A sense of gloom pervades perceptions of the economy and nation; barely one-in-three Americans say the country is on the right track. Just 9 percent of those polled say they believe the economy will be strong again within a year and 4 percent of Americans who cut back on spending now say they are confident to start back up.

Half of Americans say they believe the economy or unemployment is the most important issues facing the country. Health care was cited by 22 percent, followed by 20 percent who cite the federal deficit or government spending. Just 5 percent say the war in Afghanistan. Poll respondents also persistently rated high unemployment the greatest threat to the economy over the next two years, with 75 percent calling it a high threat. Chronically high budget deficits followed, cited as a high threat by 70 percent, then homeowners who can’t pay their mortgages, which is cited by 58 percent. Higher taxes are deemed a high threat by 57 percent.

As the country struggles with a 9.7 percent unemployment rate while bank profits surge, 57 percent of Americans have an unfavorable view of Wall Street, versus fewer than one-quarter who have a favorable opinion of the financial hub. Banks are viewed badly by 54 percent of the poll respondents, and 60 percent have a negative opinion of insurance companies. The poll also shows most Americans don’t like the nation’s top corporate bosses. Nearly two-thirds say they have a mostly unfavorable opinion of business executives a rating that rivals the public’s disdain for Congress.

While gloomy about the nation’s economic outlook, most Americans believe there is little chance in the next few years of another financial upheaval like the 2008 crisis that caused a new collapse of the U.S. banking industry. While 42 percent say they think such a scenario is possible, 57 percent say it is only somewhat likely or not likely at all, according to the Bloomberg National Poll, which interviewed a random sample of 1,002 U.S. adults ages 18 or older, for a snapshot of Americans’ thoughts on Obama’s administration and the economy.


Source: Business Wire

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