Americans: Recession near - or already here

[Lone_Star_Dem]

Source: CNNMoney

More than three out of four Americans believe that a recession has already started or will hit in '08. Half have cut their spending, which could make a slowdown worse.

NEW YORK (CNNMoney.com) -- More than three in four Americans believe the U.S. economy is already in a recession, or will be sometime in 2008. That's according to a comprehensive poll commissioned this week by Fortune Magazine.

Only 19 percent of 1,000 Americans surveyed believe the nation will avoid a recession, while 57 percent believe that there will be a downturn in the next year. Another 19 percent believe the nation is already in a recession.

What's worse for the economic outlook, just about half of those surveyed say that they've cut back their spending compared to last year.

These results indicate a far gloomier outlook than economists anticipated.

Read more: http://money.cnn.com/2008/01/18/news/economy/economy_poll/index.htm?postversion=2008011809

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Poll results:

http://money.cnn.com/magazines/fortune/electionpoll/2008/pollresults.html

[BleedingHeartPatriot]

1. When saving money and cutting back spending is considered a "bad" thing by economists, then

we have truly gone down the rabbit hole.

2/3 of the economy depends on us little old consumers, opening our wallets and spending our hard earned dollars, on what? Doesn't matter, we just need to spend them.

Oh, times are going to be tough. Yikes. MKJ

[Acadia Blue]

6. Banake (sp?) said we should buy USA products to help. Its hard

to find anything made here, and that plus dumbo coca cola cowboys giving the riches Americans tax cuts and running the country on a credit card caused this mess. Oh the trillions in the unnecessary war....

[kath]

10. Buy US products?! WHAT U.S. products??? They're rarer than hens' teeth these days.

[flashl]

2. The social experiment of a consumption society is coming to an end.

[snappyturtle]

4. That may be the only good thing to come out of this! nt

[madrchsod]

3. it`s been here for quite some time

the full effects are just starting to be reported..

[uppityperson]

5. 9/01 my business dropped off and never came back.

I kept expecting it to pick up more, but while it had a small recovery for a couple yrs, the last couple have been really bad. People aren't getting healthcare due to not being able to afford to meet deductibles.

[Acadia Blue]

7. I know about Katrina, because I am still dealing with the cost and

don't have the $$$$ to finish fixing up. The insurance did not pay for the 4 acres of downed trees and my yard is a very dangerous place plus more trees can still fall on my house. We are still painting....

And we are all on our own...those pigs are not going to do anything for anyone but their rich buds.

[Zorra]

8. Oh, it's definitely here. Ask anyone in retail that is not selling to a

wealthy clientele.

There has been a significant decline in economic activity over the past few months, and the past few months include the "holiday season", a time when economic activity should be far above the norm for the year.

[olddad56]

9. it is here and any attempts to stave it off will only make it worse...

recessions are part of the natural ebb and flow of an economy. Creating an inflation to attempt to stave off the inevitable is either stupid or worse, or part of an evil plan.