Poll finds high anxiety on US economy this month
Tuesday, 21 October 2008
WASHINGTON, Oct 20 (AP): With little relief in sight, people are getting more anxious about the slumping economy and how it affects them.
The share of people who believe the country is moving in the right direction has plunged in just a few weeks, from 28 per cent in September to 15 per cent in October, according to an Associated Press-Yahoo News poll of likely voters that was released Monday.
At the same time there is a drop in those surveyed who say they are happy about the way things are going in their own lives. Now 59 per cent say they are personally happy, compared with 70 per cent last month.
The magnitude of the financial meltdown and its impact on the overall economy is hitting people hard across the social and economic spectrum.
Strikingly, one-third are worried about losing their jobs, half fret they will be unable to keep up with mortgage and credit card payments, and seven in 10 are anxious that their stocks and retirement investments are losing value, according to the poll.
Also, there is widespread distress about being able to afford unexpected medical expenses and children's college expenses, and having to postpone retirement because their savings have eroded, the survey found.
The AP-Yahoo News poll, conducted by Knowledge Networks, has repeatedly interviewed a group of about 2,000 people since last November in an effort to get a person-by-person view of how the country is reacting to the presidential campaign and the events affecting it.
The picture the survey paints of those who have grown less happy since September is telling. One-third are retirees.
James Haste, 78, of Arvada, Colo., is among those who have watched their retirement savings shrink.
In September he said the nation was headed in the right direction. Now he is among the 84 per cent who say it is hurtling off track. The retired engineer lists the financial crisis, the energy situation and rising unemployment as the top problems.
A Republican, Haste said he sees government bailouts such as the $700 billion plan passed by Congress this month and the Treasury Department's plans to buy shares in major banks as necessary evils. Overall, 54 per cent said they approved of the rescue plan, 28 per cent disapproved and the rest had no opinion.
The poll shows how financial worries have permeated all corners of society, with some hit harder than others:
_Though about one-third worry about financing a child's college education, six in 10 people under age 45 are anxious about it.
_53 per cent worry they will have to work longer because their retirement savings have dwindled, and 66 per cent of people in their 40s feel that way.
_One-third worry about losing their job, but nearly half in their 30s and 40s do.
_Forty-six per cent of whites and 62 per cent of blacks worry about making mortgage and credit card payments.
_Sixty-six per cent overall are concerned about facing major medical bills, including 78 per cent of unmarried women.
Public approval of both President Bush and Congress has followed the downward spiral of financial markets, the survey showed.
The poll found that 25 per cent said they approved of the way Bush was handling his presidency, down from 32 per cent in August. Remarkably, just 3 per cent said they strongly approve of the job Bush is doing, compared with 51 per cent strongly disapproving.
Just 11 per cent said they approved of the job Congress is doing, while virtually no one gave lawmakers strong approval.
A Democrat, Gasior said that "mismanagement and policies have really come home to roost with the economic collapse we're seeing. I think things have been on the wrong track for a long time."
The share of people who believe the country is moving in the right direction has plunged in just a few weeks, from 28 per cent in September to 15 per cent in October, according to an Associated Press-Yahoo News poll of likely voters that was released Monday.
At the same time there is a drop in those surveyed who say they are happy about the way things are going in their own lives. Now 59 per cent say they are personally happy, compared with 70 per cent last month.
The magnitude of the financial meltdown and its impact on the overall economy is hitting people hard across the social and economic spectrum.
Strikingly, one-third are worried about losing their jobs, half fret they will be unable to keep up with mortgage and credit card payments, and seven in 10 are anxious that their stocks and retirement investments are losing value, according to the poll.
Also, there is widespread distress about being able to afford unexpected medical expenses and children's college expenses, and having to postpone retirement because their savings have eroded, the survey found.
The AP-Yahoo News poll, conducted by Knowledge Networks, has repeatedly interviewed a group of about 2,000 people since last November in an effort to get a person-by-person view of how the country is reacting to the presidential campaign and the events affecting it.
The picture the survey paints of those who have grown less happy since September is telling. One-third are retirees.
James Haste, 78, of Arvada, Colo., is among those who have watched their retirement savings shrink.
In September he said the nation was headed in the right direction. Now he is among the 84 per cent who say it is hurtling off track. The retired engineer lists the financial crisis, the energy situation and rising unemployment as the top problems.
A Republican, Haste said he sees government bailouts such as the $700 billion plan passed by Congress this month and the Treasury Department's plans to buy shares in major banks as necessary evils. Overall, 54 per cent said they approved of the rescue plan, 28 per cent disapproved and the rest had no opinion.
The poll shows how financial worries have permeated all corners of society, with some hit harder than others:
_Though about one-third worry about financing a child's college education, six in 10 people under age 45 are anxious about it.
_53 per cent worry they will have to work longer because their retirement savings have dwindled, and 66 per cent of people in their 40s feel that way.
_One-third worry about losing their job, but nearly half in their 30s and 40s do.
_Forty-six per cent of whites and 62 per cent of blacks worry about making mortgage and credit card payments.
_Sixty-six per cent overall are concerned about facing major medical bills, including 78 per cent of unmarried women.
Public approval of both President Bush and Congress has followed the downward spiral of financial markets, the survey showed.
The poll found that 25 per cent said they approved of the way Bush was handling his presidency, down from 32 per cent in August. Remarkably, just 3 per cent said they strongly approve of the job Bush is doing, compared with 51 per cent strongly disapproving.
Just 11 per cent said they approved of the job Congress is doing, while virtually no one gave lawmakers strong approval.
A Democrat, Gasior said that "mismanagement and policies have really come home to roost with the economic collapse we're seeing. I think things have been on the wrong track for a long time."