The percentage of people who feel that believe their financial situations are “good” or “excellent” fell to a new low in a Gallup poll which has been since 2001. That means the attitudes on the issues from the two deep recessions of the in 1973/1974 and 1983 are not available.
Only 41% of those surveyed would rate their financial prospects are good/excellent. The number peaked at 55% in 2007 before the current period of economic trouble began. Unemployment that year was under 6% compared to nearly 10% today.
The poll was taken from April 6 through April 9. Results are based on telephone interviews with a random sample of 1,020 national adults, aged 18 and older.
Not surprisingly, the figures varied significantly base on income. Even as the effect of the recession begin to fade a number of American’s with low incomes, which would include those receiving unemployment insurance, who tend to view their situations as hopeless may continue for months or longer. There is only one job for every 5.5 job seekers according to Labor Department numbers, and the number of long term unemployed, those out of work 26 weeks or longer, has hit a post-Depression high.
The recession may be over on paper. Everywhere else, it is still on.
Douglas A. McIntyre
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