Economic Fears That Won't Go Away

Some economists look at American attitudes toward spending, stagnant wages, and high fuel prices and conclude that the recession has not ended–at least for the average citizen. A new Gallup poll shows that they are not far wrong.

“Nearly three in four Americans (71%) say they worry about the economy `a great deal,’ more than worry about 13 other issues,” the survey shows. Worries about the deficit are in second place but fairly far behind. Americans are more worried about their present than their future.

The data offers support for the theory that Americans are willing to put off the difficult cuts that need to be made to balance the budget. They are also likely to want to defer the question of entitlements. Too many people see Social Security and Medicare as a right. The ongoing deficit will be a by-product of that. Better to leave the gap to another day. That makes  many people an enemy of reform.

Unease about rising prices of commodities, inflation and high unemployment mean that Americans may focus on the economy for  several years. That is likely to mean that the problems of the deficit will be pushed off the table and will continue to grow. The widely held belief that Americans are willing to saddle the next generation with an economic burden is true, no matter how many people say otherwise.

It may be that hope and reform go together and there is a paucity of hope.

Methodology: Results for this Gallup poll are based on telephone interviews conducted March 3-6, 2011, with a random sample of 1,021 adults, aged 18 and older, living in the continental U.S., selected using random-digit-dial sampling.

Douglas A. McIntyre