An astounding nine out of 10 Americans believe the economy is in poor shape, says a new poll released on Friday. The CNN/ORC International Poll found that the after-effects of a financial crisis that pushed the country into a deep recession has given Americans sour attitudes about the economy as they struggle to stay afloat three years later.
Pessimism Towards Economy Reaches a New High
With unemployment resting at 9.1 percent, economic growth at a near stand-still and the housing market nowhere near recovery, Americans are having a hard time believing the economy is anything but poor.
Pessimism was already high in June when the same poll found 81 percent of those surveyed believed the economy was in poor condition. Since then, continued hardship and more economic issues, including the recent downgrade of the U.S. credit rating, have pushed more people to their breaking points.
The CNN poll was conducted by ORC International from Sept. 23-25 with 1,010 adult Americans questioned by telephone.
Americans Mixed on Who to Blame for Economic Conditions
In addition to surveying for opinions on the general state of the economy, the CNN poll asked Americans who they blame for the nation’s current conditions.
When asked which administration is responsible, 52 percent of Americans said they blame the previous Republican regime for the nation’s problems since the recession was already in full swing at their departure and the financial crisis occurred as they were leaving office.
Approximately 32 percent of individuals polled believe President Barack Obama and the Democrats are responsible for the nation’s poor economic conditions since they have been charged with getting it back on track over the past couple of years.
The poll also looked at the popularity of two known voices of the economy, Federal Reserve Chairman Ben Bernanke and billionaire investor Warren Buffett. Of the two, more people polled knew who Buffett was and had a favorable opinion of him.
Buffett has been outspoken in his support of Obama, especially in relation to increasing taxes on the wealthy, which he feels will help improve job creation and assist greatly in the nation’s economic recovery.
