Wednesday, March 11, 2009

The Great Obama Depression

Looks like Obama is on track to preside over the second great economic depression in the United States. Only history will tell if this will by pass the FDR depression to make the current downturn the worst in US history. Obama is on track to spend $5 TRILLION before the year out through and is on track to incurr the largest deficit and expansion of debt in the history of the US.

The consumer's mind set is now turning to a economic depression according to a Rasmussen poll.

Most Americans (53%) now think the United States is at least somewhat likely to enter a 1930’s-like depression within the next few years.

The latest results are more pessimistic than those found in early January, when 44% said a 1930’s-like depression was likely in the next few years, and 46% disagreed.

In March 2008, only 38% of adults said the country is likely to slip into a depression, while most (55%) disagreed.

The most recent survey also found that half of all adults (49%) say today’s children will not be better off than their parents. Only 26% hold the more optimistic view, while another 25% are not sure. Those results have changed little from January, when only 27% said children will be better off and 47% disagreed. Twenty-six percent (26%) were undecided at that time.

2 comments:

Anonymous said...

The Rasmussen poll to which you refer is bogus. Read this:
http://blogs.e-rockford.com/applesauce/2009/03/11/rasmussen-poll-on-whether-most-americans-another-great-depression-doesnt-add-up/

Noel Kuriakos said...

I am not sure why you think this poll is bogus. Look at how they conducted the poll. It has been consistent with their previous polls. Comparing this poll to a CNN poll conducted 5 months ago does not invalidate the Rasmussen poll. CNN has had a consistent bias toward Obama since the primary. Their coverage has been criticized and lampooned by the like of John Stewart.

The poll number do add up. The economy is expected to grow at a negative -6% this year. If it grows at -5% next year, that is an improvement. If it grows at -3% in five years that is an improvement. If you have negative growth over couple of years, you can be in a depression. Clearly someone does not understand how the economy works.