A CNN poll
shows 48 percent of Americans feel the U.S. economy is headed for an all-out depression within a year while an equal percentage say they approve of President Barack Obama's handling of the economy.
Support for the president among independent and Democratic voters is dropping slightly, but those identifying themselves as Republicans who supported the president anyway are bolting to the disapproval camp.
"Far and away his biggest drop has come among Republicans. In May, over a quarter approved of President Obama's handling of his job, but that is down to 14 percent now," says CNN Polling Director Keating Holland, according to the CNN.
Support for the president spiked a bit after terrorist mastermind Osama bin Laden's death.
|President Barack Obama
(Getty Images photo)
The number of those fearing a depression is brewing — 48 percent — is the highest that figure has ever reached.
"The poll reminded respondents that during the Depression in the 1930s, roughly one in four workers were unemployed, banks failed, and millions of Americans were homeless or unable to feed their families," says Holland.
"And even with that reminder, nearly half said that another depression was likely in the next 12 months. That's not just economic pessimism — that's economic fatalism."
Obama has admitted that the weak economic recovery worries him.
"I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen," Obama says, according to the Associated Press.
"We don't yet know whether this is a one-month episode or a longer trend."
Editor's Note: Misery Index Breaching New Highs
Under Obama’s watch, the Economic Misery Index is reaching levels not seen since Carter. Are we approaching a second Great Depression? This Video Tells All. Click Here to Watch.
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