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CNN Survey: More Americans Think Economic Conditions Are Worsening

By    |   Friday, 10 Aug 2012 10:20 AM

The proportion of Americans who think economic conditions are getting worse is increasing, a new CNN/ORC International poll shows.

Thirty-six percent of the 1,010 adults surveyed were optimistic about the country's direction, a drop of 7 percentage points from April, while 63 percent were pessimistic, an increase of 6 percentage points.

The portion of those who believe the economy is starting to recover dropped from 24 percent to 19 percent, and those who think the economy is still getting worse increased from 33 percent to 39 percent.

Editor's Note: See the Disturbing Charts: 50% Unemployment, 90% Stock Market Crash, 100% Inflation

"That all seems bad news for President Barack Obama's re-election chances, but only if Mitt Romney can capitalize on it," says CNN Polling Director Keating Holland, according to CNN.

If the election were held today, 52 percent of the 911 registered voters surveyed would vote for Obama and 45 percent would vote for Mitt Romney, the survey shows. Half of all the people surveyed approve of how Obama is handling his job, and 47 percent disapprove.

Discover Financial Services' U.S. Spending Monitor, which tracks economic confidence and spending intentions, also reveals that Americans are more pessimistic about the economy. Consumers who expect the economy to get worse increased 4 percentage points to 53 percent between June and July. It was the first time this year that more than half of respondents felt that way.

The proportion of men who believe the economy is getting worse increased 9 percentage points to 57 percent, while the percentage of women feeling that way remained unchanged at 50 percent.

Lower-income Americans were the most pessimistic. Nearly 59 percent of adults making less than $40,000 expect the economy to get worse, an increase of 10 percentage points from June. By comparison, 44 percent of adults making over $75,000 expect the economy to get worse, up one percentage point. For those making between $40,000 and $75,000, 55 percent, a 2 percentage point increase, think it will get worse.

Although 28 percent of the 8,200 people surveyed plan to spend more next month — a 2 percentage point increase — the increase is mostly due to more spending on non-discretionary items such as gas, not a desire to spend more.

Editor's Note: See the Disturbing Charts: 50% Unemployment, 90% Stock Market Crash, 100% Inflation

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Friday, 10 Aug 2012 10:20 AM
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