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3/4 of Americans Say We Are In a Recession

cnnwire.blogs.cnn.com — In a telephone poll of over 1,000 adult Americans, 75 percent said they believe the nation is now in a recession. That figure was 79 percent in April and 74 percent in March. The sampling error for each poll was plus or minus 3 percentage points, meaning the results are statistically unchanged.

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  • Infidelcastr0, on 07/07/2008, -22/+46I see a quarter of the country is still in denial, see: Bush's approval ratings.
    • Laminar, on 07/08/2008, -4/+15I believe it is more a case of the Fed thinking "This, a recession? You ain't seen nothing yet." Scary...
    • LastVisibleDog, on 07/08/2008, -14/+20We aren't in a recession MORON! No matter how much you WISH it was true.

      Maybe we will be - maybe we won't

      100% Infidelcastr0 is an idiot when it comes to economics
      • rpgmaker, on 07/09/2008, -5/+3Exactly, it still isn't. The US sure has an economic crisis in hands but not a recession. People think they're cool for saying that this is a recession, maybe that's what they want us to think.
      • richmomz, on 07/09/2008, -1/+4If you accept the official government statistics on economic performance, unemployment and inflation then I think YOU are the moron.
    • chispito, on 07/08/2008, -3/+14I'll refrain from using the same spicy language as others here, but it's not a recession till there is negative growth. I'm sure said recession is inevitable in the coming quarters, but just because people think it's happened doesn't mean it has.
      • Fordi, on 07/09/2008, -3/+8If you adjust for inflation, growth is negative.
    • mciampa1214, on 07/08/2008, -3/+14That or only one quarter of American's know the actual definition of a recession... not just believe whatever they hear on the evening news.
    • thebaron2, on 07/08/2008, -1/+213/4ths of the population doesn't know the definition of recession - just like they don't know the definition of THEORY as used in "theory of evolution."

      A recession, by definition, is 2 consecutive quarters of negative growth. There's debate as to whether or not that definition should be refined, but as it stands right now that's the definition. I don't know why people are getting buried for this - open up an econ book and look it up.
      • cheezintern, on 07/08/2008, -0/+7Exactly, we're more or less in a slow down than a recession. Compared to '87 for example, this is nothing.
      • Fordi, on 07/09/2008, -3/+2Unfortunately, the definition is unspecific as to whether that growth is adjusted for inflation.
      • jimmies, on 07/09/2008, -2/+2WRONG: http://en.wikipedia.org/wiki/Recession

        "In the United States, the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee ultimately decides whether the economy has fallen into a recession. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales."

        Guess what? We've seen a significant decline in economic activity in numerous sectors, lasting much longer than a few months, declines in real income, we're shedding jobs left and right....and on and on.
      • HeartlandUSA, on 07/09/2008, -0/+2The GDP is a flawed measuring device that doesn't reflect economic reality for the majority of the US population, plus it also uses a rigged formula resulting in a doctored & inaccurate figure. Right wingers need to stop spreading their disinformation, its unpatriotic & shameful to say the very least.
      • HeartlandUSA, on 07/09/2008, -1/+1Fed Sees Turmoil Persisting Deep Into Next Year

        Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

        http://www.nytimes.com/2008/07/09/business/09housi ...
      • Fordi, on 07/10/2008, -1/+1@Heartland:
        I'm probably just confused, but did you just call the NBER Right-wing?
      • thebaron2, on 07/10/2008, -0/+1@jimmies

        And according to the NBER the economy came OUT of a recession in November of 2001. That has been their latest determination. Until they come out with something else we'll have to resort to using what everyone else uses - GDP. It's so commonly used, in fact, that the NBER has to specifically point out they're using a different method; the one you described.

        http://www.nber.org/cycles.html
        Scroll to the bottom for their latest release.
    • tonaros, on 07/08/2008, -3/+2They should have polled over 9,000 adult Americans. This is still a fairly small group.
      • Fordi, on 07/10/2008, -2/+1must... resist...polling...innuendo...
    • richmomz, on 07/09/2008, -1/+2But... the government says that we are not in a recession and they would never lie to us... right?

      Positive economic growth? Tell that to Starbucks which just shut down 600 stores, or General Motors who's stock price is now equivalent to what it was in 1955. 3% inflation? Then why have food prices doubled, tuition and medical care tripled and gas quadrupled in the last 10 years (in fact, the only thing that hasn't increased in price is the value of my labor).

      Never mind all that though, the government and media says everything is fine. Who are you going to believe, CNBC or your own eyes?
      • pp7k, on 07/09/2008, -0/+1While I can understand your sentiment, arguments in the following form should be unconvincing to anyone:

        You believe X? Tell that to [insert any cherry-picked anecdotal evidence here]

        Also, who are you going to believe, [some much-maligned authority] or [some folksy reference to personal experience i.e. "your own eyes", "common sense"]

        According to this logic, anyone from Detroit can tell you there's been a recession for years, which is pretty clearly not the case.
  • NCSD, on 07/07/2008, -19/+13Last time i checked, what Americans think and what is actually going on are 2 completely different things.


    Also, Bush is out of office in less than a year, you realize saying things like "f**k bush, omg i hate bush, impeach bush" isn't goinig to do jack right? Its just hot air, get over youself. I'm so sick of it, just wait it out queerbag
    • relic180, on 07/07/2008, -1/+12I was going to digg you for the first part of your post, but then the stupid ***** in your second paragraph popped up and and had to bury. "Wait it out?" "Queerbag"?!? Give me a ***** break.
    • Cuchanu, on 07/08/2008, -1/+4You are whining about people whining douchebag.
    • yomamaphat, on 07/08/2008, -1/+5Buried for queerbag... and that only.
  • Masternajee, on 07/07/2008, -16/+51Amazing how Bush gets blamed for everything when the Congress actually controls most things domestically. Of course, the liberals omit this since Congress has an approval in the low teens. And where are our two candidates from: Congress. Oops.
    • CryRightardCry, on 07/08/2008, -15/+8For what? Like, the war?
      The war Bush brough to congress and fought for?
      Let's not pretend that was the idea of Congress (well, not all of congress, just the right wing warmongers), it was a package brought in and sold by Bush.
      Our energy policy? Decided behind closed doors by Cheney and big oil.

      It's amazing how people forget this stuff and give a pass on the people who did it and instead bitch at the Dems for not stopping it.
      • kylesellers, on 07/08/2008, -2/+9What energy policy? Our energy policy for the last 30 years has been to stick our fingers in our ears and say "Lalalalala." And then, when things get tough, we go tell everyone else to increase their production, but refuse to increase our own because our land is prettier (essentially).
        It'll take 10 years to pull a drop of oil out of the tundra? That's because of all the bureaucratic red tape and environmentalists hoops that must be jumped through.
      • twomeyw23334, on 07/08/2008, -3/+7You are supposed to ignore it when environmentalists and leftist cause higher energy prices (it's actually a good thing then) and only get pissed when Bush and the right warmongers do it.
        It's especially fun to say things like "we went to war for cheap oil!!!!" followed by "bush is to blame for our high prices damnit!!!!"
        Get with the digg program kylesllers.
      • Naieve, on 07/08/2008, -0/+6You mean the War Congress approved, even though high ranking Democrats had all the information Bush did?

        Both sides of the aisle made a mistake thinking we had the will to win a protracted conflict.

        Only one side turned around and used it for political profit.

        FYI, I'm voting for Obama, because of his track record in Illinois and the Senate.

        Oh and our energy policy is decided by Cheney and big oil?

        Cheney wasn't even in office when our energy policy was decided.

        I'm done writing, this is pointless.
      • philipl411, on 07/09/2008, -0/+2What big oil are you talking about? list the names
    • psiege, on 07/08/2008, -1/+18Actually, a new poll today showed Congress' approval at around 9%!
      • HeartlandUSA, on 07/09/2008, -1/+1Congress is still controlled by Republicans. You see even if the Dems in Congress pass a bill, Bush can veto it, then it goes back to Congress & they can only overturn the veto if the Republicans vote for it. Don't blame the problems that we have that were created by the Republicans on the Dems, because the Dems are powerless. But, if they get enough seats in Nov &/or the Executive Branch too, then things can happen to roll back some of this extreme right wing legislation. If they have the power & don't do that, then you can blame them to your heart's content.
    • petaganayr, on 07/08/2008, -1/+0That's true...I think. The Congress can make some decissions and help the economy. I am no economist, so I might be wrong. I just read it from WSJonline:-)
    • richmomz, on 07/09/2008, -0/+1Congress is clueless, and so is Bush. The blame lies on the shoulders of the informed financial elite of our country- the Secretary of the Treasury, the Federal Reserve, and the big private financial institutions such as JP Morgan Chase and Goldman Sachs. They knew what was going on but did not act in time to stop what is becoming a runaway economic freight-train.

      The three main branches of government on the other hand are comprised mostly of former lawyers that don't know how to balance their own checkbook, let alone the national debt.
      • eryximachus, on 07/09/2008, -1/+1I don't believe for a minute Congress or Bush are clueless.

        The problems with the national economy go back decades - almost a century. The negative effects of the international banking system, which was the major cause of the Great Depression and WWII, still persist to this day. The negative effects of this system were ameliorated by the worldwide destruction of WWII which allowed the United States to be the pre-eminent banking and industrial superpower for a few decades. The GI generation, aka the most selfish generation in history, was hoodwinked into supporting the system primarily out of greed. Their babyboomer children took it to the next level.

        Today, the elder generation is thoroughly dependent upon the system, whether they are dependent upon the state or their retirement savings.

        Congress nor the President can affect significant change because these two generations will scream wildly.

        With the advent of resource scarcity on a vast scale, and the decline in living standards of the younger generations, the system is doomed for failure. It could be prevented, but it won't be.
  • jbenson2, on 07/07/2008, -13/+38What do you expect. It is a CNN poll.

    Based on CNN's biased agenda, I am surprised it is only 75%.
    • rationalbeats, on 07/08/2008, -12/+4Old man you are a disgrace to your generation.
    • publiclurker, on 07/08/2008, -8/+6Yes, reality does have a liberal bias.
      • chispito, on 07/08/2008, -0/+7If anything it's a poll of how ignorant people are of economics. "Recession" is objective and doesn't depend on opinion.
      • KOSmurfy, on 07/09/2008, -0/+2Being in a recession and confirming that we are in a recession objectively are very different things which can occur months apart. Maybe you should retake macroeconomics.
    • falstaff, on 07/09/2008, -1/+2And has been 75% for months, so what's the story here?
      Breaking! Nothing's changed since March! Stay tuned for updates as they occur!
      Wow news organizations suck nuts these days.
  • dupswapdrop, on 07/07/2008, -15/+3Who you going to blame? Bill, Hillary?
    Eight years of Bush did this you can't pin it on anyone else!
  • Bellyache5, on 07/07/2008, -9/+92In other news: 98% of Americans don't know what a recession is. And neither do 100% of CNN.com editors.

    A recession is a specific economic scenario defined as two consecutive quarters of negative economic growth, generally measured by Gross Domestic Product (GDP). Last quarter, U.S. GDP grew by 1%. The quarter before that, GDP grew by 0.6%. The U.S. hasn't even had ONE quarter of negative economic growth, much less two quarters. That's not to say that the economy is great, or that positive GDP growth will continue in the future. But the numbers don't support the current claim of recession.

    Of course, the reason that 75% of Americans "think the economy is in a recession" (from TFA) is because 100% of the news media is bombarding Americans with doom and gloom economic scenarios. When the average American sees every single news broadcast warning him about how the U.S. is on the brink of the next Great Depression, he's naturally going to be pessimistic.

    As usual, blame the "news" media.
    • WalkerTXclocker, on 07/08/2008, -12/+15From Wikipedia:
      However, there are differing definitions: In the United States, the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee ultimately decides whether the economy has fallen into a recession. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales."
      • NCSD, on 07/08/2008, -2/+14"Wikipedia"

        that is all.
      • dnnr, on 07/08/2008, -0/+4Yeah, that's not subjective *SARCASM*

        Let's just stick with the real definition instead of pandering to the NBER, whoever the hell they are.
    • Cuchanu, on 07/08/2008, -2/+11You are absolutely right about Americans thinking we are in a recession because the media bombards us with talk about the "recession." But on the same hand there are people like me who can see it affecting our paychecks either way. Businesses are afraid to spend money, whether or not that fear is justified it's there.
    • UtilityPole, on 07/08/2008, -0/+10Seriously. I really do wonder how many of those polled were even asked if they could define "recession". I'd be very surprised if 10% of the U.S. population even knew what one was.

      Most Americans probably think a recession's defined by high gas prices.
    • Snarfy, on 07/08/2008, -3/+4"Last quarter, U.S. GDP grew by 1%. The quarter before that, GDP grew by 0.6%."

      Are you sure those numbers aren't cooked?
      • tweedius, on 07/08/2008, -0/+5Those numbers are correct.
        http://www.bea.gov/

        Why do people like to believe whatever they want and never check things out for themselves?
      • Lowrads, on 07/08/2008, -0/+4Easy way to check. Just examine the adjustment in the PPI from year to year.
      • richmomz, on 07/09/2008, -0/+3Of course. The government would never mislead the public.
    • EvansHall, on 07/08/2008, -1/+16@Bellyache5

      "Two consecutive quarters of negative economic growth"

      Yup, this is what they teach you in undergraduate economics and what most people use as a definition for a recession. The problem is, how do we measure economic growth? We used to use GNP, until 1991, when rising U.S. international debt costs made the narrower GDP assessment more palatable. The GDP has been subject to many further fiddles, the most manipulatable of which are the adjustments made for the presumed starting up and ending of businesses (the "birth/death of businesses" equation) and the amounts that the Bureau of Economic Analysis "imputes" to nationwide personal income data (known as phantom income boosters, or imputations; for example, the imputed income from living in one's own home, or the benefit one receives from a free checking account, or the value of employer-paid health- and life-insurance premiums).

      During 2007, imputed income accounted for some 15 percent of GDP. John Williams, the economic statistician, is briskly contemptuous of GDP numbers over the past quarter century. "Upward growth biases built into GDP modeling since the early 1980s have rendered this important series nearly worthless," he wrote in 2004. "(T)he recessions of 1990/1991 and 2001 were much longer and deeper than currently reported (and) lesser downturns in 1986 and 1995 were missed completely."

      More info here for the curious: http://www.shadowstats.com/article/57
      • tweedius, on 07/08/2008, -3/+4You're seriously going to reference "shadowstats.com" and expect to be taken seriously?
      • KazamaSmokers, on 07/08/2008, -1/+1OH! Bellyache - you just got knocked da f--k OUT!
      • EvansHall, on 07/09/2008, -1/+2@tweedius

        LOL. People like you crack me up. You have nothing to offer in a discussion but skepticism. This is your rubric:

        Person A: I believe in X.
        Person B: zOMG! Do you *seriously* believe in X?

        Now run along and let us engage in real discussion. Unless you have something besides meaningless scoffing to add.
    • sodade, on 07/08/2008, -3/+4I think that what (the majority of) people would say when asked to define "recession" is that is means a consistent receding of the value of their dollar. IMO, this is a much more important economic statistic than fuzzy and manipulatable crap like GDP that fail to take account the long term cost implications of some of the things that go in.
      • UtilityPole, on 07/08/2008, -0/+4I think you're giving the average joe a bit too much credit, there. Let's be honest- issues like currency valuation and GDP dips-and-rises usually takes a backseat to the latest reality TV show and that crazy thing Britney did last week.

        If anything, they'd probably define a recession as "higher gas prices", or something equally stupid.
    • sensical, on 07/08/2008, -1/+5Trying to sum up the entire country's economy with a single figure is way too simpleminded. If the top 5% who account for 83% of GDP experience 5% growth, which makes 4.15% of the GDP, and the 95% who account for the other 17% experience a 10% decline, which is 1.7% of the GDP, then economic growth would be 2.45%, but pretty much everyone would be experiencing economic recession.
      • RationalXubrnce, on 07/09/2008, -0/+3 This is the key point that everyone seems to miss.
    • chaserm, on 07/09/2008, -7/+1you dumb *****! we are in a recession! If the reported GDP accurately the numbers would not show 0.6% growth you dumb *****!
    • HeartlandUSA, on 07/09/2008, -1/+2The GDP is a flawed measuring device that doesn't reflect economic reality for the majority of the US population, plus it also uses a rigged formula resulting in a doctored & inaccurate figure. Right wingers need to stop spreading their disinformation, its unpatriotic & shameful to say the very least.
    • HeartlandUSA, on 07/09/2008, -1/+1Fed Sees Turmoil Persisting Deep Into Next Year

      Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

      http://www.nytimes.com/2008/07/09/business/09housi ...

  • NCSD, on 07/08/2008, -3/+4seriously, everyone rants and raves but does it actually do anything? All it does is annoy the crap out of other people. I don't personally think he's the best president but I don't go out of my way to do pointless ***** that won't do anything. People have been bitching for 8 years and guess what?? He's still in office. If you ask me its kinda funny because all these people are wasting so much time for something so pointless. That one lady that bought the ranch next to his in Texas devoted her life to getting him impeached. I guess she wasted her life, cause its not working. Do you see my point yet?
  • wynja, on 07/08/2008, -11/+2We've proven it time and again on this site. 25% of Americans are retarded and should be forced to wear their helmets at all times.
    • BlackJackJester, on 07/08/2008, -2/+6sounds more like 75% of Americans blindly believe everything they read and hear, while ignoring the fact inflation is still only at 4%, the GDP is growing, the weaker dollar is a boon to foreign investors and American exports, and the entire tech sector is wholly unaffected.
      • mciampa1214, on 07/08/2008, -1/+1I agree with what you're saying, but a weaker dollar is only good to foreign investors if it continues to get weaker.
      • wynja, on 07/09/2008, -0/+1right inflation is at 4%. that's why gas prices are up 100% from last year and food commodities are also up 100%. cause they have nothing to do with inflation.

        also the GDP is flat lined. actually, it was negative until the military decided to add .6% more spending to make the GDP look like it wasn't in retreat.
    • chispito, on 07/08/2008, -1/+0"We've proven it time and again on this site"

      Yes, your Internet comments have been a force of enlightenment, with change to follow.
      • wynja, on 07/09/2008, -0/+1Well, I wouldn't expect to enlighten a Republicronny stooge. Oh BTW, you better drink some more of your Fox News koolaid before you read any further. You wouldn't want reality to start setting in.
  • kylesellers, on 07/08/2008, -2/+33It doesn't matter whether 1% or 100% of people SAY we are in a recession, there is a criteria for whether or not we are in a recession. That criteria is 2 quarters of negative economic growth. We have not met that criteria.
    I find in frustrating that rather that this is even a CNN news story. POLLS SHOULD NOT BE NEWS. News should report facts, NOT feelings.
    A better spin--it this is true, I'm not arguing one way or another, I am arguing that this is shoddy journalism--would be "Current trends show the USA will be in recession in XX months," or "Economic growth slowing, but not yet to the point of recession."
    • brad3378, on 07/08/2008, -1/+3Summary - It's an election year and the media has to decide who wins.
    • KazamaSmokers, on 07/08/2008, -1/+1A lot of individual states HAVE met that criteria.
      • nmessick, on 07/09/2008, -0/+0alright.. then let the headlines say that xyz state is in a recession. His point was valid, that story has no point but to swing the election.
    • KMye, on 07/09/2008, -0/+1We saw this in '92, and the exact reverse of it in the lead-up to the 2000 election. Some things don't change...
    • JayhawkBrandon, on 07/09/2008, -0/+1Kyle,

      The *official* criteria is not 2 quarters of negative GDP growth. Check NBER.
      http://blogs.wsj.com/economics/2008/01/23/is-reces ...
    • HeartlandUSA, on 07/09/2008, -0/+1The GDP is a flawed measuring device that doesn't reflect economic reality for the majority of the US population, plus it also uses a rigged formula resulting in a doctored & inaccurate figure. Right wingers need to stop spreading their disinformation, its unpatriotic & shameful to say the very least.
    • HeartlandUSA, on 07/09/2008, -0/+1Fed Sees Turmoil Persisting Deep Into Next Year

      Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

      http://www.nytimes.com/2008/07/09/business/09housi ...
  • cadmiumpaint, on 07/08/2008, -14/+2We are in a recession. That is a fact. The only real question is how bad will it be and how long it will last.
  • TGMD, on 07/08/2008, -5/+20Who gives a ***** what the people say?

    Economics doesn't work that way. The IMF says we're in a recession, not the people.

    You can't vote on the sex of a rabbit.
    • blackjack75, on 07/08/2008, -2/+4Yes you can. Provided you have a very small pen to check the name.
    • carpespasm, on 07/09/2008, -1/+1It sorta works that way. If everyone thinks that we're in a recession, they already feel many factors that are linked to one, and are thus much more likely to not go spend money that they don't have to then it can create a positive feedback loop that'll land us in one even if we weren't already headed that way. I agree with your sentiment. This isn't worth putting up as news.
    • HeartlandUSA, on 07/09/2008, -0/+1Fed Sees Turmoil Persisting Deep Into Next Year

      Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

      http://www.nytimes.com/2008/07/09/business/09housi ...
  • digitallysick, on 07/08/2008, -2/+12Gas prices go up, which causes everything else to go up around you, except your pay check. Thats why americans haven't bought as much compared to a year ago
    • psiege, on 07/08/2008, -2/+4No drill, no nuclear, no refineries...shall I go on? This is why Congress' recent approval rating is hovering around 9%.
      • HeartlandUSA, on 07/09/2008, -0/+1Congress is still controlled by Republicans. You see even if the Dems in Congress pass a bill, Bush can veto it, then it goes back to Congress & they can only overturn the veto if the Republicans vote for it. Don't blame the problems that we have that were created by the Republicans on the Dems, because the Dems are powerless. But, if they get enough seats in Nov &/or the Executive Branch too, then things can happen to roll back some of this extreme right wing legislation. If they have the power & don't do that, then you can blame them to your heart's content.
  • yomamaphat, on 07/08/2008, -7/+1Baaaahhh... what do they know..... Americans.....
  • seantubridy, on 07/08/2008, -1/+11I don't want to know what thousands of stupid people think. I just want to hear what the few smart people know.
  • ericjohnson0, on 07/08/2008, -3/+8Blah...

    Two sliding sectors do not a recession make- Anatole Kaletsky
    http://www.timesonline.co.uk/tol/comment/columnist ...

    Leftwing Economic Fearmongering? Epic Fail. US NOT in Recession
    http://thesaloon.net/blog/_archives/2008/5/29/3718 ...
    • richmomz, on 07/09/2008, -1/+1"US NOT in Recession"

      Tell that to Starbucks and General Motors.
  • WilliamDavis, on 07/08/2008, -10/+1Why ask americans anything? Seriously, what do they know about besides war profiteering?
  • mogebier, on 07/08/2008, -3/+11If we were really in a recession, we would all be *****. And not in a good way. In the bad way. This is more of a "correction" than a recession. People are still buying things. There is not runaway inflation. We aren't all worried about our jobs being lost.
    This isn't a recession, as recessions go.
  • Miraa, on 07/08/2008, -7/+153/4 of Americans are wrong. Probably the same 3/4 that are going to vote for Obama.
  • LastVisibleDog, on 07/08/2008, -2/+9Recessions are not determined by polls.

    So far we are not in a recession (that does not mean things are hunky dory)
  • wzpgsr, on 07/08/2008, -2/+63/4 of Americans think a recession is what happens after you can't see your own belly button anymore.
  • katorga, on 07/08/2008, -1/+2As far as I know we have not had consecutive quarters of negative growth, even with the revised numbers. So no recession. Since most Americans cannot tell if they afford their loan payment, how could they even know what a recession is. It is all media hype at the moment.
    • JayhawkBrandon, on 07/09/2008, -0/+1Neither do you?

      "The United States has its own method of assessing recession, with the National Bureau of Economic Research's business cycle-dating committee making a judgment.

      The NBER defines recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales". It has not given a definitive ruling on whether the United States is technically in recession now, but analysts believe that it will give its verdict soon."
  • KevinRWright, on 07/08/2008, -2/+43/4 of Americans can't even define recession, so why bother polling? Now if they polled a bunch of economists we'd be baking babies, but they didn't and I still want to eat a ***** baby.
  • AWBoy666, on 07/08/2008, -2/+3And about 90% of Americans know nothing about financial policy.

    Not saying we aren't in a recession; just saying that a "poll" cannot determine stuff like this. Buried as being stupid.
  • cadmiumpaint, on 07/08/2008, -2/+1if i'm the idiot how come every single thing you post on digg gets buried? the only idiot around here is you.
  • ravenpen, on 07/08/2008, -0/+5I think the reason so many people think we're in a recession is because of their personal situation.

    If you're doing well and have extra cash for luxuries then I'm sure the economy seems great to you. If you're struggling to make ends meet and being asked to do more and more work for the same, or marginally increased, pay year after year then I'm sure the econonmy feels like it's in a downward slump. Unfortunately more and more people, myself included, find ourselves in the latter category.

    It's all about perception.
  • AWBoy666, on 07/08/2008, -4/+5Yay! We knocked this off the front page! :D

    Nice work intelligent Diggers!
  • Virgule, on 07/08/2008, -4/+1Who said one quarter of americans are retarded already?
    ^_^
  • DrThunder, on 07/08/2008, -4/+2In other news 1/4 of Americans are either retarded or filthy rich.
  • speel, on 07/08/2008, -1/+2Just take a look at the stock market right now, look at GM .. their shares are falling at a sky rocket rate , along with that they're going to let go of a few thousand people, now imagine the impact of a few thousand people NOT working.
    • itchie, on 07/08/2008, -0/+1The Labor Department says the U.S. economy lost 62,000 jobs in June. Although the nation's unemployment rate has remained steady, the employment report released Thursday represents the sixth consecutive month of job losses - or nearly half a million fewer jobs in the first half of 2008.

      Well since everyone here feels confident since it doesn't fit the textbook definition of a recession, I say we are already there.
    • nmessick, on 07/09/2008, -0/+0While Toyota keeps adding jobs and opening factories... thats got more to do with GM being poorly managed and with the labor unions running their own employer into the ground.
  • VinnieDaMac, on 07/08/2008, -3/+5In other news, 3/4 of Americans have never taken an Economics course.
  • Midtowner, on 07/08/2008, -2/+43/4 of Americans don't even know what a recession is. We'd have to have negative growth to have a recession. That hasn't actually been recorded. While growth has been slow and the dollar has been weak, that's not how recessions are measured. Public opinion is also irrelevant. This article is also irrelevant.
    • JayhawkBrandon, on 07/09/2008, -0/+1"The United States has its own method of assessing recession, with the National Bureau of Economic Research's business cycle-dating committee making a judgment.

      The NBER defines recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales". It has not given a definitive ruling on whether the United States is technically in recession now, but analysts believe that it will give its verdict soon."
    • HeartlandUSA, on 07/09/2008, -0/+1Fed Sees Turmoil Persisting Deep Into Next Year

      Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

      http://www.nytimes.com/2008/07/09/business/09housi ...
  • akphidelt, on 07/08/2008, -1/+2Well knowing that less then 5% of the country has taken an economics course, what they see is incredibly high gas prices. They see business after business losing billions of dollars after a credit crisis, their homes are dropping, the price of food and other goods are increasing. Maybe they might not understand economic terms but to 75% of people in this country most likely they are seeing their lives affected by our current economic state. So recession or not, it's not going good.
  • NelsonR, on 07/08/2008, -5/+0It's so funny while being sad.
    Why the 25 percent always?
    25 Percent still adore Bush and most know how abysmal that opinion is.
    25 Percent favor the Reich Iraq war caused by America. Another abysmal fact.
    Don't most of you wish that 25 Percent would move offshore and put a blight to another nation.
  • LD1o1, on 07/08/2008, -1/+4Even if this is fueled by the media, and we technically aren’t in a recession, perception is reality.

    One of the biggest problems with Bush & co. is their inability to effectively communicate to those whom he/they represent. The president has the ability and channels to get a message out, but fails to on many topics. Even if he does care about issues which affects “We the people”, he doesn’t seem to show it. He rarely shows humility, so he doesn’t get it.

    So… 75% of the people have the perception we are in a recession may be technically wrong. To those of you who have the prowess to understand that we aren’t actually in recession, is it really a surprise that so many do? Maybe the spirit of ignoring the facts is growing strong.
    • tony23, on 07/09/2008, -0/+1"One of the biggest problems with Bush & co. is their inability to effectively communicate to those whom he/they represent"

      The Great Communicator, he most definitely is not.
    • HeartlandUSA, on 07/09/2008, -0/+1Fed Sees Turmoil Persisting Deep Into Next Year

      Ben S. Bernanke, the chairman of the Federal Reserve, outlined a series of steps the Fed is considering taking in the coming months to stem the crisis in the housing and financial markets.

      http://www.nytimes.com/2008/07/09/business/09housi ...
    • deadi, on 07/09/2008, -0/+0I think the facts are not facts anymore, they are opinions that use facts to skew a viewpoint until it somehow makes sense to those who do not spend hours and hours researching the issue. Its called "manipulation". Who in the world really knows what is going on for sure anymore? Not to many with all the sensationalist news being spewed.
  • Hangly, on 07/08/2008, -1/+6It doesn't matter if CNN says there is a recession, and it doesn't matter if a bunch of blowhards on Digg say there isn't. The economy is what it is, and labels don't make a damn bit of difference.

    Call the economy a chocolate eclair if you want. The dollar is still dropping like a stone, the debt is still growing beyond all bounds and the price of oil is still skyrocketing.

    Bretton Woods II started to break down two years ago when China allowed the Yuan to float. If you know anything about what has been keeping the American economy stable for the past 70 years, you know that's not a good thing.

    http://en.wikipedia.org/wiki/Bretton_Woods_system

    "Bretton Woods II", unlike its predecessor, is not codified and does not represent any kind of a multilateral agreement. It contains the following key elements:

    * The United States imports considerable amounts of goods, particularly from East Asian export-oriented economies such as China, Japan and various other Southeast-Asian countries.
    * Since China and Japan don't have much demand for U.S.-produced goods, United States runs large trade deficits with both countries.
    * Under normal circumstances, trade deficits would correct themselves through depreciation of the dollar and appreciation of the yen and the renminbi. However, Chinese and Japanese governments are interested in keeping their currencies low with respect to the dollar to keep their products competitive. To achieve that, they are forced to buy large quantities of U.S. treasury securities with freshly-printed money.

  • juliandunbar11, on 07/08/2008, -0/+1OBVIOUSLY!
  • evilbob333, on 07/08/2008, -0/+5In other news 3 out of 4 Americans don't know what a recession is (two consecutive quarters of negative growth).
    • JayhawkBrandon, on 07/09/2008, -0/+1Thanks,

      "The United States has its own method of assessing recession, with the National Bureau of Economic Research's business cycle-dating committee making a judgment.

      The NBER defines recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales". It has not given a definitive ruling on whether the United States is technically in recession now, but analysts believe that it will give its verdict soon."
  • restlessmouse, on 07/08/2008, -0/+3There are lies, damn lies, and statistics. Below that, survey results.

    I suspect most of those people think a recession is defined as "A time when I had to deny myself something due to concerns about possible future financial hardship".

    Either the economy is contracting or it isn't. If the rough measurements used to determine this are inconclusive, we can say the economy is "stagnant".

    If it was simply a matter of personal circumstances, people who are losing jobs and homes should call it a "depression". Personally I have had to deny myself a quality metal detector and have to keep using my crappy Radio Shack detector I bought at a pawn shop. Damn recession.

  • cadmiumpaint, on 07/08/2008, -0/+2Even if we're not in a technical recession as defined by some economics textbook, it has felt like a recession to the average working person for quite a while now.

    When your average monthly gas bill and your rent/mortgage become equal there is a problem. Costs of living are skyrocketing while salaries are not keeping up. food and utilities go up. Layoffs across the board....Housing prices are plummeting. The value of the dollar is dropping. etc. etc. There is hardly an industry that isn't feeling the effects of whats going on right now.

    textbooks don't account for what people experience on a daily basis. if it looks like a duck and quacks like a duck...
    • pogfreak, on 07/08/2008, -2/+2Feelings > Facts, right?
      • cadmiumpaint, on 07/09/2008, -1/+1maybe the definition is antiquated and out of touch with reality.
  • BESTenemy, on 07/08/2008, -0/+2 Didn't you people get the memo? It's not called depression or recession. It's "stag-fla-ti-on"!

    It's just a destruction of credit, inflation in food and energy, decrease in non-farm payrolls, evaporation of savings, loss of jobs, rising foreclosures, explosion in M3 monetary supply, inadequacy of CPI statistics, war deficit, loose fiscal policy, FED's monitazation of debt, service sector bankruptcy, sub-prime meltdown, derivative implosion and yada yada yada. It's all the good stuff!
  • TsuruchiBrian, on 07/08/2008, -0/+2Thats amazing when you consider 3/4th's of Americans just repeat "information" they are given by the news.

    When will we stop asking or caring about what people think about topics on which they are totally unqualified to answer.

    WE, THE PEOPLE, ARE NOT SMART!

    We may as well start taking polls on whether people think the hypothesis of Dark Matter or the hypothesis of Modified Newtonian Dynamics is more likely to be true.

    If we were smart we would not tolerate politicians robbing us blind of our wealth and freedoms.
  • tuntcickle, on 07/08/2008, -0/+2Blah, blah,blah, if a general sampling of the highly ignorant population indicates anything about economic conditions, think what a general sampling could tell us about the probability of Brangelina existing a year from now.
  • Skooma714, on 07/08/2008, -1/+3Recessions aren't done by popular vote.

    Though lack of consumer confidence certainly isn't helping things.
  • janielou, on 07/08/2008, -0/+114000 factories outsourced to the Third World, illegal immigrants flooding the country driving wages even lower. One could believe that the American middle classes only purpose is to create Third World Consumer Markets so Multinational Corporations will have a place to sell their products. Of course we are in a recession.
  • wootmacs, on 07/08/2008, -4/+13/4 of Americans couldn't find Recession in the dictionary.
  • crackberri, on 07/09/2008, -2/+0and Demotards just figured this out?
  • cufford, on 07/09/2008, -1/+2The poll is pretty meaningless, but what's going on in our economy is not. Tip of the iceberg. After 15+ years of NAFTA, et al, and millions of the better paying blue collar jobs in this country now gone (which used to support millions more decent middle class jobs), we're only now just beginning to see the consequences of not enough good paying jobs in this country. Record foreclosures and record debt defaults, skyrocketing inflation. The rich have gotten richer, while the rest of us are headed for poverty. Our government sold us down the river to big business and the wealthiest among us. The chickens are only just beginning to come home to roost. We ain't seen noth'n yet!
  • troth, on 07/09/2008, -0/+1***** You Frank!
  • bobbarkerbilly, on 07/09/2008, -1/+3I wish everyone would stop the semantics game. Call it whatever you want or give it whatever definition you want, but the facts aren't going away. Food and energy prices are still increasing at a much faster rate than wages. My paycheck buys considerably less than it did a year ago and I've had to make some major cuts on buying.
    • earlycj5, on 07/09/2008, -0/+3Ok, so I don't think anyone said the economy was all peaches and cream. But that doesn't change the fact that it's not a recession. That's the issue being flaunted in this article by CNN, incorrectly, not whether the economy is poor. It's not semantics, it's just incorrect.
    • superkendall, on 07/09/2008, -3/+1Having to adjust for shifting costs is not nessicarily a recession. It just changes buying patterns. Are people buying smaller cars because of a recession or because they simply want to allocate less funds for gas?
  • Br3ach, on 07/09/2008, -0/+2Anyone who buys gas or food lately would agree Id think.

    Granted, polls are very close to complete BS if you look at the number polled and what demographic areas they are in. 1000 is pretty far away from the some 200 Million Americans here
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