I know that the narrative on Wall Street, and some places in Washington, is that the recession is over, but Main Street feels otherwise.
More than 7 out of 10 in the U.S. say the economy is mired in recession, and the country is conflicted over how to balance concerns over joblessness and the federal budget deficit, according to a Bloomberg National Poll.
The interesting thing about this story is how it is reported. For instance:
Just like the experts, Americans are torn about whether the federal government should focus on curbing spending or creating jobs, the poll conducted July 9-12 shows. Seven of 10 Americans say reducing unemployment is the priority.
70% to 28% isn't "torn". That's a clear and overwhelming majority. You don't find a more clear mandate in a democracy.
Another poll that came out today shows similar pessimism from the public.
Three in four Americans now say the effects of the recession will last another two years or more. More than eight in 10 say the condition of the economy is bad, up five points from last month...
Just 27 percent of Americans say their local job market is good. Seventy-one percent call it bad. Nearly one in four expect their household finances to get worse over the next year, twice the percentage that expects their finances to improve.
I don't know how the experts expect the consumer economy to bounce back when we are seeing these sorts of numbers.