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RightNation.US: 76% Believe We're Still in a Recession - RightNation.US

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This can't be good for Obama:

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Seventy six percent of respondents said that the economy is “still in recession” while just 21 percent said the recession is over, according to the Post-ABC poll. While 85 percent of Republicans feel the economy is still in recession so do 68 percent of Democrats and 77 percent of independents.

Seventy nine percent of people with a household income under $50,000 say the economy is still in a recession, the same number of people who make between $50,000 and $100,000 who believe it is. Seventy six percent of men say the economy is in recession while 75 percent of women say the same.

What the consistency of those numbers suggest is that the belief that the economy remains caught in recession are neither unique to people of a certain partisan bent or those of a particular demographic group. And that’s a problem for President Obama.


Of course this means that the American people are just stupid and don't know what the technical definition of recession is. Or, could it be that the most persistent high unemployment since the Great Depression has regular people thinking a lot more clearly than those who report on the economy?

I think this is huge because the media is 100% in the tank for Obama and reports every bit of economic news as if it's reason to celebrate. Well, until last week. I woke up one morning and the New York Times actually reported the lower than expected job numbers as if they were bad. They didn't even lead off with the "fact" that the unemployment rate had ticked down slightly.

Could it be that the media might just be turning on Obama?

When the economy was much better than it is today, the media was in constant muckraking mode, trying to find any negative it could to tarnish the record of Reagan, H.W. Bush or W. Bush. So, there were usually higher levels of pessimism than the numbers warranted. So, I think the combination of that tendency to see the economy as worse than it is and the fact the the economy is in fact pretty terrible is responsible for that high a number.

Mitt, you have a giant club with which to pummel Obama. Let's see if you can swing it.

My Mind is Clean
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5 Comments On This Entry

Three ways to look at it:

Based on nominal GDP value, the recession ended 3Q 2009.

Based on 'real' GDP, meaning adjusted for inflation, the recession lasted well into 2011.

But the really bad news? Adjust GDP not for inflation but dollar devaluation and... aw, man, let's not even go there, it's too depressing.

Basically, we've inflated/devalued our way out of the recession... on paper, anyway.

US GDP, $Billions, constant 2005 dollars:

2007 - 13,206
2008 - 13,161
2009 - 12,703
2010 - 12,615
2011 - 13,153 (better than 2010 but still not quite 2007)
2012 - 13,351 (projected)

Devaluation is something that both Santorum and Bachmann touched on early in their campaigns. They should have kept hammering it.
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Anybody who grocery shops and believes we are not in a recession, is a fool.
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Quote

76% Believe We're Still in a Recession


In related news, 24% are blind fools.
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In the "when your uncle's out of a job," recession/depression theory as explained by Joe Biden. . .my son has been looking for a job since December. So in our house, we're definitely NOT in a recession, but in a depression.
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I don't care what the numbers say, until I get some steady employment, I believe we're still in a recession. :2cents:
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