New Hurdle For Obama: Voters Are Growing Pessimistic About The Economy
Posted Dec 23, 2008 at 9:10 AM by Maurice Berger
In a new hurdle for the incoming Obama administration, voters are growing increasingly pessimistic about their personal finances. According to a new Gallup survey, About 40% of Americans on average are "currently worrying about money, sustaining a slight but significant increase in worry compared to readings before September of this year . . . Americans' self-reports that they worried about money began 2008 near 30% on average, and then rose to an average of about 35% through the end of the summer. Then, as was the case for other consumer economic measures Gallup tracks, financial worry begin to rise in mid- to late September, coincident with the highly publicized credit crisis. The average worry level peaked at about 45% in early October, and has fallen back slightly since, generally remaining above the 40% level. The notable exception was a drop in financial worry around the Thanksgiving holiday . . . The large sample sizes involved in this tracking -- about 3,500 interviews per seven-day rolling average -- underscore the conclusion that while the increase in worry is not large on an absolute basis, it is significant and meaningful." PollTrack notes that such negative sentiment can actually contribute to an economic downturn, functioning as a kind of self-fulfilling prophecy in which consumers--fearful of their personal economic future--begin to radically alter their spending habits.
