As people on Wall Street and Main Street hold their breath to see if a federal bailout of the nation's financial institutions will work, Americans are starting to speak — not whisper — the word "depression."So a third of the country thinks we're in a depression and expect taxes to go up. Yet they're ready to give the Democrats control of the White House, Congress and the Senate simultaneously, which likely will fulfill their prophecy.
In a sign that anxiety is growing, 33% of 1,011 adults surveyed over the weekend by USA TODAY and Gallup said the economy already is in a depression (though by economists' measures it is not). Just 12% said that 10 months ago.
"From the working people's point of view, we're losing jobs and have rising unemployment," says Charles Dooley, 64, of Audubon, N.J., who delivers newspapers for The Philadelphia Inquirer. "Yes, I think we're in a depression."
Seventy-three percent said U.S. financial troubles will get worse before they get better. They expect their taxes to go up, and many worry about affording retirement or maintaining their standard of living. Nearly half worry about their homes losing value; 20% are seriously looking at taking money out of the stock market.
Instapundit links. Thanks! Thanks also to Hot Air for the link.