Hard Working Americans Sure Do See The Economy A Lot Differently Than The “Experts” Do
Hard Working Americans Sure Do See The Economy A Lot Differently Than The “Experts” Do by Michael Snyder for The Economic Collapse Blog
Right now the entire nation is buzzing about the very first debates for Democratic presidential contenders in 2019, and much of the focus of those debates will be on the economy. A total of 20 candidates will participate in those debates, and the vast majority of them don’t have a prayer of actually winning the nomination. Of course all of them will have “plans” for “fixing” the economy, but the truth is that most of those plans really aren’t that radically different from what has been tried in the past. No matter who has been in the White House, our insatiable appetite for debt has allowed us to enjoy a tremendously bloated standard of living that was far beyond what we actually deserved. We have been consuming far more wealth than we have been producing for so long that most Americans have come to accept this state of affairs as “normal”. And under no circumstance will Americans elect any presidential candidate that would suggest that we should be willing to accept a lower standard of living and quit going into so much debt. Everyone wants to hear that we will be able to have an even higher standard of living in the future, and of course that is what a lot of our politicians eagerly tell them.
But it isn’t true.
Sadly, the reality of the matter is that we are at the very end of the greatest debt bubble in the history of the world, and the way we live is about to dramatically change no matter who we send to Washington.
As I discussed yesterday, the evidence that the U.S. economy has already entered a significant downturn continues to grow. All of the economic numbers that we have been getting lately have been bad, and yet so many of the “experts” continue to claim that the U.S. economy is in great shape.
In fact, a survey that was just released had some rather starting results. 100 percent of the “experts” that were surveyed rated the performance of the U.S. economy as either “excellent” or “good”, but average hard working Americans were a lot more evenly split…
A new survey from financial information website Bankrate.com found that everyday Americans have a less favorable view of the economy than experts do. All the experts rated the economy as being “excellent” or “good,” compared to just 59 percent of others. And 39 percent of everyday Americans said the economy was “not so good” or “poor.”
Bankrate surveyed around 1,000 people and nine economic experts for the study.
The survey also included a question about when the next recession would begin. Approximately 40 percent of average hard working Americans felt that a recession had either already begun or would begin very soon, but none of the “experts” felt that way…
Everyday Americans also said they expect a recession to hit sooner than the experts predict. A fifth of Americans polled said they believe the recession has already begun, and 21 percent said they expected it to begin within six months or a year. However, all the experts said they don’t expect a recession to begin for either one to two years or more than two years.
Perhaps we should stop calling them “experts”, because they appear to be completely and utterly clueless.
And we had better hope that the economy can hold up, because a different survey has found that 71 percent of all Americans say that they “are unprepared for another financial crisis”…