Talk that the economy is on the road to recovery is growing louder. On Monday, for instance, MarketWatch reported that “economists say the recession is over.”
Of course, Wall Street has been quick to jump on the bandwagon. A recent Bloomberg survey of U.S. users, many of whom work in the financial industry, found that optimists on the economy nearly equaled pessimists for the first time since its Professional Confidence Index was introduced in November 2007.
Yet ordinary Americans aren’t buying it. In fact, a new CNN/Opinion Research Corporation poll reveals that 87% of those surveyed say the country remains in recession, a 13 percentage point jump from June’s tally.
Given how much closer-to-the-mark the average Joes have been during the past few years when it comes to reading the economic tea leaves , especially in comparison to those who are supposedly in the know, it makes sense to bet on the amateurs.
Americans Think Nation Still Mired in Recession, CNN Poll Finds
CNN.com, September 3, 2009
All Bad Things Must End – Economists Say Recession Is Over
MarketWatch, September 1, 2009
Global Confidence Increases on Signs Recession Is Nearing End
Bloomberg, August 13, 2009