When Gallup asked people about the state of the economy this spring,
as a recovery appeared to have taken hold, the polling company found
“nearly half of Americans, 46%, still say the economy is in either a
recession or a depression.” Only 40% said they thought a recovery was
underway. By the strictest measurements of economic data, economists said the Great Recession had ended. For a very large number of Main Street Americans, that opinion means nothing.
The public dialog about the economy has gone from “how strong will
the recovery be?” to “why are we slipping back into a recession?” In a
period as short as the past three months, economists have revised rosy
forecasts that called for sharp increases in gross domestic product in
the last quarter of 2012 and the entire year 2013 to worse predictions —
some of which now project there will be no economic growth in the
United States at all over the next year. Some experts even believe that
the so-called fiscal cliff at the end of the year could cause an
economic catastrophe.
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