Wednesday, June 20, 2007

GALLUP: 7 in 10 Americans Say Economy Is 'Getting Worse'

A new Gallup Poll will only reinforce those who claim that while the rich get richer most Americans don't feel they are sharing in the growth in our economy. The stock market may be climbing and the unemployment remains relatively low, but 7 in 10 Americans believe the economy is getting worse -- the most negative reading in nearly six years.
The 70% negative rating is up 10 points since April. Also, just in the past month, there has been a significant five-point drop, from 28% to 23%, in the percentage saying conditions are getting better.

"When asked about the most pressing financial problems their family faces today, Americans mention healthcare costs, lack of money or low wages, and oil and gas prices," Gallup reports. "Healthcare costs are mentioned by 16% of Americans while 13% say low wages and 11% say oil and gas prices. These percentages are virtually unchanged from last month."
Finally the middle class is waking up to the fact that they are being screwed. Corporate executive pay is more than 400 times that of the average worker and home prices have risen beyond the reach of more and more people. The savings rate is now negative for the first time since the depression and real wages have dropped since the start of the Bush Administration.

The sleeping giant called the American middle class has finally arisen.

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