Economic Fears That Won’t Go Away

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By Douglas A. McIntyre Updated Published

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Some economists look at American attitudes toward spending, stagnant wages, and high fuel prices and conclude that the recession has not ended–at least for the average citizen. A new Gallup poll shows that they are not far wrong.

“Nearly three in four Americans (71%) say they worry about the economy `a great deal,’ more than worry about 13 other issues,” the survey shows. Worries about the deficit are in second place but fairly far behind. Americans are more worried about their present than their future.

The data offers support for the theory that Americans are willing to put off the difficult cuts that need to be made to balance the budget. They are also likely to want to defer the question of entitlements. Too many people see Social Security and Medicare as a right. The ongoing deficit will be a by-product of that. Better to leave the gap to another day. That makes  many people an enemy of reform.

Unease about rising prices of commodities, inflation and high unemployment mean that Americans may focus on the economy for  several years. That is likely to mean that the problems of the deficit will be pushed off the table and will continue to grow. The widely held belief that Americans are willing to saddle the next generation with an economic burden is true, no matter how many people say otherwise.

It may be that hope and reform go together and there is a paucity of hope.

Methodology: Results for this Gallup poll are based on telephone interviews conducted March 3-6, 2011, with a random sample of 1,021 adults, aged 18 and older, living in the continental U.S., selected using random-digit-dial sampling.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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