Most Americans think economy won’t recover until 2017, expect financial crisis

Is the American public optimistic of the United States economy or pessimistic of any sort of recovery?

That’s the question after CNNMoney released the results of a new survey that found a significant majority of Americans think the economy won’t improve from the economic collapse until 2017.

The study, which was published Friday, reported that 61 percent say it will be at least three years until the United States economy fully recovers from the financial crisis a few years ago. In addition, nearly one-fifth (16 percent) don’t see the economy ever recovering.

What could be even worse is that a majority of respondents think another crisis is bound to happen. More than two-thirds (69 percent) believe another financial crisis is “somewhat” or “very” likely to transpire within the next few years.

Although official statisticians and government bureaucrats say the recession officially ended in the summer of 2009, more than one-quarter (27 percent) of Americans say an economic downturn is still taking place and that economic conditions are metastasizing.

It isn’t just the opinion of the average American that showcases the dilapidation of the U.S. economy. In the past month alone, there have been numerous reports highlighting facts that are hindering the growth of the U.S. economy:

–          U.S. economy contracted in the first quarter of the year

–          Consumer credit surged to a record high $3.18 trillion in April

–          The real unemployment rate is close to 25 percent

–          Overall rate of homeownership has dropped eight consecutive years

–          Fifty-two percent of Americans can’t afford their home

–          One-quarter of Americans have nothing in their savings accounts

–          The overall poverty rate is up one-third since 1966

“It is difficult to see how the American people, other than those who run or work for the military-industrial complex, benefit from this spending. Military spending, like all government spending, hampers private sector growth by taking resources away from investors, entrepreneurs, and consumers while contributing significantly to the national debt. In contrast, a return to the policy of peace and free trade would allow those resources to be used by entrepreneurs to create new businesses and new jobs,” wrote former Texas Republican Congressman Ron Paul in an op-ed in May entitled “Why We’re No Longer Number One.”

“News that China is soon to surpass the United States as the largest economy in the world is a stark reminder of how the American people are harmed by the welfare-warfare state, crony capitalism, and fiat currency. The only way to avoid continuing collapse is to finally reject an interventionist foreign policy, stop bailing out and subsidizing politically powerful industries, and restore a free market in money.”

The CNNMoney telephone survey was conducted with 1,003 adult Americans between May 29 and Jun. 1.

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