Americans Glummer on Economy

71% expect recession; oil, mortgages are concerns, survey finds
By Kevin Spak,  Newser Staff
Posted Dec 5, 2007 2:14 PM CST
71% predict a recession within the year.   (Getty Images)
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(Newser) – More than half of Americans think the economy is performing poorly, and 71% predict a recession within the year, a new Bloomberg/Los Angeles Times poll shows. Energy prices in particular are contributing to the grim outlook and cautious spending, Bloomberg reports. "I probably will spend less this year because it's a good time to be conservative," one Virginian says.

The survey found widespread support for a mandatory freeze on subprime rates, such as one proposed by Hillary Clinton—and expected tomorrow from President Bush. Respondents also said Democrats would be better than Republicans at getting the country out of a recession, by 45% to 30%, Bloomberg reports. "If Bush is a Republican, then I trust Democrats to get the economy going,'' one mother says.