Poll: Most Expect Recession but Aren't Hurting—Yet

Poll shows majority fear for future
By Peter Fearon,  Newser Staff
Posted Jan 25, 2008 3:34 AM CST
A home in foreclosure in Pasadena, Calif. As home prices plunge and foreclosures rise, most Americans believe the nation is headed for recession.(AP Photo/Nick Ut)   (Associated Press)
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(Newser) – The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/Bloomberg poll. A year ago a similar poll showed widespread confidence that the economy was in good shape. 

Two-thirds of respondents believe their current financial situation is secure, even though 79% expect a recession within the year. People earning more money feel more secure than those already struggling to make ends meet.The most often cited culprit for the downturn was President Bush—followed by mortgage lenders.