Nearly Half of Americans Believe Another Great Depression Is Likely

Despite rosy financial forecasts made by economists this spring, our fears that the nation is about to sink into another depression are reaching depressing extremes. A new CNN poll reveals that nearly half of Americans believe a 1930s-scale depression is possible within the next 12 months. A whopping 19% of Americans believe it's "very likely" -- the most since the economy tanked in the fall of 2008. An additional 29% said a depression is "somewhat likely." If we use the original Great Depression as a model, that means many of us are pondering 25% unemployment and rampant homelessness.

The 1,015 people interviewed for the CNN poll hadn't even seen Thursday's unemployment report, which indicated that initial jobless claims had surpassed 400,000 for the ninth straight week.

The good news is, well, we can take a breather until the next poll.

Tell us what you think on the comment board.


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the2431

Rosy Financial Forecasts ?

You must be joking, Ron ?

America is on the Ropes and Huff and CNN sing Lullabies every night !

I suspect that NYC Media has simply gone Tribal with Denials !

June 14 2011 at 1:01 AM Report abuse rate up rate down Reply
dbakerpe

The current electoral system is hard wired to elect those who promise the most money and benefits to voters with a minimum of taxes. The result is always bankruptcy. The only question is whether we will explicitly repudiate our debt (default) or just take the normal route of inflation to pay back the debt with worthless money. Either way the current system will likely collapse, and such changes in government structure are almost always accompanied by violence. A new stable system will have to be based on strict adherence to constitutional limits, and disqualifying anyone who receives a government check from voting.

June 13 2011 at 11:58 AM Report abuse rate up rate down Reply
Doug Click

There is an old greek saying that when the masses realise that they can elect a fool to rob the treasury for them the end is near! Entittlements, Bailouts bolth parties are to blame and we are to blame for electing these egomaniacs. Just look at REP. WEINER, this guy is no good and there are a couple of hundred others like him that We have elected that are directing our national policy. Weiner is a triator to the people that have elected him, he is a liar and a cheat. Our economy is in shambles because of our own apathy. What kind of a fool would buy a house that they could never afford? Who is the bigger fool empowering them with the money to do it? We as a people need to stop pointing fingers at each other and start doing the right things. Electing honest, hard working people in all levels of goverment, stop looking for a free hand out and quit knocking each other down. If our economy fails it will be the worst day in your life! It doesn't matter if you are a REP or DEM because when you get down to it we are all Americans.

June 12 2011 at 5:39 PM Report abuse +1 rate up rate down Reply
mlrinc10

If everyone would pull their heads out of their butts at the capitol, we would expedite natural gas exploration/domestic usage all the while exporting it to other countries via LNG (fund more terminals) while becoming energy independent concurrently and AGAIN all the while creating jobs here in America. (and I do mean exploration on a sound environmental level-it is possible)........We have been shooting ourselves in the foot for decades by sending all of our money out of the country.....We HAVE to exploit ALL of our resources to the fullest to survive this.

June 12 2011 at 2:03 AM Report abuse +1 rate up rate down Reply
jon

Yes, there will be an economic depression. Completely orchestrated by the Republican/tea-party-libertarian party for election purposes.

June 11 2011 at 4:09 PM Report abuse -2 rate up rate down Reply
Iselin007

When the sun comes out and the flood waters recede you will be gone but your gold goes on with out you.

June 11 2011 at 11:21 AM Report abuse rate up rate down Reply
Iselin007

When the tornados and floods carry you away your gold will stay for someone else to gather.

June 11 2011 at 11:19 AM Report abuse rate up rate down Reply
Iselin007

Jobs haven't been steady since the 1980's . Everything changes for the worse now. Mergers and greed destroy jobs helping only the corporate raiders inrich themselves. Part time, low wage, no benefits and high prices the sign of doom.

No avoiding WWIII now. No one will protect your gold from the masses no one! Try hold on to your gold fools it will cost you ten times that in medical bills!

June 11 2011 at 11:15 AM Report abuse +3 rate up rate down Reply
Iselin007

Try buying store items with gold you won't be able to get any change! You can't lug gold around and stores won't be putting it into their registers. Gold just isn't practical at the mall ect. You will be weighed down and few can help you.

June 11 2011 at 11:04 AM Report abuse rate up rate down Reply
scottee

this is how WE fix congress. we don't have to continue to be their victims! demand they pass the 28th amendment.

Congressio­nal Reform Act of 2011

1. Term Limits.

12 years only, one of the possible options below…

A. Two Six-year Senate terms

B. Six Two-year House terms

C. One Six-year Senate term and three Two-Year House terms

2. No Tenure / No Pension.

A Congressma­n collects a salary while in office and receives no pay when they are out of office.
3. Congress (past, present & future) participat­es in Social Security.

All funds in the Congressio­nal retirement fund move to the Social Security system immediatel­y. All future funds flow into the Social
Security system, and Congress participat­es with the American people.

4. Congress can purchase their own retirement plan, just as all Americans do.
5. Congress will no longer vote themselves a pay raise. Congressio­nal pay will rise by the lower of CPI or 3%.

6. Congress loses their current health care system and participat­es in the same health care system as the American people.

7. Congress must equally abide by all laws they impose on the American people.

8. All contracts with past and present Congressme­n are void effective 1/1/11.

June 11 2011 at 9:33 AM Report abuse +2 rate up rate down Reply