The nation’s economic mood has turned even gloomier, according to a recent USA Today/Gallup Poll.
Sixty percent of those polled said that the current economic crisis was the worst in their lifetime, up from 40 percent in September. Fully 95 percent viewed the current economic situation as a crisis or a major problem.
Gloom is so deep that 79 percent of those polled worried — either a great deal or a moderate amount — that the nation would fall into a depression.
A depression was defined as an economic downturn much more severe than most recessions and lasting several years.
When asked how long before the economy will start to recover, the median response — half higher, half lower — was three years.
Another 62 percent said they were worried about having enough money for retirement.
And many thought that this generation would not fare as well as their parents’ generation. Just 19 percent said it would be very likely that today’s children would be more prosperous than their parents.
Despite the pessimism, people are not becoming more concerned about their own situations:
• 11 percent said their financial situation was excellent, up from 7 percent in April and the highest since polling began in 2001.
• 19 percent said they were very worried that they would be unable to maintain their standard of living, down from 24 percent in September.
• 17 percent said that they were very worried about paying their current bills, vs. 20 percent in September.
The poll results are based on telephone interviews with 1,008 adults, 18 and older.
