by Hans Eisenbeis
WHAT’S HAPPENING
- Recovery, wha? Not only do most Americans see few signs of tangible economic recovery in June 2011, almost half actually think we’re heading into a depression this year. That’s according to a CNN poll, which found that 48% of Americans think another “Great Depression” is “very” or “somewhat likely” in the next 12 months (HuffingtonPost.com, 9 June 2011).
- Why so glum? Other facets of the poll are telling: One third of all Americans fear they may become unemployed in the near future, joining the ranks of others who have been jobless for an unprecedented stretch.
- “That’s not just economic pessimism, that’s economic fatalism,” said CNN polling director Keating Holling.
WHAT THIS MEANS TO BUSINESS
- The economy is like a broken record: It just keeps playing a tune called “Jobless Recovery.” American optimism about regaining strength and growth may be fraying at the edges.
- The New Normal may, in fact, be characterized by long-term economic malaise. Consumers and brands may need to revise their plans for resumed growth.
