Pessimism About National Economy Rises

With a growing number of Americans saying they have been hearing “mostly bad” economic news, opinions about the current state of the national economy remain grim, a new survey finds.

Positive expectations regarding future economic conditions, which remained high even during the depths of the recession, have declined and now stand at their lowest point since mid-2008.

Yet Americans express very different views about their own financial situations. And these impressions, while hardly favorable, have not become more negative over the past several months.

The latest national survey by the Pew Research Center for the People & the Press, conducted June 15-19 among 1,502 adults, finds that 29% expect that economic conditions will be better a year from now while 23% say things will be worse.

Last October, more than twice as many said the economy would be better, rather than worse, in a year (35% vs. 16%).

Obama's rating down

The rise in economic pessimism comes as Barack Obama’s job approval rating has declined. Currently, about as many approve (46%) as disapprove (45%) of Obama’s performance as president. In three previous surveys conducted after the killing of Osama bin Laden, far more had approved than disapproved.

Satisfaction with national conditions, which rose after bin Laden’s death, also has declined. Just 23% say they are satisfied with the way things are going in the country, down from 30% in early May.

Fewer than three-in-ten Americans (27%) say that Obama’s policies have made economic conditions better, a figure that has changed little over the past two years. Somewhat more (34%) say that Obama’s policies have made conditions worse, while 33% say they have had no effect so far.