One of the more interesting facets of our current economic situation is that a case can be made that the economy is in a recovery (or expansion), recession, or depression.
This observation is supported by a number of factors, including that of a Gallup poll released yesterday. The poll is titled “More Than Half Still Say U.S. Is in Recession or Depression.”
The poll displays a variety of information, but the main finding is that currently 27% of the respondents indicate the economy is “growing”, 16% say it is “slowing down”, 26% think it is “in a recession,” and 29% think it is “in a depression.”
Also of note from the poll, “Although economists announced that the recession ended in mid-2009, more than half of Americans still don’t agree. These ratings are consistent with Gallup’s mid-April findings that 47% of Americans rate the economy “poor” and 19.2% report being underemployed.”
As well, from the poll’s Press Release: “In another possible disconnect with monetary policymakers, many Americans may not see the trade-off Bernanke suggests between promoting a stronger economy and experiencing higher inflation. Right now, prices are soaring, yet the latest Gallup Daily tracking data show that 67% of Americans say the economy is “getting worse.”
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1359.01 as this post is written