Gallup Poll: Consumers Negative About Economy

A recent study, released by Gallup, shows that Americans are afraid of the economic foundations of their country. Rising food prices, wounded housing markets, increases in gas and energy costs, and a rising unemployment rate has fueled America's economic fears and frustrations.

According to Gallup, 80% of Americans polled have a negative view about the current economy. According to an earlier poll this month, 45% of Americans felt the economy would not improve in the near future and that they did not see a better future for their children. Four out of ten Americans saw a dramatic decrease in their standard of living. Those most affected by the increases in gas, food, and energy prices were in the middle to lower income brackets. More Democrats or Liberals were likely to see a bleaker economic future, though Republicans polled were not as optimistic as expected.

Oil prices are the largest strain on the U.S. economy. On Tuesday, the Democrats in the House were unable to resurrect a bill that would punish price gouging at gas pumps. The Democrats tried to use the bill to block Republican attempts to expand offshore drilling. Action to assure the continuation of the drilling ban on oil and gas was pushed forward to later this summer.

The flooding that devastated Missouri, Iowa, and Illinois is projected to effect 5 million crops. Many fear, even after the water recedes, recovery will be close to impossible. A cold spring, late plating, and previous bad weather had already affected crops. Meat prices will rise throughout the summer as animals such as corn fed cows are affected by the crop devastation. With an estimated 1 in every 3 American foods and drinks containing corn products alone, and with animal feed now effected, the rise in food prices is set to cripple the economy even further.

According to the Harvard University study released this week, the housing market is at its lowest since World War II's end. The housing slump is expected to continue for at least another year. However, the future of the housing market may not be as bleak as many Americans assume. After a year, the market is expected to begin recovery.

Fears of further inflation and an impending depression have Americans demanding solutions from their leaders. The current rise in joblessness has added to American frustration and they are looking to the Presidential candidates for hope. Obama or McCain must provide viable solutions to their citizens. A positive plan to bring down prices and elevate American trust will help cement a win for either candidate.