CNBC SURVEY BRIGHT SPOTS: HOLIDAY SPENDING AND MORE OPTIMISTIC VIEWS ON HOME PRICES
ENGLEWOOD CLIFFS, N.J., December 11, 2009-Despite the expenditure of $1.5 trillion dollars in stimulus and bailouts, the overall economic mood of the nation remains negative, according to the exclusive CNBC Wealth in America Report.
The exclusive survey reveals a majority of Americans disapprove of Washington's economic leadership and the blame is widespread. The approval rating for President Obama's economic leadership was highest at just 46%, followed by the Democratic Party at 39%, the Republican Party at 26%, Ben Bernanke at 22% and Tim Geithner at 18%. And, more than half of Americans surveyed want the money paid back from TARP to go towards deficit reduction rather than new government stimulus.
More than half of Americans surveyed are pessimistic about the current state of the economy and the outlook for the future. When asked about their confidence in American institutions and industry, just 24% of Americans surveyed expressed confidence in the Federal Reserve, 19% in the Treasury, 17% in health companies and 10% in the financial industry. By contrast, 76% of Americans surveyed said they are confident in the military.
Also, according to the survey, Americans forecast that their wages will contract by 0.7% next year, the most since the CNBC Wealth in America survey began three years ago.
The survey did reveal a few bright spots. In the midst of the holiday season, the survey shows that Americans plan to increase their spending by 10.5% this holiday, compared to last year. But, the gains are entirely driven by plans of the wealthy to spend more. Average and poorer Americans plan to reduce their spending dramatically.
And, Americans believe their home prices will decline by only 0.3% in the next year, down from a 1.6% decline expected last year.
CNBC's Senior Economics Reporter Steve Liesman will reveal the results of the survey today, Friday, December 11th on CNBC's "Squawk Box" (6AM-9AM ET). Coverage of the survey will be featured throughout CNBC's Business Day programming and online at CNBC.com (http://www.cnbc.com/id/34362855).
808 adults were surveyed across America for the CNBC Wealth in America Report. The scientific survey, a representative sample of the country, was conducted by leading polling firms Hart-McInturff from December 1-3, 2009.
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