Nearly Half of Americans Say Economy Declining

Rochester, NY, August 20, 2007-- As the volatility continues on Wall Street, a plurality of Americans says the economy is declining while one-third of Americans say, compared to a year ago, their own personal finances have gotten worse.

Just under half (45%) of U.S. adults say the economy is declining, while three in ten say it is growing and 17 % say it is neither growing nor declining. Looking at their own personal finances, 32 % say, compared to one year ago, their personal economic situation is worse while the same number say it is better and 31 % say it is neither better nor worse.

On top of this, over half (56%) of Americans say they are worried about their financial situation while 44 % say they are not worried.

These are some of the results of a nationwide Harris Poll of 2,694 U.S. adults surveyed online by Harris Interactive between August 7-13.

There is a regional difference as to how people perceive the national financial situation as well as their own finances. Over half (52%) of those in the Midwest see the economy as declining and 36 % of those in this region see their own personal economic situation as worse.

Those in the West, however, are of a different mind as just under two in five (39%) see the national economy as declining and 36% say their personal economic situation is better compared to one year ago. In terms of being worried, almost two-thirds (63%) of those in the East say they are worried, compared to 52 % of Southerners.

Neither the President nor Congress is given good marks by the public for their handling of the economy. Almost two-thirds (63%) view President George W. Bush's job performance on the economy in a negative light while 71 % view Congress' job performance on the economy negatively. Only one-quarter (27%) view President Bush positively on the economy, while just 14 % say the same about Congress.

One specific part of financial concerns is personal debt, things like credit card and mortgage payments. One-third of Americans (35%) say that paying down their own personal debt is a problem while just over two in five (44%) say it is not a problem. One in five Americans (20%) says they have no personal debt. Over the last year, one-third (33%) say that paying down this personal debt has become harder while 28 % say it is neither easier nor harder and 18 % say it has become easier.