Great Depression
A majority of Michigan residents are edgy over the condition of the state’s economy, shaky future of the U.S. auto industry and rising job losses, according to a new poll.
Of the 500 people questioned in the telephone poll for WXYZ-TV and The Detroit News, 65 percent believed the country was headed toward a second Great Depression. Nearly all gave the economy a negative rating.
The poll has a margin of error of plus or minus 4.4 percent. It was conducted by EPIC-MRA between Dec. 17-20 and released Tuesday.
About 62 percent said the economy and country’s financial crisis most concern them, and more than 80 percent of the poll’s respondents said Michigan — among the nation’s leaders in unemployment and home foreclosures — is on the wrong track.
Nearly 60 percent believe someone in their household will lose a job in the next year, the poll showed. Half rate their personal economic situations somewhere in the middle, while just over a third said they were doing good.
Most believe the nation’s economy will be unchanged or better next year, but 81 percent expect Michigan to be worse off in 2009.
Respondents also were questioned about the U.S. automakers’ crisis, with 34 percent blaming decisions made by the heads of General Motors Corp., Ford Motor Co. and Chrysler LLC. Nearly 30 percent blamed the high cost of unionized labor.
However, almost 70 percent favored White House bridge loans to help GM and Chrysler stay in business for the next few months.
Tags: Financial Crisis
