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<DIV class=heading><FONT size=6><STRONG>New Poll Shows 63% Are Already Hurt by
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<DIV><STRONG><FONT size=5>New Poll Shows 63% Are Already Hurt by
Downturn<BR></DIV></FONT></STRONG>
<P><FONT size=-1>By Michael A. Fletcher and Jon Cohen<BR>Washington Post Staff
Writers<BR>Wednesday, December 17, 2008; A07<BR></FONT></P>
<P></P>
<P>The deepening recession has eroded the financial standing and optimism of a
broad swath of Americans, nearly two-thirds of whom say that they have been hurt
by the downturn and that the country has slipped into long-term economic
decline.</P>
<P>A new <A
href="http://www.washingtonpost.com/ac2/related/topic/The+Washington+Post+Company?tid=informline"
target="">Washington Post</A>-<A
href="http://www.washingtonpost.com/ac2/related/topic/ABC+Inc.?tid=informline"
target="">ABC News</A> poll also found that a rapidly increasing share of
Americans -- 66 percent, up from just over half a year ago -- are worried about
maintaining their standard of living. Nearly two in 10 said they or someone
living in their household had lost a job in the past few months, and more than a
quarter said they had their pay or hours reduced. And 15 percent said that at
some point in the past year they fell behind on their rent or mortgage.</P>
<P>The poll captures the widening fallout from the faltering economy that
policymakers are struggling to contain. The <A
href="http://www.washingtonpost.com/ac2/related/topic/U.S.+Federal+Reserve?tid=informline"
target="">Federal Reserve</A> yesterday cut its target for the federal funds
rate to a range of zero to 0.25 percent, the lowest on record.</P>
<P>"They're getting to be about as low as they can go," President-elect <A
href="http://projects.washingtonpost.com/congress/members/o000167/"
target="">Barack Obama</A> said at a news conference yesterday before meeting
with members of his economic team. "And although the Fed is still going to have
more tools available to it, it is critical that the other branches of government
step up. And that's why the economic recovery plan is so absolutely
critical."</P>
<P>Obama has pledged to enact a massive economic stimulus plan initiating
publicly funded construction on a scale not seen since work on the interstate
highway system began half a century ago. In all, economists have estimated that
the plan could cost more than $700 billion over two years, increasing a federal
budget deficit that is approaching $1 trillion.</P>
<P>The poll found that nearly two-thirds of Americans support new federal
spending to stimulate the economy, and majorities of both Democrats and
Republicans back the idea. Concern about deficit spending, however, mutes
enthusiasm for the stimulus plan. When respondents were asked whether they would
back the plan if it increased the deficit, support dropped to 47 percent.
Overall, nearly nine in 10 said they are worried about the size of the federal
budget deficit, including nearly half who are "very concerned."</P>
<P>Most, 55 percent, said Obama is off to a good start in dealing with the
economy, which the vast majority of Americans call the No. 1 issue confronting
the country. Ten percent said Obama is on the wrong track in terms of his
economic vision. Nearly half expect Obama will be able to improve the economy "a
great deal" or a "good amount."</P>
<P>But the overall federal response to the economic situation gets low marks:
Twenty-four percent approve of the way <A
href="http://www.washingtonpost.com/ac2/related/topic/George+W.+Bush?tid=informline"
target="">President Bush</A> is handling the economy, and a similarly paltry 23
percent approve of the broader federal response to the crisis.</P>
<P>Democrats, Republicans and independents alike are highly critical of the
federal action to address the crisis -- among each group, more than seven in 10
disapprove. In part, the criticisms stem from skepticism that the government has
put in place adequate controls to avoid waste and fraud in the use of federal
money in the economic recovery effort. Only 30 percent are confident that proper
regulations were enacted.</P>
<P>Overall, 82 percent said the country is headed pretty seriously off on the
wrong track, and 54 percent call the nation's financial predicament a
"crisis."</P>
<P>The number of those who said they have been hurt financially by the
recession, 63 percent, is higher than the 53 percent who said they felt the pain
of the 1991 recession. The stock market has added to the financial anxiety: More
than half said their families have suffered because of the recent sharp drop on
<A
href="http://www.washingtonpost.com/ac2/related/topic/Wall+Street?tid=informline"
target="">Wall Street</A>, and nearly half lack confidence that they will have
sufficient assets to last through retirement.</P>
<P>More than half worry about being able to afford medical care for a sick
family member, and nearly four in 10 are concerned about making house payments
and heating their homes this winter.</P>
<P>The unease is most palpable among those with annual family incomes less than
$50,000. They are twice as likely as those with higher incomes to be "very
concerned" about maintaining their lifestyles and are much more apt to be
anxious about health care and housing. Across the board, women are more apt than
men to express concern in these areas.</P>
<P>The poll found that 10 percent of homeowners and 29 percent of renters said
they have fallen behind on their mortgage and rent payments at some point in the
past year.</P>
<P>More than two in 10 of those with jobs said they think it is likely they will
lose their position over the next year, higher than at any point in polls dating
to 1975.</P>
<P>The widespread financial anxiety will be felt across the holidays:
Fifty-seven percent said they will spend less on Christmas shopping for family
and friends this year than last. That is the most saying they plan to rein in
shopping in polls going back to 1985.</P>
<P>The poll was conducted by telephone Dec. 11-14 among a random national sample
of 1,003 adults interviewed on conventional residential telephones or
cellphones. Results from the full poll have a margin of sampling error of plus
or minus three percentage points. Error margins for subgroups are larger.</P>
<P><I>Polling analyst Jennifer Agiesta contributed to this
report.</I></P></BODY></HTML>