I'm sure most of us are aware of the current turmoil and the economy, it seems more people are worried about losing jobs and having enough money to pay the bills. According to the latest Associated Press poll released today. Nearly half of those surveyed said they worry about becoming unemployed, a figure that's double last year's number. The poll also found that in the past month, public support has dipped for the $787 billion package of tax cuts and government spending that President Obama has signed into law this week on the promise that it will save or create 3.5 million jobs and re-ignite the troubled economy.
Nearly Half of those questioned. 47 percent, worry at least somewhat about losing a job, up from 28 percent in February 2008. Nearly 3/4, or 71 percent, say they know someone- a friend or relative who has lost a job in the past six months because of the economy. Fear of being thrown out of work is so widespread that equal percentages of higher and lower-income workers worry about losing their jobs. Nearly 2/3 of people are at least somewhat worried about paying their bills, up 46 percent from last year. Also 69 percent worry that the value of their stocks and retirement investments will drop, up 10 percent from last year. More than half aren't confident they'll have enough money to live comfortably in retirement.
The Federal Reserve on Wednesday downgraded its projections for the country's economic performance this year, otherwise meaning that things will get tougher. The economy will actually shrink and unemployment will rise. The last time the economy registered a contraction or a shrinkage for a full year was 1991. If the Fed's predictions prove correct, it would mark the weakest showing since 1982. With unemployment-now at 7.6 percent, the highest in more than 16 years people need to have a plan on how to save money and control expenses. Fed officials, however, predicted the economy would pick up speed in 2011, growing as much as 5 percent. Its times like this where family and friends mean the most.
