The Main Street-Wall Street Disconnect

Everyone agrees that the financial health of the consumer is key to the future of the U.S. economy. Opinions vary, however, about the Average Joe's ability to keep on spending in the face of large debts, stagnant wages, and high prices for gasoline and other necessities. For anyone who believes that Americans' willingness and ability to spend depends on their state of mind, a recent Gallup poll, reported this week by Editor and Publisher, paints a rather unsettling picture.

What's going on? Gallup reports today a sudden plunge in its regular "satisfaction" index. Only 25% of Americans now say they satisfied with the state of their country -- down 8% in just one month -- and one of the lowest ever measured.

"The current 25% satisfaction level is very low by historical standards," Gallup explained. "Since Gallup first asked this question in 1979, the average percentage of Americans saying they are satisfied with conditions in the country is 43%."

Iraq continues to weigh the most on minds. "Even though skyrocketing gas prices may contribute to the public's sour mood this month," the organization revealed, "the issue is not mentioned by an especially high percentage of Americans as the nation's top problem."

The latest poll finds 45% of Republicans saying they are satisfied, compared with only 12% of Democrats. Over the past month, satisfaction fell more among Democrats, suggesting that some of them may be souring on their party's actions or inactions in Congress.

The poll of 1,003 adults was taken May 10-13.

Yet more evidence of a disconnect between Main Street and Wall Street.

Comments

[Dave]

There are no Democrats on Wall St? No Republicans on Main St?