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Clouds Over America
by Portfolio Staff
Jun 29 2008
Jun 29 2008
The new CNBC/Portfolio Wealth in America survey shows a nation worried about gas prices, inflation, and whether things will get better anytime soon.
Portfolio.com's guide to Americans' bleak outlook on high gas prices, inflation, and the economy. Read More
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In the past year, Americans have been increasingly battered by gloomy economic news. They are feeling the pain when they shop for groceries, pore over real estate classified ads, and most certainly, when they pull up to the gas pump.
For the first time, Condé Nast Portfolio has joined CNBC as a partner in its quarterly Wealth in America report. The survey reaches out to people across the U.S. to see how they feel about their financial prospects and the nation's. This year, the survey interviewed 801 adults between June 19 and June 21.
Participants’ feelings reflected the harsh reality of the nation’s economy. Last week, oil rocketed to $140.61 a barrel and the Dow Jones industrial average fell to 11,346, its lowest level since September 2006.
Roughly 73 percent of those surveyed said they drove less to do routine errands, and 43 percent, pinched by high food prices, said they were spending less on groceries. It's important to note, as well, that 15 percent of the people who responded live in households where annual earnings top $100,000.
Whom do they blame for their pain at the pump? The oil companies and President Bush.
Twenty-eight percent said oil giants were most responsible for high gas prices, while 26 percent pointed the finger at Bush. Not far behind him, though, were speculators and investors—vilified for the trading frenzy that seems to push oil prices higher on a daily basis.
Portfolio.com writer Liz Gunnison examines why, though, more Americans don't see their own use of gas as a reason for higher prices.
When it comes to salaries, the surveyed don't look any more cheery. More than half—56 percent—said they didn't think they'd be getting a raise during the next year. Eleven percent said they thought their salaries would rise no more than 3 percent, and 6 percent thought they'd be making less. The CNBC/Portfolio survey shows 11 percent of those making $100,000 thought their salaries would fall. (Take our poll and let us know where you're feeling the squeeze.)
Is all the gloom justified? Zubin Jelveh, the Odd Numbers guru at Portfolio.com, takes a look at the disparity between what Americans think about the economy and what actual economists see coming.
For the first time, Condé Nast Portfolio has joined CNBC as a partner in its quarterly Wealth in America report. The survey reaches out to people across the U.S. to see how they feel about their financial prospects and the nation's. This year, the survey interviewed 801 adults between June 19 and June 21.
Participants’ feelings reflected the harsh reality of the nation’s economy. Last week, oil rocketed to $140.61 a barrel and the Dow Jones industrial average fell to 11,346, its lowest level since September 2006.
Roughly 73 percent of those surveyed said they drove less to do routine errands, and 43 percent, pinched by high food prices, said they were spending less on groceries. It's important to note, as well, that 15 percent of the people who responded live in households where annual earnings top $100,000.
Whom do they blame for their pain at the pump? The oil companies and President Bush.
Twenty-eight percent said oil giants were most responsible for high gas prices, while 26 percent pointed the finger at Bush. Not far behind him, though, were speculators and investors—vilified for the trading frenzy that seems to push oil prices higher on a daily basis.
Portfolio.com writer Liz Gunnison examines why, though, more Americans don't see their own use of gas as a reason for higher prices.
When it comes to salaries, the surveyed don't look any more cheery. More than half—56 percent—said they didn't think they'd be getting a raise during the next year. Eleven percent said they thought their salaries would rise no more than 3 percent, and 6 percent thought they'd be making less. The CNBC/Portfolio survey shows 11 percent of those making $100,000 thought their salaries would fall. (Take our poll and let us know where you're feeling the squeeze.)
Is all the gloom justified? Zubin Jelveh, the Odd Numbers guru at Portfolio.com, takes a look at the disparity between what Americans think about the economy and what actual economists see coming.
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