But this anxiety is tempered with a feeling that the old-fashioned sort of economic recession isn't in the offing. In Exton and in the national survey, there is another dichotomy. While the more affluent identify to a greater degree with problems such as a declining stock market, they are far more secure about any future recession. Despite an avalanche of headlines about layoffs, most working-class Americans don't see looming unemployment problems, but do feel that if there is a downturn, they will be hit harder. In the survey conducted by Messrs. Hart and Teeter, Americans, when asked to describe their own personal economic situation, are relatively upbeat.
Half say they are all right, are saving a little and are able to provide for their needs.
About one in five say they are in really good shape, and roughly the same amount say they are barely getting by. Fewer than one in 10 describe a really bleak situation. There are demographic divides. This pessimism is most pronounced among lower-income Americans and single mothers. Interestingly, there is a very close division on what lies ahead.