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Many in the mainstream media keep referring to "recovery" as though it is an incontrovertible fact. But to me, the notion that the U.S. economy is on the mend is like a Hollywood set, comprised of realistic-looking facades that are, on closer inspection, empty shells. The following Associated Press report, "Poll Finds Debt-Dogged Americans Stressed Out," is a case in point [italics mine]:
The economy trudges ahead yet debt dogs many Americans, stressing them out even as they firm up their own financial foundations.
There are new jobs produced but old worries persisting for people despite belt-tightening and boosted savings, according to an Associated Press-GfK poll.
About 46 percent of those surveyed say they're suffering from debt-related stress, and half of that group described their stress as "great deal" or "quite a bit." On the other hand, about 53 percent say they feel little or no stress at all.
That's in line with findings from last year, even though times seem better today: The economy is growing and generating jobs, and households have made progress in repairing their financial footing, trimming debt, watching spending and saving more.
It's a big turnaround from a year ago -- a shrinking economy, jobs jettisoned as businesses struggled to survive the deepest recession since the 1930s.
So why aren't the stressed -- and the not-so-stressed -- feeling better?
For starters, it just doesn't feel much like a recovery to many people.
Unemployment is stubbornly high -- 9.9 percent. The jobless face fierce competition for work. Those with a job are watching their paychecks shrink.
A growing number of people are at risk of falling into foreclosure, and only those with the most stellar credit probably can get a new loan. AP-GfK polls show that only 20 percent say the economy is good, compared with 15 percent last year.
In sum, eighty percent of Americans don't believe the economy has turned a corner and nearly half are struggling with financial concerns. And yet, my sense from reading the article is that the writer believes the results don't quite jibe with her more optimistic view of reality.
Could it be the other way around?
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