60 Percent Of Americans Believe A Recession Is Coming – But Consumers Continue To Pile Up Debt At A Frightening Pace

We haven’t seen survey results like this since just before the last recession.  Right now, 60 percent of Americans believe that a recession is “very or somewhat likely in the next year”, and the reason why that figure is so high is because there is already a tremendous amount of evidence that the economy is slowing down all around us.  As I have been documenting repeatedly, U.S. economic performance has not been this dismal since 2008 and 2009, and the slowdown seems to be gaining pace as we move toward the end of 2019.  So it really shouldn’t be a surprise that a solid majority of the country thinks that the next recession will officially begin very soon.  The following comes from ABC News…

Ratings of the U.S. economy overall, 56% positive, are down from 65% last fall in this poll, produced for ABC by Langer Research Associates. Most ominously, 60% see a recession as very or somewhat likely in the next year. That’s within sight of the 69% who said so in November 2007, in advance of the Great Recession.

But at the same time, U.S. consumers continue to pile up more debt at a frightening pace.

According to NBC News, total revolving credit shot up at an 11.25 annual pace during the month of July…

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