Jul 25, 2008 10:14 am US/Pacific
Poll Finds Record Low Confidence In Calif. Economy
SAN FRANCISCO (CBS 5 / KCBS) ―
A new Field Poll shows a record number of Californians have lost confidence in the economy.
Almost nine in ten Californians, or 86 percent, say we're in bad economic times. That's a big jump from December of last year when just over half said that.
"We have a record proportion of people, 63 percent, now saying that they're worse off than they were last year," said Field Poll Director Mark DiCamillo. "Just 14 percent of Californians say they're better off. Just seven months ago, when we last did the survey, 33 percent said they were worse off."
This number is higher than any previous time the poll was done, even in previous recessions.
The survey also found seven out of ten people say they believe the economy will still be bad a year from now.
DiCamillo blames the loss in confidence on high gasoline prices, the housing crisis, and recent stock market losses.
"Most people are saying that things aren't going to change, and when things are bad that is not a good reply," said DiCamillo. "Only 22 percent of people expect to be better off next year."
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