Increased Deficit, Americans Expect More Unemployment!

According to a Bloomberg National Poll, of every ten US citizens, more than seven persons feel that the US economy is still in recession and is in conflict regarding a balance between the federal budget deficit and the lack of jobs in the nation.

The poll which was conducted last week projected similar concerns of the local people as well as the experts. This concern is whether or not the focus should be on creating more opportunities for employment or put a curb on spending. Of the ten local citizens, seven feel that generating more opportunities for employment should be main objective.

There has been a lot of skepticism regarding Obama’s administration and its stimulus program with the public being leery of more spending. More than half of the participants in the poll feel that the deficit is perilously out of control.

The main issue here is the excessive spending catering to the jobless people. In June, the unemployment rate made a record at 9.5%. With this, the public is somewhat skeptical on another extension pertaining to benefits of the unemployed. This extension is being delayed in Congress and would cost another $34 billion.

The survey was conducted by an Iowa based company, Selzer & Co. As per the projections brought out by the White House in February, this year the deficit is expected to be more than $1.5 trillion that is about 10.6% of the GDP. Except for the UK, the US deficit is a higher percentage of GDP when compared to any other industrialized country in the world.

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