Page 10 - UTILITIES MACRH 2,2016
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U.S. NEWS A7
Wednesday 2 March 2016
US Financial Front:
Survey says voter anxiety at odds with economists’ optimism
C. S. RUGABER than they are anything else. people feel they’ve yet and we’re only now where by Silicon Valley entrepre-
AP Economics Writer A quarter of those surveyed to regain their former liv- we should have been after neurs.
WASHINGTON (AP) — The listed their chief concern as ing standards. In addition, two years,” said Tim Hop- Hiring, income and busi-
insurgent presidential bids either the economy in gen- some parts of the country per, chief economist for ness growth has been con-
of Donald Trump and Ber- eral or unemployment and haven’t recovered as well TIAA-CREF. “We have not centrated in wealthier ZIP
nie Sanders have roused jobs. as the nation as a whole seen the typical growth codes, the report found.
Americans who are an- Other polls have found that has. rates in income and em- In the median-income ZIP
gry and anxious about an code, job growth matched
economy they feel has left More than 30 oil drilling rigs stand idle in a Helmerich & Payne, Inc. yard along Groening Street only half the pace of the
them behind. in Odessa, Texas, as rig counts drop in the Permian Basin. Voters and economists hold sharply national average.
Most economists have a divergent views on U.S. economic growth. Economic recovery has occurred unevenly around the The AP surveyed a range of
brighter view. They say that country. Falling oil prices for the past 18 months have brought widespread layoffs in the oil patch corporate, Wall Street and
while many people haven’t states, for example. But, according to a majority of economists surveyed by The Associated Press, academic economists from
benefited much since the the United States is resilient enough to defy the global economic slowdown and the sinking stock Feb. 17 through 24. Among
recession ended, a stron- markets that have fanned fears of a new U.S. recession. the findings:
ger economy lies ahead. — Immigration has been a
An Associated Press survey (Courtney Sacco/Odessa American via AP) ferociously contentious is-
this month of nearly three sue in the Republican presi-
dozen economists found a majority of Americans “I can say the economy is ployment.” dential race, but econo-
that a majority thinks the even think the economy in good shape, but I can Joe Brusuelas, chief econo- mists were unanimous:
United States remains re- remains in recession, even understand why many mist at RSM, noted that the Every one who responded
silient enough to defy a though the Great Reces- people are ticked off and recovery has occurred un- to the AP’s survey favored
global slump and the sink- sion officially ended in June say it’s not, because their evenly around the coun- opening doors rather than
ing stock markets that have 2009. wages haven’t grown,” try. Falling oil prices have building walls to legal immi-
raised fears of a new U.S. So what explains the gap said Joel Naroff of Naroff brought widespread lay- gration.
recession. With job growth between the optimism of Economic Advisers. offs in oil-producing states. Immigrants who gradu-
solid, higher wages and economists and the anxiet- The typical household’s But high-tech hubs like San ate from U.S. universities
spending should offset ies of voters? annual income sank dur- Francisco, Denver and Salt and remain in the country
global threats and support For one thing, sluggish pay ing the recession and Lake City are booming. “are amazingly productive
growth, they say. growth means many peo- didn’t regain its prereces- More than 50 million Ameri- members of society, start-
A majority said they thought ple are struggling even as sion level until November cans live in areas that kept ing new, innovative com-
stock investors have over- broad gauges of the econ- 2015, according to Sentier losing jobs and business- panies,” said David Berson,
reacted to sharply lower oil omy are improving. Research. That’s a much es through the first half of chief economist at Nation-
prices and a slowdown in For another, the economic slower, more painful pace the recovery, according to wide Insurance.
China. They foresee only a recovery, which followed a than occurred after previ- a report by the Economic The economists also see
19 percent chance that the devastating recession, has ous recessions. Innovation Group, a bipar- legal immigration as offset-
U.S. economy will fall into been unusually slow. Many “It’s been six or seven years, tisan think tank backed ting the impact of an aging
recession within 12 months. U.S. population and rising
Perhaps most notably in retirements — trends that
a political season that’s have reduced the propor-
sparked a polarizing de- tion of American adults
bate on immigration, the who either have a job or
economists overwhelm- are looking for one.
ingly described legal im- “Otherwise, we are going
migrants as a plus for the to have an incredible num-
economy. They note that ber of people taking Social
immigrants are dispropor- Security and Medicare and
tionately young and help a smaller and smaller num-
expand the workforce, ber of people providing for
which fuels growth. And im- them,” Berson said.
migrants are more likely to — Most of the economists
start businesses than Ameri- agree with Sanders’ view
cans as a whole are. that some mega-banks
Yet according to a Gallup remain “too big to fail,”
survey released this month, nearly nine years after the
Americans are more likely financial crisis erupted and
to name the economy as almost buried the U.S. bank-
the country’s top problem ing system. If the econo-
