Even as many Americans hold a pessimistic view of the U.S. economy, there is a sign of rising optimism suggesting some may be seeing prospects for an end to the recession, according to a recent survey commissioned by the AICPA.
Nearly half of Americans say they are "pessimistic" about the U.S. economic outlook over the next 12 months, a slight decline from 54 percent who were pessimistic in the same survey this time last year. At the same time, the proportion of survey respondents who said they were "optimistic" or "very optimistic" about the economy's future rose to 44 percent in the latest survey, up from 41 percent a year ago.
Seventy-nine percent hold negative views of the U.S. banking system. Twenty-eight percent expect the $700 billion in bailout funds in the Troubled Asset Relief Program to cover losses rather than feed new credit. A quarter believe the funds would be used to pay bonuses, and 22 percent said banks were simply holding the funds as capital.
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Only seven percent anticipate the TARP funds will be used to begin lending again. Still, 50 percent think the $737 billion stimulus package passed by Congress and signed by President Obama will begin to boost the economy over the next six months to two years.
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