Here’s another way to look at the Gallup survey data reported yesterday that generated many headlines in the mainstream media and elsewhere, all similar to the one provided by Gallup when they wrote “More Than Half Still Say U.S. Is in Recession or Depression”.
While the idea that more than half of Americans think the economy is still contracting almost two years after the recession ended is significant, what struck me is that few think we ever made the transition out of a depression. As indicated in blue above, from September 2008 to April 2011, this number only dropped from 33 percent to 29 percent.
