AP Poll: A year later, worries linger on economy

WASHINGTON (AP) — One year after Wall Street teetered on the brink of collapse, seven out of 10 Americans lack confidence the federal government has taken safeguards to prevent another financial industry meltdown, according to a new Associated Press-GfK poll.

Even more — 80 percent — rate the condition of the economy as poor and a majority worry about their own ability to make ends meet.

The pessimistic outlook sets the stage for President Barack Obama as he attempts to portray the financial sector as increasingly confident and stable and presses Congress to act on new banking regulations.

The public sentiment also poses a challenge to central elements of Obama’s governing agenda. Half of those surveyed said deficit reduction should be a national priority over increased spending on health care, education or alternative energy.

“I know a lot of people who don’t have health care and really can’t afford it,” said Judy Purkey, a 57-year-old grandmother from Morristown, Tenn., who has raised four grandchildren and is living on disability payments. But she added: “The economy is so bad. You’ve heard the expression getting blood out of a turnip? - Well, that’s what’s going on.”

The president, in a CBS interview that aired Sunday on “60 Minutes,” acknowledged the public’s quandary.

“This is a very difficult economic environment. People are feeling anxious,” he said. “And I think it is absolutely fair to say that people started feeling some sticker shock.”