Depression fears rise

PRINCETON, N.J., Dec. 22 (UPI) -- The percentage of U.S. adults believing an economic depression is possible or even likely has grown in the past months, a recent survey said.

Senior citizens who lived through the Great Depression are less likely to view the current state of the economy as the worst economic situation in their lifetimes, but more likely than others to believe a depression is possible soon, researchers from Gallup Poll said Monday.

In telephone interviews of 1,008 adults conducted Dec. 12-14, only 25 percent of respondents indicated a depression was not possible, a sharp drop from a previous survey in which 40 percent indicated a depression was not possible, Gallup said.

Those indicating a depression was "very likely" grew from 23 percent to 35 percent, Gallup said.

A depression was defined as a shrinking economy lasting several years.

Part of the current state of pessimism has to do with how long people believe economic problems will last. A majority of respondents indicated it will take three years or more for the economy to recover, Gallup said. In the survey, respondents, on average, indicated it would take five years for the economy to recover.

The poll results included a margin of error of plus and minus 3 percentage points, Gallup said.