January 11th, 2008
04:07 PM ET
7 years ago

Cafferty: It’s the economy, stupid.

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"It's the economy, stupid"... That's the message presidential candidates are once again getting from voters. The economy now tops Iraq as the most important issue to Americans.

The list of problems with the economy is long and getting longer: the mortgage meltdown, the credit crunch, the rise in unemployment, the continuing decline of the dollar and high gas and oil prices.

It all adds up to the likelihood of a recession. A lot of people think a recession has already begun. The Wall Street Journal surveyed a panel of economists who put the chance of recession at 42%.

Ordinary Americans are more pessimistic than those economists. A new CNN/Opinion Research Corporation poll shows 61%of those surveyed think the economy is already in a recession.

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