Chicagoans glum about economy

By Mary Ellen Podmolik
Posted Aug. 12, 2010 at 8:06 a.m.

Chicago-area residents’ outlook for the local economy is downright dour compared with last fall, and women are far more pessimistic than men about whether they’re living the American dream.

A survey released Thursday found three in five area residents surveyed in late June didn’t think the economy had hit bottom yet. Back in September 2009, just about half of area residents expected the economic situation to continue sliding, according to the survey commissioned by Citi.

Area residents between the ages of 40 and 64 are struggling most with debt, with 33 percent of them having at least one kind of debt that they consider a major or unmanageable problem; credit card debt is the ltop concern.

For many, and particularly many women, it appears the American dream remains on hold. Fifty percent of men said they’d attained it, but only 39 percent of women felt the same way.

“Although we’ve had four consecutive quarters of economic growth, the Citi survey results clearly show that Main Street feels that the recovery has lost momentum,” said Jonathan Clements, director of financial education, Citi Personal Wealth Management.

The national survey of 2,005 adults, including 451 people in the Chicago area, was conducted in late June.

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  1. theomonk Aug. 12, 2010 at 11:06 a.m.

    Have You Noticed? I guess you could call me a people watcher. Lately I
    seem to notice more and more working age men just seemingly wandering around in the
    middle of the day. Walking through grocery stores with almost nothing in there
    carts,pausing to let older women cut in front of them, “I’m not in a hurry.” Going
    for evening walks in there
    neighborhoods , not exercising just ambling down the side streets. Heads
    down,shoulders rolled forward, bellies out and the pace slow. The Economy hurts in
    so many ways with no where to go nothing to build no way to earn. If Obama rides in
    on his socalisim *** waving an American flag so what. He has no clue that people
    don’t want others people’s tax dollars they want a job of there own and not tax
    payer “Created Job” People know that is just a hand out. I read a very inresting
    artice in by the renowened blogger artdeco
    good manners and the law stop me
    from reprinting it here but I suggest you read it. good day and good luck yours

  2. i can see for miles Aug. 12, 2010 at 11:49 a.m.

    Not only your own job to worry about, but friends and neighbors too. Foreclosure surges point to people bearing a heavy burden–whether from their own doing (McMansion-envy) or just tough luck–this impacts whole families and neighborhoods. Need to make sure this doesn’t happen again. Was looking for the President to return some of the laws that helped prevent this flagrant greed in the past, not to keep doubling down on our debt. IL is in sad sad financial shape. The state reflects its’ people.