Almost half of all Americans fear a ‘total economic collapse’ in the next 10 years, new poll shows

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice

More than four in 10 Americans believe the country is heading toward a complete economic meltdown within the next decade, according to a new poll.

The survey, released by YouGov on Wednesday, shows Americans are more worried about the economy than potential threats to the democratic system or the prospect of civil war.

Forty-two percent of respondents said it is very or somewhat likely that there will be “a total economic collapse” in the next 10 years, while a smaller share, 38 percent, described this outcome as unlikely.

Financial anxiety ran much higher among Democrats, 53 percent of whom feared an economic breakdown, compared with just 28 percent of Republicans.

Many respondents said they believe the domestic economy is already in dire straits. Forty-three percent said the U.S. is currently in a recession, including 58 percent of Democrats and just 21 percent of GOP participants.

open image in gallery Four in 10 Americans fear a 'total economic collapse' in the next 10 years, according to a new poll ( AFP via Getty Images )

Additionally, 50 percent of respondents said they have no trust at all in President Donald Trump’s ability to handle the economy, while 32 percent said they had a lot of trust in the president on the economy and 18 percent had little trust.

The poll — which sampled 1,111 U.S. adult citizens February 24 to March 1 — comes as the war in Iran has triggered fears of global economic upheaval.

The conflict has brought tanker traffic through the Strait of Hormuz — a crucial corridor for global trade — to a standstill, sending oil prices soaring past the $100-a -barrel milestone several times in recent weeks. Experts have warned that elevated fuel costs will likely trickle down into the broader economy, affecting grocery prices, shipping and airfare.

Other recent indicators suggest the economy is chugging along at a modest pace, though there are signs of strain.

The Commerce Department reported on Friday that the U.S. economy advanced at a sluggish 0.7 percent annual rate between October and December, marking a significant downgrade from its earlier estimate.

Growth in gross domestic product was down from 4.4 percent in last year’s third quarter and 3.8 percent in the second. And the fourth-quarter figure was half the federal government’s initial estimate of 1.4 percent.

open image in gallery Inflation has held largely stable, with consumer prices up 2.4 percent in February from a year earlier ( Getty )

The Labor Department also reported last week that U.S. employers cut 92,000 jobs last month, while the unemployment rate climbed to 4.4 percent.

Inflation has remained largely stable, with consumer prices up 2.4 percent in February from a year earlier, according to last week's Labor Department report.

On Wednesday, the Federal Reserve held interest rates steady, as Chair Jerome Powell telegraphed uncertainty about how the Iran war would impact the labor market.

“The thing I really want to emphasize is that nobody knows,” Powell said.