Most Americans see recession ahead

A majority of American —68% — believed that the United States is headed into a recession in survey conducted by the American Institute of Certified Public Accountants of New York. The survey also found that 53% of Americans were cutting down on their spending and paying down debt as a result. The survey listed escalating energy costs, retirement and education as the most pressing economic concerns of Americans. Twenty-four percent of respondents said they were considering a second or part-time job to help them meet current expenses, marking a significant increase from last year, when 16% of respondents said they were contemplating this course of action. “Hard economic times tend to be a spur for people to curtail their spending and reduce their debt burden,” Carl George, chairman of the AICPA's National CPA Financial Literacy Commission, said in a statement. “Unfortunately, many Americans lack sufficient savings to provide a cushion during economic difficulties, as indicated by the number of people seeking part-time work.” A recession is defined by two consecutive quarters with a negative gross domestic product. The telephone survey was conducted among 1.026 Americans in March by Harris Interactive on behalf of the AICPA.