Poll reveals pessimistic outlook in Mass.

The Boston Globe reports that residents of Massachusetts don't have a positive outlook on the economy. Recent fluctuations in the stock market, rising inflation and unemployment, and the collapse of several major financial institutions are the likely factors contributing to the pessimism.

Suffolk University and The Boston Globe collaborated to conduct a poll on the attitudes of Massachusetts residents responding to the current economic conditions. The results were tallied before the House or the Senate voted on the bailout plan and before the subsequent days of extreme volatility in the stock market.

Even before any decisions on the rescue plan presented by Henry Paulson had been made by congress, a full 41 percent of those polled said they believed the economy would get worse in the coming year. Only 21 percent were optimistic that the economy would improve.

One particular response recorded by the poll seems to illustrate the challenging economic conditions facing Massachusetts residents. A large number of people responding indicated that although they are trying to cut back on their purchases, they have spent more this year than last year.

Such information suggests that although Massachusetts residents are making fewer discretionary purchases, the cost of necessary items such as food, clothing, and gas has risen considerably since last year. As a result, it becomes harder for households to get ahead because cutting back on unnecessary items will not always translate into savings, and savings are important for a feeling of overall economic health.

To read the Globe article, click here.

--Bridget O'Sullivan