The 1990-1991 recession lasted the usual length, but there were two significant areas
hobbling the start of a recovery. One area was the public's gloomy outlook. Many believed that
there was no hope for a speedy recovery. A University of Michigan index indicated that consumer
confidence fell 1.1 points in January of 1992 to 67.1 percent, continuing a four-month slide
(Somerville, 1992). This reflected consumers' continued reluctance to spend. This mood cannot be
pinpointed to one particular cause, but to a combination of factors. A Wall Street Journal/NBC
News poll indicated that 53 percent of the people who responded felt that the U.S. was in a state of
general decline. Other polls showed a lack of confidence by Americans that their children would
live better than they did (Murray, 1991).