Majority of Americans worried about their economic situation

Since 2001, the weekly median wage in the US has declined.  While home ownership has skyrocketed since then, so have home foreclosures.  As we enter what may end up being the second recession under Bush's leadership, a majority of Americans question their own ability to stay afloat:

Nearly seven in 10 Americans are worried about maintaining their standard of living, as concern has spiked higher in just the past five months, according to a new Washington Post-ABC News poll. Soaring consumer prices are a major challenge, with many people struggling under the weight of the rising costs of fuel, food and health care.

The poll shows that the weak economy and rising prices are high among voters' concerns, and contribute to a souring national mood in this presidential election year. More than eight in 10 said the country has veered pretty seriously off-track, and a separate poll released yesterday by ABC showed economic anxiety at its highest level on record since 1981.

What's even more striking is how bad household debt has become:

In just the past seven years, U.S. household debt almost doubled and federal debt soared by near two-thirds, rocketing by a combined $10.5 trillion. The total combined debt of households ($14.4 trillion) and the federal government ($9.2 trillion) is now 168 percent of GDP, far higher even than in the brief spike during World War II. All other levels and ratios of debt also have soared far beyond any past precedent.

While government figures show that consumer prices rose more than expected in the month of May, according to The Wall Street Journal, this current economic slowdown is what is preventing an even larger inflation spike.  So as bad as it is, it could be worse.