FROM CNN’s Jack Cafferty:

The 111th Congress convened in Washington today. The problems confronting the country are many… the economic crisis, energy, health care and climate change, among others.

Democrats control both houses, but Republicans are not without power, especially in the Senate. And there are disagreements among Democrats as well over such things as runaway federal spending, what to do about the automakers and the right policy when it comes to the use of fossil fuels.

The public is also skeptical. According to a new Gallup poll only 19-percent of Americans approved of the job the Democratic Congress did in 2008, one of the lowest scores on record.

By the end of the year Congress’ approval rating had risen from a low of 14 percent last July to 20 percent in December.

But overall, Americans remain dissatisfied with how things are going. And it’s a pretty safe bet that if Congress doesn’t improve on its past performance this time around, it will be a very short stay in our nation’s Capitol for many of them.

Here’s my question to you: When it comes to the economy, how much do you trust Congress to do the right thing?

Interested to know which ones made it on air?

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FROM CNN’s Jack Cafferty:

Go figure. Gas prices are actually down since President Bush took office eight years ago.

According to the Energy Information Administration, the average price per gallon last week was $1.59. When adjusted for inflation, that’s 9% less than when President Bush took office and considerably less than the cost last summer which was more than $4 per gallon.

Gas prices are starting to creep up a few cents now. Oil prices have risen in response to the fighting in Gaza, and there are predictions that after declining for 5 months gasoline could cost $2 a gallon by spring.

Meanwhile, consumers are only too happy to spend less at the pump. People are now spending $25 a week on gas instead of $75. That translates to a savings of about one billion dollars a day for American motorists, according to AAA. They say high gas prices contributed to the recession, and lower prices could help turn things around by leaving people with more cash in their pockets to spend on something besides gas.

The downside is that lower gas prices take the emphasis off developing alternative energy sources and breaking our dependence on imported oil.

Here’s my question to you: Are lower gas prices an asset or a liability for the U.S.?

Interested to know which ones made it on air?

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(PHOTO CREDIT: GETTY IMAGES)

FROM CNN’s Jack Cafferty:

A top economist at the IMF, the international monetary fund, told a Swiss newspaper this weekend the worst of the financial crisis is still in front of us. Olivier Blanchard went on to say things won’t start to get better until 2010 or later.

These comments came before the government extended the late night lifeline to Citigroup. The president also left the door open for aid to other banks and financial institutions considered too big to fail if they find themselves in the same spot.

But are bailouts and loans, ones taxpayers are on the hook for , really the answer? We are in the midst of the worst financial crisis since the Great Depression. About $23 trillion, or 38 percent, of the value of the world’s companies has been wiped out. Three of the biggest Wall Street firms have been brought down. Investors, home owners, and job seekers are all suffering.

Americans have high hopes for a new president and his administration this January. But even President-elect Obama said today, “The economy is likely to get worse before it gets better.”

Here’s my question to you: Do you believe the worst of the financial crisis lies ahead?

Interested to know which ones made it on air?

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FROM CNN’s Jack Cafferty:

John McCain didn’t need this. Former senator Phil Gramm, McCain’s campaign co-chairman and one of his economic advisers said the U.S. is only going through a “mental recession.” No problem.

Gramm also called the United States “a nation of whiners.” McCain is actually quite capable of saying stupid things on his own… he really doesn’t need Phil Gramm to help him. Gramm later said he was referring to U.S. leaders as “whiners,” not ordinary Americans – but that’s not what he said. Gramm also stood by his comments on a mental recession, saying we haven’t measured negative growth – it’s simply all in our minds.

McCain, he couldn’t distance himself from the comments fast enough, saying he strongly disagreed and that Gramm didn’t speak for him. But Phil Gramm is advising him on the economy and is co-chairing his run for the White House.

Phil Gramm has now made it much more difficult for McCain to prove to the average citizen that he feels their pain, and it reinforces the perception that wealthy Republicans are out of touch with what most Americans are dealing with. Gramm’s remarks come after McCain himself said earlier this year that the economy isn’t his strong suit and after he insisted the fundamentals of the economy remain strong.

Tell that to the millions of Americans who are grappling with record energy costs and gas prices, the housing and credit crises, a loss of jobs, increase in unemployment, a slumping stock market, inflation, a falling dollar, the drain from two wars and on and on.

It’s Friday afternoon and we need your help here…

Here’s my question to you: What’s the difference between a “mental” recession and a real one?

Interested to know which ones made it on air?

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McCain said he could balance the budget by 2013 by keeping taxes low and curbing spending.

FROM CNN’s Jack Cafferty:

The economy is issue number one for American voters, and that has sent both presidential candidates scrambling to describe what they’d do to fix this nation’s economic problems.

John McCain is vowing to balance the budget by 2013. He says he’ll do it by keeping taxes low and cutting back on spending. McCain’s plan includes a one-year freeze in domestic spending, entitlement reforms and reducing the growth in Medicare spending. He also says he’ll veto any bill with earmarks.

A lot of economists suggest there’s no way that McCain can balance the budget in 4 years. Remember, McCain wants to extend President Bush’s tax cuts and he’s committed to staying in both Iraq and Afghanistan. One group estimates that even if U.S. troop levels in Iraq were cut by 80%, McCain would still face an annual deficit of almost $450 billion.

The Arizona Senator also says he plans to create jobs by doing things like building nuclear power plants, and he says he’d make a bipartisan push to fix Social Security. But by his own admission, when it comes to the economy, McCain is not at his best.

Take Social Security. This is how McCain answered a question earlier this week about how he’d fix it:

“Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that’s a disgrace. It’s an absolute disgrace and it’s got to be fixed.”

Note to Senator McCain: older workers benefits have always been paid by the taxes put into the system by younger workers. When you’re young and working, you pay into the system so that older retired people can collect their benefits. Where has Senator McCain been?

Here’s my question to you: How confident are you in John McCain’s ability to solve our economic problems?

Interested to know which ones made it on air?

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AAA reports the national average for regular unleaded is at $4.07, up nearly 37% from a year ago.

FROM CNN’s Jack Cafferty:

When former Federal Reserve Chairman Alan Greenspan speaks, people listen. He says the United States is on the brink of a recession. There’s more.

He warns that the chances of a recession happening are more than 50%, and that a quick recovery is unlikely. Greenspan says that there are still “very considerable structural problems” in our financial system and that it’s going to be “very difficult.”

And Americans seem to be on the same page as Greenspan. The Conference Board, a private business research group, reported today that consumer confidence dropped to an all-time low of 50.4 in June – a significant decline from last month.

It’s because people are dealing with tough situations, everything from falling home values, to tight credit to rising prices for everything from food to energy, especially gas prices. Toss in rising unemployment, inflation, a loss of jobs and the decline in the value of the dollar and, well, you get the idea.

The national average for a gallon of gas is still more than $4, and there probably won’t be much relief anytime soon. Energy experts say that despite all the squawking from lawmakers, don’t expect them to do much to cut gas prices. That’s because Congress can’t really control the price of oil, which is in part due to worldwide demand from places like China and India.

But the candidates continue to rattle on about gas prices nonetheless, because polls show that energy – including gas prices – is now tied with the economy as the top issue on voters’ minds.

Here’s my question to you: Do you agree with Alan Greenspan that the U.S is on the brink of a recession or are we already there?

Interested to know which ones made it on air?

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FROM CNN’s Jack Cafferty:

Can you tell it’s an election year? After a moratorium against drilling for oil in Alaska and off the coast of the U.S. for the last 27 years, suddenly the politicians are saying “to hell with the environment and the tourism industries in places like Florida… let’s drill for oil now!”

Funny how gas hits four dollars and politicians throw their principles out the window. President Bush and John McCain both favor drilling as though it will take the place of a coherent energy policy. If exploration started today, some experts predict it could take ten years before you could pump the oil from the coastal areas and Alaska into your car as gasoline.

The economic implications for states like Florida – that rely heavily on tourism – are immense. In the event of a leak or a spill, the entire coastline could be ruined. Remember the Exxon Valdez.

The political implications for John McCain’s chances of being the next president are also large. If coastal drilling happens in California, McCain can forget about it. Californians are among the most environmentally conscious folks in the country and are staunchly opposed to drilling for oil off their coast.

Florida could react the same way. Clean beaches are vital to the state’s economy. But suddenly Florida’s governor, Charlie Crist, who some think is salivating at the chance to be McCain’s V.P., is all in favor. Until yesterday he was opposed.

Critics of the idea point out that the oil companies currently have 68 million acres under offshore lease that are not being developed. But critics be damned… full speed ahead. It’s an election year and the voters are mad about gas prices.

Here’s my question to you: Is drilling for oil in Alaska and off the coast the answer to high gas prices?

Interested to know which ones made it on air?

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FROM CNN’s Jack Cafferty:

Buy now, pay later… seems to be the American way.

A new Gallup poll takes a look at Americans’ habits when it comes to their credit cards. When asked how they pay their credit card bills each month, 43% of those surveyed say they always pay the full amount. 17% say they usually do. 25% say they usually leave a balance, and 12% say they usually pay the minimum amount due. Only 1% pay less than the minimum. Credit-card holders have an average of about 4 cards.

When it comes to those who carry a balance, 30% say they have a balance of more than $2,000. 19% have a balance of more than $5,000, and 9% say more than $10,000.

The good news is people might be getting a little smarter about using their plastic. In April, the Fed said consumers actually used their credit cards less. And the poll found that the percentage of people who say they leave a balance or make the minimum payment on their credit cards has actually gone down over the past few years.

This suggests that the shaky economy has more people thinking twice before whipping out their charge card. But it’s also a difficult situation for millions of people trying to figure out how to make ends meet. Just today the government reported the cost of living rose for Americans last month. Inflation increased 4.2%, led by surging energy costs.

Here’s my question to you: How would you describe your relationship with your credit cards?

Interested to know which ones made it on air?

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FROM CNN’s Jack Cafferty:

Guess who’s paying for that $170 billion economic stimulus package? Our children.

Those rebate checks meant to stimulate the economy helped push the federal budget deficit to $166 billion last month, a record high for the month of May. The Treasury Department says this May deficit was more than double what it was last year.

During last month, $48 billion in stimulus checks went out as part of an effort to revive the economy. This stimulus package was actually something that prompted Democrats and Republicans to work together. They settled on checks of $600 for individuals who earn less than $75,000 and $1,200 for married taxpayers who earn less than $150,000 together.

The Bush administration estimated earlier this year that the deficit would be $410 billion, but many private economists believe it will be higher, possibly topping the all-time high of $413 billion set in 2004. And remember, the deficit numbers reported by the government don’t include the cost of the war in Iraq, estimated between $150 billion and $200 billion a year.

The largest increase in retail sales in six months in May is an indication people are spending those rebate checks. The increase was double what economists were expecting. But it’s likely only temporary.

The point is this is all borrowed money that’s being used for the rebate checks. Money that will someday have to be repaid – probably by our children or grandchildren.

Here’s my question to you: Is it fair for the government to make our children pay for the economic stimulus package?

Interested to know which ones made it on air?

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Click the Play Button to see what Jack and our viewers had to say.(PHOTO CREDIT: GETTY IMAGES)

FROM CNN’s Jack Cafferty:

The American dream is becoming more of a mirage these days.

54% of Americans say their standard of living is no better today than it was five years ago, according to a new USA Today/Gallup poll. And only 45% expect their children to live better than they do. That’s not the way it used to be in this country.

Today more and more Americans are struggling thanks to the housing crisis, the credit crisis, gas topping $4 a gallon, rising food prices and unsettled financial markets. From the end of the 2001 recession through last year, average household income actually dropped almost every year. That’s the first time since World War II that the typical family was worse off at the end of an economic expansion than at the beginning. That’s an ominous sign.

Economists say there are lots of reasons for the financial headaches including weaker unions that can’t fight lower wages and more global competition. There’s also been growing demand for skilled workers at a time when the typical American worker has fewer years of education.

The term “American Dream” actually was born during the Depression. Economists now refer to the period from 1945 to 1973 as the “golden age” when both the rich and poor prospered.

But that has changed. These days it’s almost always been the rich who benefit from economic growth. One expert says the top 1% of American families – those earning more than $382,000 – received about three-quarters of the nation’s overall growth from 2002 to 2006.

This suggests that the other 99% of the country may no longer be able to count on the idea of better times ahead. And if that’s the case, we are in big, big trouble.

Here’s my question to you: Is the American dream dead or just wounded?

Interested to know which ones made it on air?

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