1,200 Americans interviewed by SurveyUSA as the Dow Jones Industrial Average descended toward 8,000. 78% say they understand what is happening to the economy. Of them:

3 of 4 have cut back on their spending, enough to strangle this economy or any other. Of those who have cut back:
1 in 4 have cut back 10% on their spending.
1 in 4 have cut back 20% on their spending.
Almost half have cut back 30% or more on their spending, which foreshadows a possibly violent contraction.

56% say it’s fair to call what is happening with the economy a “crash.”
Half of homeowners are worried about being late on the mortgage.
3 of 4 renters are woried about being late with the rent.
1 in 4 have changed how or where they keep their money, to put it some place more safe.
Perhaps worst of all, 6 in 10 have no confidence in the government’s ability to fix the economy, unchanged from a SurveyUSA tracking poll conducted before the US Congress passed an economic rescue package, that so far has not appeared to rescue anything.

Full results of this poll can be found here.