Key Takeaways
- Nearly half of Americans (45%) believe their financial security is getting worse, while only 20% think it’s getting better.
- 57% of Americans believe the US is experiencing a recession, despite the country not technically being in one.
- There are significant divisions in economic sentiment along party lines, with Democrats more likely to say their financial security is getting worse than Republicans.
- A majority of independents (54%) say their financials are worsening, and most (58%) believe the country is in a recession.
- The White House is being increasingly blamed for the economic woes, with 76% of Democrats and 72% of independents pointing to government management of the economy as the main culprit.
Introduction to the Poll
The latest poll conducted by Harris for the Guardian has revealed some worrying trends for the US economy and the White House. The poll, which surveyed 2,180 US adults, found that nearly half of Americans believe their financial security is getting worse, while only 20% think it’s getting better. This pessimism is despite the US posting stronger than expected economic growth figures for the summer months. The poll also found that 57% of Americans believe the US is experiencing a recession, which is not technically the case. This disconnect between the actual state of the economy and the public’s perception of it is a cause for concern for the White House.
Economic Sentiment Along Party Lines
The poll highlights the significant divisions in economic sentiment along party lines. Democrats are almost twice as likely as Republicans to say their financial security is getting worse, with 52% of Democrats and 27% of Republicans holding this view. This divide is not surprising, given the stark differences in how the two parties view the economy and the role of government in managing it. However, what is concerning for Republicans is that they have not been able to sway independents, with a majority (54%) of independents saying their financials are worsening. Most independents (58%) also believe the country is experiencing a recession, which could have implications for the upcoming elections.
Blame for Economic Woes
The poll also found that the White House is being increasingly blamed for the economic woes. When asked to choose between the government or corporations for the question "who is most responsible for any increasing prices", 76% of Democrats and 72% of independents pointed to government management of the economy. This is a significant increase from February’s poll, with Democrats’ blame of the government rising by 17% and independents’ by 14%. Republicans were less likely to point to the government, with 55% saying it was government management of the economy and 45% blaming corporate practices. This shift in blame could have significant implications for the White House and the Republican party.
Demographic Divides
The poll also highlighted significant demographic divides in economic sentiment. Women are far less confident about the economy than men, with nearly two-thirds (62%) of women believing the US is experiencing a recession, compared to 52% of men. Half of women (50%) also believe their financial security is getting worse, compared to 39% of men. There are also stark racial gaps, with two-thirds of Black and Hispanic voters (66% and 67%, respectively) thinking the US is in a recession, compared to 52% of white voters. The jump for Hispanic voters was the highest among any race, rising by 11% from February. These demographic divides could have significant implications for the upcoming elections and the White House’s efforts to boost economic confidence.
The K-Shaped Economy
The poll also highlighted what some economists have referred to as the K-shaped economy – the divide in economic sentiment between wealthy Americans, who are the largest beneficiaries of a booming stock market, and everyone else. Of those who are making less than $50,000 a year, 59% said their financial security is getting worse, compared to 37% of those making over $100,000. This divide is a cause for concern, as it suggests that the benefits of economic growth are not being shared equally among all Americans. The White House will need to address this issue if it is to boost economic confidence and reduce the growing pessimism among Americans.
Conclusion
In conclusion, the latest poll conducted by Harris for the Guardian has revealed some worrying trends for the US economy and the White House. The growing pessimism among Americans, the divisions in economic sentiment along party lines, and the demographic divides all pose significant challenges for the White House and the Republican party. The White House will need to address these issues and find ways to boost economic confidence if it is to reverse the growing trend of Americans who believe their financial security is getting worse. The upcoming elections will be closely watched, and the White House will need to find ways to sway independents and address the concerns of women, Black, and Hispanic voters if it is to maintain its majority in Congress.