by Katie Fretland
The public's confidence in the economy has reached its lowest level since 1992, and the percentage of people reporting it is getting worse is at a record high, Gallup reports in its tracking of consumer confidence.
However, two groups that are likely to be less pessimistic about the current economic conditions are college graduates and Republicans, Gallup chief economist Dennis Jacobe reports.
In mid-June, 47 percent of Americans reported that the economy is "poor," up 4 percent from April and May.
The percentage of college graduates rating the economy as "poor" increased 16 percent since January, compared to 21 percent for people who did not earn a college degree.
"College graduates tend to have higher incomes than other Americans, so it is not surprising that upper-income Americans are also generally less likely to rate the economy as 'poor,'" Jacobe says.
Republicans tend to report more positive opinions about the economy, with 29 percent rating economic conditions as "poor," compared with 48 percent of Independents and 58 percent of Democrats.
This optimism reflects higher average incomes and possibly political loyalty to the GOP, Jacobe says, however the number of Republicans rating the economy as "poor" has more than doubled since January.
Jacobe offers this commentary on the report:
"Gallup's daily polling of consumer confidence supports the idea that the current degree of consumer economic pain may not be fully reflected in today's economic data. Nor is the full degree of economic pessimism fully appreciated. For example, the percentage of Americans saying the U.S. economy is going in the wrong direction increased to 87% last week -- and that degree of pessimism included Americans across the income spectrum, as even 88% of those making at least $90,000 a year say the economy is getting worse, not better."
"Even with the current difficult economic times, Americans who have a college degree see current economic conditions in a much different light than those who don't. In a real sense, this is a real-life reflection of the benefits associated with higher education in a global economy -- and just possibly an issue that deserves attention similar to that of energy policy in the presidential election."
Gallup's results are based on interviews with more than 8,000 United States adults from January to May with an estimated margin of error of plus or minus one percentage point. Additional results for questions in June were based on approximately 3,000 interviews with an estimated margin of plus or minus two percentage points.
For the full report, visit Gallup.com.
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Comments
It's hard for McCain to play to his base and ignore the faltering economy in favor of tax cuts and terror while at the same time winning over the real voters who are clued in to their shrinking wallets.
http://www.political-buzz.com/
Posted by: matt | June 26, 2008 8:22 AM
However, two groups that are likely to be less pessimistic about the current economic conditions are college graduates and Republicans, Gallup chief economist Dennis Jacobe reports...
This optimism reflects higher average incomes and possibly political loyalty to the GOP, Jacobe says, ...
For me it is not political loyalty at all. It is, I think / don't know this for a fact, more a recognition that things do not have to be bad solely because NPR or someone performing a DNC public service says that they are bad. Every piece of bad news does not necessarily have to have a negative impact on you. More importantly, there still are a few things that YOU do have control over. That, good friends, IS a Republican Thing.
Posted by: Django Scott - Houston, Tx | June 26, 2008 8:43 AM
This is another story by the driveby media to gin up support for Obama on the basis that the economy is in the tank. They have talked the nation into a mild recession and so have Hilary and B Hussein Obama all during the primaries.
One thing that I have seen is that Republicans are more optimistic about everything than liberal Democrats or socialists. When Democrats lookup they see bottom.They also blame everything on America. Jerry White, Springfield, IL
Posted by: Jerry White | June 26, 2008 9:21 AM
It is only the Ridiculous Republicans, the bush babies, that are having a great time with this disaster known as our economy !! The only difference between the economic disaster and the disaster in Iraq, is the tragic deaths our men and women in uniform, dying to secure Oil fields in the Middle East !! The economic disaster could be seen as a real issue of malfeasance on the part of President Bush, an impeachable offense. It appears to be incompetence, in most cases, but there seems to be a few cases, where the appointments and placements were designed for a purpose and these cases should be thoroughly investigated, particularly, the Offices of the Treasury, Housing, Justice Department and the Defence Department, particularly, procurement and the beneficiaries of some of those "lost" monies, cronyism contracts and, above all, the cover-ups, that ensued !!! That is the least we can do the exonerate our President and Vice-President, if they deserve it !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | June 26, 2008 10:34 AM
Matt - curing a faltering economy is done by cutting taxes, not raising the highest payroll/inocme tax rate to 54%.
Ask yourself, since the democrats have been in charge of Congress for the past 18 months, what has happened to the economy?
Good to see City of Chicago Ghost Payroll FITZ checking in.
Posted by: Terry | June 26, 2008 9:48 PM