According to the American Pulse™ survey, 77% of consumers say the federal deficit is the result of government spending too much. 77% also say that the deficit will impact the current economy in a negative way.
I was not looking for a survey to confirm one of our key 3Q themes, but I came across this one that highlights a theme that we have been writing about for the past couple of months.
According to the latest American Pulse™ survey of 5,005 respondents, 72% of consumers say the deficit will negatively affect the future growth of the economy. As an aside, we explored the math behind the negative impact of deficits on growth during last week’s MACRO conference call.
The survey noted that 77.2% of Americans believe that the deficit is a result of government spending being out of control. And given the deficit, 57.5% think that it wasn’t wise for Congress to skip voting on a budget this year (16.3% think it was smart).
Not surprisingly, a staggering number of people have no confidence in politicians. Some interesting stats:
- 78.8% believe that politicians are mismanaging taxpayer dollars, compared to only 6.9% who think they are using them wisely.
- 71.8% have little-to-no confidence that the government’s economic policies will get the economy back on track vs. 28.2% who are confident/very confident
- 70.1% say the federal deficit will have a negative impact on job creation
- 74.9% have little-to-no confidence that the government’s economic policies will help lower unemployment vs. 25.1% who do
- 54.1% feel the Obama administration is not listening to the voice of the people, while 31.1% say it is.
What does this all mean for President Obama? He currently trails an unnamed Republican candidate among registered voters, independents and women, which, on the margin, is bullish for the extension of the Bush Tax Cuts, should sentiment be reflected at the polls come November. See the chart below.