{"id":51190,"date":"2011-04-07T13:13:36","date_gmt":"2011-04-07T18:13:36","guid":{"rendered":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/2011\/04\/07\/section-2-national-economy-personal-finances-2\/"},"modified":"2024-04-14T03:48:31","modified_gmt":"2024-04-14T08:48:31","slug":"section-2-national-economy-personal-finances-2","status":"publish","type":"post","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/politics\/2011\/04\/07\/section-2-national-economy-personal-finances-2\/","title":{"rendered":"Section 2: National Economy, Personal Finances"},"content":{"rendered":"
\"\"<\/figure>\n\n

The public\u2019s views of the national economy began to move in a less negative direction late last year. The proportion rating the national economy as poor fell from 54% in October to 45% in December. That trend continued through February, when 42% said economic conditions were poor.<\/p>\n\n

But in the new survey, the number saying economic conditions are poor has again climbed; currently, 53% say the economy is poor, up 11 points from February. Fewer people rate the economy as only fair (38% now, down from 45% in February). As has been the case for the past three years, very few (8%) say that economic conditions are excellent or good.<\/p>\n\n

Negative views of economic conditions have increased among most demographic and political groups. But independents are especially gloomy about the state of the economy: 57% say economic conditions are poor, up from 43% in February. A comparable percentage of Republicans (59%) also views the economy as poor, which is little changed from February (51%). Democrats\u2019 views of the economy have <\/p>\n\n

\"\"<\/figure>\n\n

shown less change and are more positive than those of Republicans or independents (41% poor now, 36% in February).<\/p>\n\n

Since February, there also has been a decline in the number saying the economic recovery is already occurring or will kick in soon. Two months ago, a majority (57%) said the economy was recovering (24%) or that the economy would recover soon (33%). <\/p>\n\n

\"\"<\/figure>\n\n

Only about four-in-ten (42%) said it would be a long time before the economy recovered.<\/p>\n\n

Today, more (54%) say the recovery is a long way off than say either it is already recovering (20%) or will recover soon (24%).<\/p>\n\n

The rise in economic pessimism since February has come across nearly all political and demographic groups. And in most cases, people are about as likely to see recovery as a long way off as they did in December.<\/p>\n\n

Just as independents\u2019 views of current economic conditions are comparable to Republicans\u2019 assessments, their economic expectations are similar as well. Currently, 59% of independents and 63% of Republicans say it will be a long time before the economy recovers; that compares with 41% of Democrats. In February, 49% of Republicans, 44% of independents and 32% of Democrats said the recovery was a long way off.<\/p>\n\n

More Expect Family Financial Situation to Worsen<\/h3>\n\n

The public continues to give rather dour assessments of their own personal financial situation. Most rate their finances as either only fair (36%) or poor (26%); 29% say they are in good shape and just 7% say they are in excellent shape financially. Personal financial ratings have shown little change over the past several months.<\/p>\n\n

At the same time, people\u2019s financial outlooks for the next year have become somewhat more negative since December. Just over half (51%) say they expect their financial situation to improve a lot (7%) or some (44%) over the next year. However, the percentage saying they expect it to get a little or a lot worse has grown from 26% in December to 33% in the current survey.<\/p>\n\n

\"\"<\/figure>\n\n

The increase in financial pessimism has come entirely among those in middle- and lower-income groups. Currently, 35% of those with family incomes of between $30,000 and $75,000 expect their finances to get worse, up from 25% in December. There has been a similar increase among those with family incomes of less than $30,000 (from 29% to 39%).<\/p>\n\n

By contrast, those earning $75,000 or more a year have experienced no change in expectations and remain far less likely to say they expect their situation to worsen (23% compared with 35% and 39%, respectively).<\/p>\n\n

Republicans have also become more pessimistic about the outlook for their family\u2019s finances over the next year. Roughly a third (36%) expects their situation to get worse over the next year up from 26% in December.\u00a0 There have been no significant changes among Democrats or independents.<\/a><\/p>\n\n

Gas Prices Top Household Financial Pressure<\/h3>\n\n

Gas prices affect the household finances of most Americans, regardless of their age, income or political affiliation. Fully 69% of the public and majorities across demographic and political groups say that gas prices affect their household finances a lot.<\/p>\n\n

\"\"<\/figure>\n\n

Aside from gas prices, however, there is less common ground in views of different financial pressures. While large majorities of those with low\u00a0 (65% of those with less than $30,000) and middle family incomes (63% of those with $30,000 to $75,000) say their finances are affected a great deal by prices for food and other consumer goods, fewer of those with higher incomes agree. About half (48%) of those with incomes of $75,000 or more say their finances are affected a lot by food and consumer prices.<\/p>\n\n

Jobs are a particular concern for those with lower incomes: 54% of those with incomes of below $30,000 say the job situation say their household finances are affected a lot by the job situation, the highest in any other income category. Conversely, the stock market is a greater concern for those with incomes of at least $75,000 than it is for those in lower income groups.<\/p>\n\n

The budget deficit is generally viewed as a secondary financial concern, though more Republicans and independents than Democrats say the deficit affects their household finances. Nearly half of Republicans (48%) and 45% of independents say their household finances are affected a lot by the budget deficit; fewer Democrats (38%) express this view.<\/p>","protected":false},"excerpt":{"rendered":"

The public\u2019s views of the national economy began to move in a less negative direction late last year. The proportion rating the national economy as poor fell from 54% in October to 45% in December. That trend continued through February, when 42% said economic conditions were poor. But in the new survey, the number saying 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