By August 2007, the Federal Reserve responded to the subprime mortgage crisis by adding $24 billion in liquidity to the banking system.
As we’ve seen with the Civiqs data, more Republicans think the economy is in good shape now than thought so in 2016.
The Great Recession began well before 2008. But now the fact that most economists disagree with the president’s optimism about a quick rebound may not matter. Coronavirus (289)
These voters largely voted for Trump. Post was not sent - check your email addresses! But only around half of white respondents who think their racial group faces a lot or a great deal of discrimination shared this economic pessimism. So Why Isn’t The Stock Market?]. In fact, a closer look at Civiqs’ data1 shows that Democrats’ and Republicans’ views of the economy are more polarized now than they’ve been at any point during President Trump’s time in office. Let’s take a look at what preceded the recession.
That says a lot about how polarized our politics have become, and it also underscores a key point that John Sides, Lynn Vavreck, and I have repeatedly made about the 2016 election: The widespread economic dissatisfaction and anxiety driving much of the media narrative about Trump’s political rise and the 2016 presidential campaign wasn’t a reflection of actual economic realities, it was largely a consequence of partisanship. By contrast, only around 10 percent of Democrats thought that the national economy was doing well in those surveys. [Related: The Economy Is A Mess. 2020 Election (1064) Americans, regardless of their partisanship and racial attitudes, universally thought the economy was in terrible shape after the financial collapse in 2008. That marks a significant departure from the last time there was an economic downturn during a presidential election campaign. But under Trump’s presidency, a similar poll found that white voters were less likely to say the economy had gotten worse if they believed white people faced high levels of racial discrimination. Michael Tesler is a professor of political science at University of California, Irvine, author of “Post-Racial or Most-Racial? Not to mention, Trump has also tried to bend the country’s bleak economic reality to his will. Partisanship (54) [Related: What Economists Fear Most During This Recovery].
Recession (22)
The U.S. economy is objectively awful right now.
Before Trump took office, the more racial discrimination white people thought their own group faced, the more likely they were to say that the economy was worse than it had been a year earlier. And that’s what makes the coronavirus recession so different. Of course, the difficulty is that these attitudes aren’t just partisanship either. At the time, GOP presidential nominee John McCain was even widely mocked for saying “the fundamentals of our economy are strong” before quickly reversing his position to say the economy was in “total crisis.”, [Related: Our 2020 National Polling Averages]. The unemployment rate is at levels not seen since the Great Depression and this quarter’s decline in gross domestic product is expected to … 5:58 AM. 30, 2020, In the most recent Quinnipiac University national survey, 69 percent of Republicans described the U.S. economy as “excellent” or “good.” Similarly, nearly two-thirds of Republicans in both Civiqs’s daily tracking polls and in a June 11-15 Associated Press/NORC Poll said that the nation’s current economy is at least leaning toward good. In 2008, Everyone Thought The Recession Was Bad. One reason is that even though the national economy is in shambles, it’s also ticking back up. In addition, nearly three-quarters of the 69,000 respondents surveyed for the Democracy Fund + UCLA Nationscape in the past three months have said that the economy is worse than it was a year ago. It’s unclear how fast the economy will recover, but this uncertainty opens the door for voters to adopt their own partisan and racialized explanations for the economy’s performance. Americans are increasingly unlikely to abandon their partisan and racialized views of the economy. As you can see in the chart above, there has been a fairly large — and persistent — gap in how Democrats and Republicans think about the economy.
Take the 2016 American National Election Studies survey.
Not everyone thinks the economy is doing so poorly, though. Even when Republicans’ outlook on the economy was at its lowest point this year, according to Civiqs data, they still felt more upbeat about the state of the economy than at any point in 2016 before Trump was elected, when the economy was objectively better. The first signs came in 2006 when housing prices began falling.
However, that gap did shrink after the pandemic’s dire economic effects became apparent, and by early May, only one-third of Republicans still thought that the economy was in good shape. Sorry, your blog cannot share posts by email.
(This was true even after controlling for several other factors, such as partisanship and income.). Even though it’s often referred to as the Great Recession of 2008, the seeds were sown before that, dating back to 2006 when early-warning bells went off regarding trouble in the housing sector. That isn’t to say that Democrats and Republicans have seen eye to eye on the economy at previous points in Trump’s presidency.
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