Government gets little credit for economic upturn

April 10, 2015, 4:25 PM GMT+0

Businesses and consumers, not the government or Wall Street, get most of the credit for the improving economy

Americans are unwilling to give political leaders much credit for any perceived improvement in the condition of the U.S. economy. Even partisans seem to be grudging in praise for their political colleagues: in the latest Economist/YouGov Poll just a third of Democrats credit President Obama for all or most of the economy’s improvement; only one in five Republicans give that level of credit to GOP members of Congress.

Instead, Americans are more likely to give themselves a pat on the back. The public is more likely to think the improving economy is due more to the behavior of Americans not in government – American business and the American consumer. More than four in ten give consumers and business all or most of the credit. The tendency to credit those outside of government does not extend to Wall Street, however. Less than a quarter give Wall Street all or most of the responsibility for the improving economy.

And it is an improving economy. For the last few months, the percentage saying the economy is improving has nearly equaled or even been slightly better than the percentage thinking it is getting worse. The getting worse percentage had been much higher during President Obama’s first term. Those who are pessimistic about the economy continue to be those who oppose the President; this week, as in many of the last few weeks, just under half of Republicans say the economy is getting worse. A year ago, that percentage was two-thirds or more.

The unemployment rate has remained below 6% for the last few months. While 85% of Americans continue to say it is a serious problem nationally (and two-thirds call it a serious problem in their own communities), today most Americans (53%) recognize that it is lower than it was when President Obama took office in January 2009. 44% of Republicans and 65% of Democrats agree. So do two in three of those with family incomes of $100,000 a year or more.

More than a third now also believe there are more jobs in the country today than there were before the beginning of the Great Recession. But this is still a difficult statistic for Americans to accept. Even more think there are only as many or even fewer than before.

Americans continue to report that they hear more negative news than positive news, and by nearly three to one, they report that their own conversations with friends and family about the economy are more likely to be negative than to be positive.

Still, the President breaks even with the public when it comes to their assessment of his handling of the economy and his overall job performance, something that has not been the case for much of his presidency. This week, 47% approve of his handling of the economy, while 45% disapprove.

He may be benefiting from the continuing improvement in the perception of the overall state of the economy.

The economy remains the most important issue for the public, although the percentage citing it has declined as the economy has improved.

The President’s overall job approval is also just about even: this week, 49% approve, while 48% do not.

See the full poll results

Economist/YouGov poll archives can be found here.