You can call it the Trump effect. For the first time since the economic crisis, more Americans feel positive about the economy than negative about it, a Pew Research survey found.
“What a difference a year, and possibly an election, makes,” Pew reported Monday. “Nearly six-in-ten people in the United States (58%) say the economic situation is very or somewhat good, according to a new Pew Research Center survey conducted Feb. 16-March 15. Last spring, 44% of the American public described the economy as good.”
It’s the most positive people have felt about the economy since 2007 — a year before the economic crisis — and only the second time that half or more of those surveyed have given the economy a thumbs-up, Pew reported.
Driving the higher scores are Republicans feelings about the economy — and their trust that President Donald Trump will improve lagging GDP growth, invest in infrastructure and tax reform, all of which will spur economic prosperity and improve job opportunities and wage growth.
About six in 10 Republicans and Democrats say economic conditions are very or somewhat good, and more than half of independents agree. The GOP’s good feelings about the economy has about doubled in the past year.
Pew’s results echo that of which has been found in the Consumer Confidence index.
Consumer Confidence is the highest it has been in 17 years, increasing again in March to its highest level since December 2000.
“Consumers’ assessment of current business and labor market conditions improved considerably,” Lynn Franco, Director of Economic Indicators at The Conference Board said of the board’s March 28 report. “Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects. Thus, consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.”
Mr. Trump’s job favorability numbers have sunk to new lows. However, in the surveys that really matters the most to Americans — the ones regarding their jobs and future prosperity — Mr. Trump’s presidency is scoring through the roof.
So long as Mr. Trump continues to spur the economy and people’s confidence in it, what they think of him will fall to the wayside. For improving their economic prosperity is why they voted for Mr. Trump — and he will have delivered.
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