The Discover U.S. Spending Monitor fell nearly a point in June to 85.9, as consumers struggled with rising prices for essentials and continued to lose confidence in the nation’s economy. Economic confidence hit a new Monitor low, falling in June to a level that is nearly 30 points lower than a year ago.
Nearly three out of five Americans (58%) say cutting government spending is more important than balancing the budget, and 43% think such spending cuts will help the struggling U.S. economy.
As the Senate inches toward passage of a $300 billion bill to help homeowners facing foreclosure, a new Rasmussen Reports national survey shows that only 21% of voters think the federal government should provide such assistance.
Seven out of 10 Americans (70%) think a balanced budget is good for the economy, but nearly as many (64%) believe it unlikely that John McCain can achieve such a budget by 2013 as he has promised.
Voters continue to believe that tax cuts are good for the economy and tax hikes are bad, but for many that’s not the most important aspect of tax policy.
Just days after Microsoft creator Bill Gates spent his final day at the corporation he co-founded, a Rasmussen Reports national telephone survey found that 68% of adults have a favorable opinion of the multi-billionaire. Just 17% of adults have an unfavorable opinion of Gates.
Most Americans do not believe the U.S. government needs more tax revenue and well over half say all tax increases should be subject to voter approval. A new Rasmussen Reports national telephone survey found that 52% of voters say the federal government does not need additional tax revenue for important national programs such as highway repairs and health care reform.
Voters overwhelmingly believe that lowering gas prices is the best way to get the U.S. economy going again, even as Congress and the presidential candidates argue for tax cuts or passage of a second government stimulus plan.
Workers’ confidence in the labor markets tumbled sharply in June according to the latest update of the Rasmussen Employment Index. For the first time in the five-year history of the Index, the number of employees whose employer is laying people off exceeds the number whose firms are hiring.
After a brief rebound in May, economic confidence among small business owners dropped to a record low in June as the number of those who think the U.S. economy is getting worse expanded to nearly 80 percent. The Discover(R) Small Business Watch(SM) plummeted in June to 71.8, down 10 points from 81.8 in May.
Sixty percent (60%) of American voters say it’s at least somewhat likely that gas prices will reach $5 a gallon this year. A Rasmussen Reports national telephone survey found that 35% are even more pessimistic and believe $6 a gallon gas may come in 2008.
Despite the weakness in the housing markets and the overall economic malaise, only 9% of American homeowners say their houses are worth less today than when they were purchased. The latest Rasmussen Reports national telephone survey found that 80% of the nation’s homeowners say their homes have increased in value since they were purchased.
In a counterpoint to the current economic environment, the COUNTRY Financial Security Index(SM) jumped 1.5 points to 69.3 in June.
Most voters favor the resumption of offshore drilling in the United States and expect it to lower prices at the pump, even as John McCain has announced his support for states that want to explore for oil and gas off their coasts.
A Rasmussen Reports national telephone survey found that 29% of voters favor nationalizing the oil industry. Just 47% are opposed and 24% are not sure.
The Discover U.S. Spending Monitor rose 1.4 points in May to 86.8 as consumers braced for higher spending in the wake of record gas and food prices. The Monitor posted record high percentages of consumers who said they spent more in May than April (56 percent) and who expect to spend more next month (46 percent), both up by six points respectively.
For the first time since October, confidence in the labor markets increased during May. The Rasmussen Employment Index (formerly the Hudson Index) gained nearly two points in May to 84.6.
Fifty-six percent (56%) of voters nationwide say that the economic stimulus package passed earlier this year has had no impact on the economy. The latest Rasmussen Reports national telephone survey found that 57% believe that if Congress and the President do nothing more, the economy will be in even worse shape a year from now.
As another class of college students graduates with enormous student loan debt, parents are also feeling the pinch.
One constant in American political life is that the American people believe tax hikes are bad for the economy. The latest Rasmussen Reports telephone survey found that 60% of voters hold that view while just 14% believe that raising taxes is good for the economy.
