Economic Outlook: Americans Expect a Bumpy Ride
August 21, 2024.png)
Key Takeaways
- MIG Reports analysis comes within 1% of Gallup polling, indicating 65% of Americans have lost confidence in the U.S. economy since 2020.
- Online conversations are pessimistic about the economy, driven largely by rising inflation and government mismanagement.
- The minority of voters expressing optimism and increased confidence are largely Democratic supporters who express confidence in a potential Harris presidency.
- A smaller portion of voters acknowledge the economic difficulties but retain some hope in the benefits of government policies.
Our Methodology
Demographics
All Voters
Sample Size
163,000
Geographical Breakdown
National
Time Period
7 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
May Gallup reporting shows approximately 65% of Americans think U.S. economic conditions have worsened since 2020, and a similar amount have a negative perspective toward the future. MIG Reports analysis based on online conversations shows a similar 64.64% of Americans have reduced confidence in the U.S. economy.
- The -35 index rating in Gallup’s report means, on a scale of +100 to -100, sentiment leans negative.
- On a 1-100 scale, it translates to 65% reduced confidence—mirroring MIG Reports weighted analysis within 1%.
.png)
.png)
Voters Consistently Lack Confidence in the Economy
MIG Reports analysis uses online voter conversation volume regarding the U.S. economy along with sentiment tracking. In this weighted analysis, the aggregate confidence levels show:
- 64.64% of conversations express decreased confidence in economic prosperity
- 23.05% reflect a neutral stance
- 12.31% convey increased confidence
.png)
These figures highlight the prevailing skepticism and concern Americans feel about the U.S. economic trajectory. Only a minority of voters maintain confidence or have an optimistic view of the government's current economic management.
MIG Reports data also shows voter views are largely influence by the actions of the Biden-Harris administration—particularly the Inflation Reduction Act (IRA). Discussions that focus on confidence in economic prosperity are largely among Democratic establishment supporters.
The narrative emerging from these online conversations is one of serious concern about the economy. Most Americans are losing confidence in the economy, the government, and their own futures. While some still hold a neutral or positive outlook, most have become skeptical of the administration, calling for more effective economic governance.
.png)
Bidenomics is Decreasing Confidence
American doomerism on the economy stems primarily from rising inflation, increasing costs of living, and a belief in government mismanagement. Many voters believe the IRA has failed to alleviate the economic pressures they face. Instead, they say it has exacerbated inflation through increased government spending.
Conversations focus on "inflation," "rising costs," "spending," and "prices." People also direct frustration and anger at policies they view as disconnected from the public's interests. Sentiments such as "killing us without killing us" encapsulate the dire emotional mood around inflation’s impact on low-income households. This negativity further fuels widespread economic pessimism.
Some Say Hope is not Lost
The 23.05% of conversations which remain neutral on the economy express realism. These Americans acknowledge the challenges posed by inflation but recognize the potential benefits of government intervention.
One potential measure people mention is capping insulin prices and allowing Medicare to negotiate drug prices. However, many remain uncertain about the long-term effectiveness of such policies. This leads to a mixed feeling of hope and skepticism. This group focuses on "jobs," "investment," "energy," and "climate." They acknowledge the IRA's goals but have reservations about its implementation.
.png)
A Few Believe the Talking Points
The smallest percentage of Americans—12.31%—voices support for of the IRA and other government initiatives. They tout Biden-Harris success reports like job creation in the clean energy sector, lower healthcare costs, and efforts to rein in corporate power.
These conversations often use keywords like "success," "jobs," "lower costs," and "investment" to emphasize the positive impacts of the Biden administration's policies. Supporters argue these measures are instrumental in building a more resilient economy and improving the lives of middle-class families.
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)