The most recent Wall Street Journal/NBC poll finds Americans in a foul mood over the economy:
Still scarred by a recession that ended five years ago, Americans are registering record levels of anxiety about the opportunities available to younger generations and are pessimistic about the nation’s long-term prospects, directing their blame at elected leaders in Washington.
A new Wall Street Journal/NBC News poll found that despite the steady pace of hiring in recent months, 76% of adults lack confidence that their children’s generation will have a better life than they do—an all-time high. Some 71% of adults think the country is on the wrong track, a leap of 8 points from a June survey, and 60% believe the U.S. is in a state of decline.
What’s more, seven in 10 adults blamed the malaise more on Washington leaders than on any deeper economic trends, and 79% expressed some level of dissatisfaction with the American political system.
“The American public is telling its elected representatives that the economic distress that a significant proportion of them are feeling is directly their fault,” said Democratic pollster Fred Yang, who conducts the Journal poll with Republican Bill McInturff. “The public seems to have moved beyond the plaintive cry of ‘feel our pain’ to the more angry pronouncement of ‘you are causing our pain.’ ”
The economy is an area in which belief equals reality or, at least, belief has an important effect on behavior which produces the reality. That’s what John Maynard Keynes referred to as “animal spirits”, an important force in pulling economies out of recessions.
In comments recently it was remarked that things would be no different today if Bill Clinton were president. I disagree. Whatever his failing, Bill Clinton was a relentless and indefatigable cheerleader for the economy. His confidence built confidence in others.
George W. Bush didn’t have that same quality and neither does Barack Obama.