Business network CNBC reported on Monday that American optimism on the economy is nearing new heights. The CNBC “All-American Economic Survey” found that for the first time in at least 11 years, more than half of respondents (51%) to the poll rated the economy as “good” or “excellent,” while a near record 41% expected the economy to improve in the next year.
The survey found that 42% of Americans expect their wages to rise in the next year, and 41% of homeowners believe their home values will rise more in 2018 — the highest level recorded since 2007. In 2011, while the country remained in an economic funk from the financial crisis, just 15% of homeowners thought their home prices would rise the next year.
The latest CNBC survey was conducted on December 10-13 by both Republican and Democrat pollsters. Micah Roberts, with the Republican pollster, said: “2017 is the year that Americans finally put the recession behind them in terms of their attitudes about the economy, and it took a change in leadership to make it happen.”
Mr. Roberts is obviously referring to President Trump in the quote above. Yet Trump’s job approval rating has remained in the dumps all year despite the encouraging economic reports and surging consumer confidence. The latest Gallup poll has the president’s approval rating at only 36% versus 59% that disapprove.
In the CNBC survey noted above, President Trump’s job approval rating rose to a new high of 42%, up four points from the September survey, while 49% disapprove, down three points from the previous survey.
CNBC asked survey respondents specifically how they rate Trump’s handling of the economy. On that question, 47% said they approve of the president’s handling of the economy, up four points from September, while 43% disapprove.
GOP Tax Reform Passes With Growing Public Support
As you know, the GOP tax reform plan passed the House and Senate this week, with no Democrats voting for it (as expected). The mainstream media has been emphasizing for weeks that this tax cut: 1) largely benefits higher income earners; and 2) is very unpopular with most Americans. I want to focus on the media myth that the tax cuts are very unpopular.
As always, poll results can be swayed significantly by how the questions are asked. And since the questions asked are largely posed by the liberal media, it’s no wonder that public support for the GOP tax reform plan has been low in most polls.
In the latest CNBC survey cited above, for example, only 26% of Americans approved of the tax reform plan, while 38% disapproved and 36% were undecided. But when pollsters bother to ask about specifics in the bill, support skyrocketed. Here’s why.
Few Americans know what’s actually in the tax reform bill or what it will do.
For example, a December Quinnipiac poll found that just 20% said the GOP plan will cut their taxes, while 41% believed it will increase them. Other media polls have shown similar results.
Yet the truth is that the vast majority of taxpayers will get tax cuts, and some will get tax cuts even if they don’t owe any taxes (i.e. – refunds) – thanks in part to the expanded child tax credit. Even the liberal-leaning Tax Policy Center found that 75% of taxpayers will see taxes go down just ahead.
What’s more, when people are asked about specific provisions in the tax bill, support rises across the board. The latest InvestorsBusinessDaily /TIPP poll is one of the few surveys that has bothered to ask such questions. Here are the results from the latest IBD/TIPP survey:
- 57% support lowering the corporate rate from 35% to 21%
- 55% support reducing the number of income tax brackets
- 83% support cutting the pass-through tax rate for small businesses to 25%
- 66% support doubling the standard deduction for couples to $24,000
Other polls produced similar findings. CNN found that 55% support increasing the standard deduction, 79% back the boost in the child tax credit and a plurality support the mortgage deduction limit. This is stunning, but most Americans don’t know these facts.
This is just one more example of how the liberal media slants public opinion without presenting all the facts. Sadly, the public buys into it. Yet when you dig more deeply into the details, you learn how the media has misrepresented public opinion.
I could go on and on with this topic, but you get the idea.
I wish all my clients and readers a very Merry Christmas & Happy Holidays!