(PoliticalLookout.com)- A new poll shows that following the media’s call for Joe Biden winning the 2020 presidential election, Republican optimism for the economy has dropped significantly. Interestingly, the poll also showed that Democrats’ opinions on the future of the economy have improved, despite the United States experiencing record low unemployment and an economic boom under the Trump administration.
A SurveyMonkey poll commissioned by the New York Times showed that 56% of Republicans said, before the election, that they believed business conditions were “somewhat good” or “very good.” However, following the election, only 19% of Republicans said the same thing.
It suggests that Republicans have great anxiety about the potential of a Biden administration – and is it any wonder?
During the presidential campaign, Joe Biden promised to increase taxes by reversing the Trump tax cuts and implementing a series of new taxes on American businesses.
The poll also showed that Republicans believe, under a Biden administration, there will now likely be widespread unemployment as the economy is built back “better,” and that the United States will experience an economic depression over the next five years. That was a 28% increase compared to a poll taken before the election.
Perhaps unsurprisingly, Democrats have a very different opinion about the future of the American economy. Following the election, 51% of Democrats now expect that there will be periods of depression or widespread unemployment in the next five years – a decrease from the 76% who believed as much in October.
The numbers reflect party allegiance and ideology more than reality, given that very little changed in terms of economic indicators between the period before and after the election. The economy continues to be strong following the election, the Dow Jones Industrial Average hit a record high of 30,000, and if the president’s tax policy remains in place for the time being there is no indication that this will change.
According to the same poll, 67% of Americans said that they support raising taxes on people making more than $400,000 – a Joe Biden policy 0 but also support keeping tax rates at the existing levels for everybody else. It means that the majority of Americans, roughly two-thirds, oppose changes to the Trump tax cuts that put more money in the pockets of American workers.
On matters of reopening the economy, there was a similarly large split between Republicans and Democrats. 91% of Democrats said that the focus for the government should be controlling the virus, while 80% of Republicans said the government should focus on reopening the economy.
Are the Republicans and Democrats more ideologically divided than ever?