A new Gallup survey reveals higher economic optimism among Americans, driven largely by improved sentiment towards Republican policies. The poll found that Americans are the most optimistic they’ve been in seven years about several aspects of the economy, particularly economic growth and the stock market.
Most people, 52%, still expect inflation, but this is down significantly from recent years. On the other hand, a majority of Americans (78%) believe the economy will grow, while 58% expect stocks to rise. Republicans offered optimistic outlooks in all five economic areas, with Independents showing mixed results and Democrats being the least optimistic.
The survey’s findings are attributed to President Trump’s policies, including his efforts to reduce immigration and implement tariffs on Canada, Mexico, and China. Experts say that these changes could have a significant impact on the economy, with potential effects on inflation, interest rates, unemployment, and the stock market.
Peter Loge, director of the School of Media and Public Affairs at George Washington University, noted that people’s expectations for economic growth are influenced by their political biases. He also expressed concerns about the timing of the survey, which was conducted in January before recent events, such as Trump’s announcement to pause tariffs on Mexico.
ING’s chief international economist, James Knightley, warned that tariffs could lead to higher prices and reduced spending power. He estimated that the announced tariffs on Canada, Mexico, and China would cost every American man, woman, and child an extra $835 this year in the worst-case scenario. However, some experts believe that consumers may be able to mitigate the impact by switching to American-made goods or absorbing higher costs within companies.
The survey’s findings highlight the ongoing debate about the impact of Trump’s policies on the economy and the American people. As the administration continues to move quickly, it remains to be seen how these changes will affect the country’s economic outlook.
Source: https://cbs12.com/news/nation-world/gallup-finds-rosier-economic-outlook-among-americans-economic-growth-inflation-interest-rates-unemployment-stock-market-trump-politics-tariffs-immigration