Most Americans complain the U.S. economy is in bad shape due to the massive economic damage being inflicted by the raging COVID-19 pandemic. Most of them also complain the pandemic has made their lives harder.
A new CNN poll conducted by SSRS found that six in 10 Americans (60% of respondents) agree the U.S. economy is in poor shape, up 30 points since March. SSRS said the jump in pessimism is the steepest worsening of public perceptions of the economy in polling extending back to 1997.
The negative result nearly doubles the previous largest change between CNN polls regardless of the length of time between when they were conducted. Previous to this new poll, a 16-point increase in the number of Americans calling the economy "poor" from January to March of 2008 was the largest jump in pessimism.
Republicans and Democrats have an equally dim view of the economy in this time of COVID-19. The percentage of Republicans describing the economy as "good" is down 33 points from the previous poll. Among Democrats, the plunge is 27 points while it stands 28 points lower among Independents.
Respondents with college degrees were more despondent about the present state of the economy. The percentage of college graduates describing the economy as "good" fell 44 points compared to a 23 point drop among those without degrees. It plummeted 40 points among Americans with higher incomes ($50,000 or more annually) as against 18 points among those with lower incomes.
The poll shows about half of respondents saying the pandemic is causing their households financial hardship. One in six said the hardship has been severe. Nearly 3 in 10 with incomes under $50,000 per year and roughly a quarter of younger Americans and people of color said they'are facing severe financial hardship due to the pandemic.
Overall, 55% of Americans feel actions taken by the Trump administration haven't done enough to help those that have lost jobs during the pandemic. The poll also shows 44% saying the Trump administration hasn't gone far enough to help people like them.
The grim poll findings come in the wake of a historic near-total shutdown of the American economy due to the pandemic, which only began last January. Analysts said American morale took a massive hit over the past two weeks when initial weekly unemployment claims to the unheard-of total of 3.3 million two weeks ago and 6.8 million last week. Some 6.6 million more unemployed were added to this historic total yesterday (Thursday), meaning 16.8 million American workers (11% of the US labor force) filed initial claims for jobless benefits in only three weeks.
The U.S. Department of Labor said American workers are suffering greatly from these devastating job losses, furloughs and reduced hours during the pandemic.
