by Mike ‘Mish’ Shedlock
In 2008 everyone knew the economy was in bad shape. Today, views vary tremendously by party affiliation.
FiveThirtyEight discusses how politics shapes how people perceive the economy.
The U.S. economy is objectively awful right now. The unemployment rate is at levels not seen since the Great Depression and this quarter’s decline in gross domestic product is expected to be the worst on record. Most economists believe it will take years to recover from this recession.
In the most recent Quinnipiac University national survey, 69 percent of Republicans described the U.S. economy as “excellent” or “good.” Similarly, nearly two-thirds of Republicans in both Civiqs’s daily tracking polls and in a June 11-15 Associated Press/NORC Poll said that the nation’s current economy is at least leaning toward good. By contrast, only around 10 percent of Democrats thought that the national economy was doing well in those surveys.