There are various factors that go into how people evaluate the country's economy — their own personal financial situation, the price of goods, economic indicators — but there's one more that might not immediately come to mind: political partisanship.
In CBS News polls conducted throughout the 1990s, the economy rating gap between the Democrats and Republicans — the difference between the percentage of each saying good — averaged 11 points. That average has more than doubled to 30 points since then. Since then, with some exceptions , how Americans assess the economy began to be viewed more through a political lens, and this became more connected to the party of the sitting president.
Similarly, we saw the percentage of Democrats who said the economy was good jump 24 points soon after Joe Biden took office. We've seen the gap narrow during crises and unexpected national events, indicating there are times when economic evaluations are less colored by politics and who sits in the Oval Office. We saw this most recently with COVID-19 pandemic lockdowns. In the spring of 2020, positive views of the economy plummeted among both Republicans and Democrats.
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Source: CBSNews - 🏆 87. / 68 Read more »