Independents more likely than Democrats or Republicans to say they need to know more about the mandatory spending cuts
Affluent investors pride themselves on their financial knowledge, but less than a month after it was enacted, sequestration remains a puzzle for a majority of Americans, according to a recent Gallup poll.
Fifty-five percent—up from 51 percent two weeks ago—said they do not know enough to day whether sequestration is a good thing or a bad thing for the country. Those with an opinion are prone to believe it is a bad thing (27 percent vs. 17 percent who say it is a good thing).
Even more Americans (60 percent, up from 55 percent) feel they do not know enough to say whether sequestration, the mandatory, across-the-board spending cuts that went into effect on March 1, is a good or bad thing for the personally. Again, more (24 percent vs. 14 percent) are inclined to say sequestration is probably a bad thing.
The impact of the $85 billion in reductions has yet to be fully felt. Sequestration, which followed in the wake of the fiscal cliff deal on Jan. 1, has further exacerbated tensions between Democrats and Republicans, who, according to the Gallup poll, are more likely than Democrats to say that the budget cuts are a good thing for the country as well as to Republican respondents personally. Broken down by party, it is Independents who are the most likely to say that they don’t know enough about sequestration to have formed an opinion.
A recent survey of Affluent investors conducted by Millionaire Corner found that sequestration ranks behind the partisan political climate as the news story that is most impacting their economic outlook at the present time, which may be more of a reflection of how the media is portraying the issue.
“Americans are likely basing their opinions of the cuts on what they hear, read, and see in the news,” Gallup concluded about the survey. “Apparently, nothing in the information flow…has been enough—to date—to move the public’s opnion about the cuts in either direction.”
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.