People have (slightly) more faith in President Obama’s nearly $450 billion jobs creation plan than they do that the President and Congress can work together to implement it, according to an investor survey conducted in September by Millionaire Corner. But non-believers dramatically outweigh the proponents.
Obama’s announcement last month of his jobs creation plan included his so-called “Buffet tax” initiative to tax millionaires to help pay for it. This was immediately met with strong opposition by Republicans.
Less than a quarter (21.5 percent) of those we surveyed believe that the president’s plan will produce more jobs to move the economy forward, but only 8 percent believe the administration and Congress will work together on job creation.
Among the less hopeful, just over 56.4 say they do not believe the president’s plan will work, and nearly three-quarters (73.6) give little chance of bipartisan cooperation on creating a workable jobs creation plan.
Of those with little faith that the president’s plan will succeed, senior corporate executives are the most pessimistic (65 percent), followed by men (63.3 percent). There is even less certainty among those who see little chance of bipartisan cooperation to create a workable jobs plan. Of the naysayers, nearly 80 percent are business owners.
Federal Reserve Chairman Ben Bernanke cited the contentious mood in Washington as one of the factors holding back economic recovery in his testimony yesterday before the Joint Economic Committee. "I think people are quite unhappy with the state of the economy and what's happening," he said. "They're disastisfied with the policy response here in Washington. At at some level, I can't blame them."
At least the young still see glimmers of hope. Of those 8 percent who expressed faith in the nation’s lawmakers to work together, 20 percent were under the age of 40. In comparison, just 6.5 percent of those ages 41-50 shared this optimistic attitude. They were also least likely to say that the president and Congress could not work together on a jobs creation plan.
Similarly, the under-40 respondents were the most optimistic of the age groups that the president’s plan would work. Twenty-eight percent said they believe in the plan. They were followed by seniors age 60 and up (23.1 percent). And while the numbers are small, women were more likely than men to show support for the president’s plan (24 percent vs. 19.4 percent) as well as a belief in bipartisanship (10.8 percent vs. 5.6 percent).