Poll Finds Widespread Pessimism About U.S.
CBS News/New York Times Survey Shows Vast Majority Believe Country On Wrong Track, Little Support For Bailout Plan, Congress
-
Photo
(CBS/iStockphoto)
-
Play CBS Video
Video
What The Economy Means To You
Michael Santoli, senior editor at Barron's, explains to Harry Smith what the current market situation means to people and what needs to happen for banks to start lending money.
-
Video
The Man With A Plan
Gordon Brown's blueprint for salvaging the British economy has been met with great interest from other European leaders. But will his plan prove to be a lasting cure? Mark Phillips reports.
-
Video
Obama Tackles The Economy
Barack Obama's new plan to help bolster the economy comes after heated criticism that he's been standing on the sidelines as the financial crisis continues. Dean Reynolds reports.
-
News Tools
Poll Database
Search for results from the latest CBS News national polls on the president, the campaign and more.
-
Podcast
Poll Positions
Listen to CBS News director of surveys Kathy Frankovic dissect the data to see what's driving public opinion.
Nearly nine in ten Americans - a record high - now believe the country is on the wrong track, surpassing the high of 83 percent reached in May. Just 7 percent say the country is headed in the right direction.
Approval of Congress, meanwhile, is at a record low. Just 12 percent now approve of the job Congress is doing, and for the first time in 30 years, fewer than half approves of the job their own representative is doing. President Bush's overall approval rating stands at 24 percent, close to its all-time low.
Americans disapprove of the $700 billion economic bailout bill passed by Congress and signed into law by President Bush earlier this month by a nearly two-to-one margin. Just 28 percent approve of the bailout plan, down three points from last week. A majority - 53 percent - disapprove, while 19 percent say they don't know.Read The Complete CBS News/NY Times Poll On The Economy
Americans have low expectations for the plan. Only about one in three believes the bill will be effective, while a slightly higher percentage - 38 percent - believe it will have no impact. Fifteen percent believe it will make things worse.
And they continue to believe that the bailout plan will aid a few big investors and people on Wall Street, not the whole country. Sixty-three percent say the plan will just benefit Wall Street, up from 54 percent when the plan was first proposed about two weeks ago. Just 28 percent believe it will benefit homeowners and people across the country.
While a majority of Americans support the notion of the federal government offering to help homeowners struggling to pay their mortgages, support has waned. Early in October, six in 10 Americans approved of that idea. Support has dropped to about half now, and 38 percent disapprove. Democrats are more likely than Republicans to support the idea.
Perceptions of the nation's economy - which 57 percent of voters say is the most important issue in deciding whom to support for president - are extremely negative. Zero percent of Americans describe the condition of the economy as "very good," and just 11 percent call it "somewhat good." Thirty-eight percent describe it as "fairly bad," while half describe it as "very bad."
Two-thirds expect the economy to get worse, a slight improvement from last week, when three in four said as much. Just 5 percent believe the economy is improving.
Disapproval of the bailout plan appears to have taken a toll on public opinion of Congress. Now only 12 percent of Americans approve of the way Congress is handling its job, another record low following the 15 percent approval rating recorded last week. A record 74 percent of Americans disapprove, including large majorities of Democrats, Republicans, and independents alike.
Americans have historically been more likely to approve of their own representative in Congress than of Congress as a whole, and they still do. But the percentage of Americans who approve of the job their representative is doing - now 43 percent - has dipped below 50 percent for the first time since the question was first asked over 30 years ago. Thirty-one percent disapprove of their representative's performance.
Mr. Bush's approval rating on the economy, at 18 percent, is lower than his overall 24 percent approval rating. And Americans' faith in government has diminished. Nearly three in four now trust the government to do the right thing only some of the time; about one in ten volunteers that they can never trust Washington to do what is right.
The last time public trust in government was this low was in late 1994 and early 1995 -- around the time of the Republican takeover of Congress and the shutdown of the government after an impasse over the federal budget.
This poll was conducted among a random sample of 1,070 adults nationwide, including 972 registered voters, interviewed by telephone October 10-13, 2008. Phone numbers were dialed from RDD samples of both standard land-lines and cell phones. The error due to sampling for results based on the entire sample and the sample of registered voters could be plus or minus three percentage points. The error for subgroups is higher.
© MMVIII, CBS Interactive, Inc. All Rights Reserved.
- Latest in Opinion: CBS News Polls
- Poll: Most Back Public Health Care Option
- Poll: Sotomayor Still An Unknown
- Poll: No Dent In Obama's Popularity

Read The Complete CBS News/NY Times Poll On The Economy



America will only remain a great country if her people protect their %u201Cfreedoms%u201D and the constitution.
Cindy Sheehan''s contesting Nancy Pelosi''s seat, and Cindy''s pretty far left. But Cindy''s platform is that since her son died in Iraq 4 years ago she''s been standing up TO Bush while Nancy''s been standing up FOR Bush.
That''s true, isn''t it? The question then sort of becomes like how much better would the alternative be. Like maybe it''s the system and there need to be term limits, or their salaries need to be tied to the average income, or something.
I don''t know . . .
She would be a junior Rep.
dude... although, if you''ve read my posts you might not think it, I''m a 30+ year moderate Republican and have no use for the atrocity the Repblican party has become. I''ve felt betrayed for a long time... since Newt''s Contract on America and pandering to religious kooks because they''re well organized fanatics. We''ve screamed about tax and spend Democrats for years and when we finally get to show our stuff, we borrow and spend into oblivian and create the biggest expansion of government in our entire history, the biggest deficits, immoral wars for profit, the undermining of our Constitution and another Great Depression... we really showed them the Republican brand, didn''t we? I''m voting Obama and an end to this madness. Sometimes you have to burn the forest down to make it thrive again... the dead bodies of the neocon infection will fertilize the soil and free our country from lies and hate and fear they''ve sowed.
A red Conservative
Just oversaw the Socializing of
Our financial Institutions
What a crock
Gop
The new Red
Commie''s
We are getting precious few results from a very expensive war fought in Iraq and put on a credit card. We are in debt for this stupidity to a baker''s dozen and more countries, including Mexico.
China is coming on very fast. Their rise to power is not harmless as some might suggest.
Violence worldwide is on the increase. Nothing has been done to combat piracy on the high seas. A ship carrying tanks and other weapons has been hijacked. We haven''t fired a single shot at these terrorists. We are standing around taking pictures, and the pirates are getting free publicity.
Russia is rebuilding its military while we are stretched way too thin.
Our economy is a mess. $700 Billion annually goes to pay for oil imports so we can sit in our cars on the freeway and ruin the planet''s atmosphere, and threaten our children and their children.
Greedy crooks in Washington and Wall Street are being bailed out, And now our leaders are talking about spending Billions more.
And the list of what''s wrong goes on and on. Why would anyone in their right mind be optimistic about the U.S.
The problems are enormous, and pessimism is called for.
Posted by HSinCO
The term of contesting a Congressional seat usually refers to the re-election of an incumbent rather the election within Congress for the position of Speaker of the House.
http://www.npr.org/templates/story/story.php?storyId=95434914
Posted by tepidaccount
Compared to like a year ago when I anxious about how we were going to get out of Iraq and what we were going to be leaving behind, it''s like 10x worse now.
Because now we''ve got the economy to worry about too - market contraction, high gas prices, unsustainable trade deficits, people losing jobs, and it doesn''t seem like anybody in charge has solid plan that doesn''t dig the hole deeper and deeper with more and more spending $$$.
It''s getting me downright agitated - like I need to breathe into a paper bag to avoid hyperventilating . . .
I wonder how much could be cut out of Federal spending because it''s non-essential and doesn''t provide good bang for the buck in terms of stimulating the economy . . . where''s Ron Paul when you need him :o
http://politicaladattacks.blogspot.com/
Fact is after 8 years of Republican''s runing the country, I can''t find a decent paying job, that I could during the Clinton era, as a Computer Network Engineer; so I''m living in my car. Thank you Bush & Co for ruining the economy. And mdwomen, go get a real life; we don''t need chicken little''s, like you, try to tell us that Senator Obama is going to do anything but the best for the country; unlike Bush43.
Posted by menmotoscutr
I''ve been looking at the budget, and there''s stuff in it that would seem on its face was maybe once really important that maybe isn''t so much any more.
Like $7.1 billion goes to the EPA every year, they employ 18,000 full-time employees and their task is basically to ensure clean air and water. Maybe the quality was really bad back before we had standards but wouldn''t it be interesting to hear more about whether that $7.1 billion a year is still justified or does that figure keep ballooning because politicians start feeling like budgets means cutting jobs which they might feel runs counter to the Government''s mandate?
What nobody seems to want to struggle with is a cut-off point of like, we want to have all these things, and we want to help people as much as we can, but at what point do we have to start saying no?
Aren''t we well past that point? Maybe we need to be more demanding of Government?
Looks like there might be room to cut back there too (?)
Posted by hicktick
omg, $17.6 billion!
There''s other stuff too that could maybe be cut like "$39.0 billion for "Other Off-budget Discretionary Spending" . . . that doesn''t sound very important.
And $515.4 billion for the DOD doesn''t even include the money spent for Iraq and Afghanistan, the global war on terror ($145.2 billion), or homeland security ($37.6 billion) - hard to feel like we can afford to cut spending there, but maybe there''s like overlap or something . . .
Interest costs $260 billion a year!
You''re exactly right! Our current robust free market economy with a low national debt and absolutely no current nationalization of financial institutions will fall apart if Obama becomes president! All that money trickling down to the middle class will DISAPPEAR! Why, he will dismantle the economic boom of the past couple years and probably invade some country and start a trillion dollar war! He''ll double the national debt! He will RUIN everything that fiscally conservative Bush has built!!! Shame on him!!!!
Would you please Mister Schieffer ask both Presidential candidates this simple question: Is race an issue in this Presidential campaign ? It would allow Senator Obama and Senator McCain to send a clear message of democratic tolerance to their supporters and to all Americans.
For the sake of America.
In addition, insurers can raise individual policy premiums at any time, unlike group plans where they can do so once a year (which is bad enough already). They can also terminate your policy at any time. Or refuse to sell you a policy due a pre-existing condition.
This, and this reason alone, is enough not to vote McCain into office.
I too want to wake in DIVIDED STATES OF AMERICA
OBAMA never intends to fulfill GRAND promises as POTUS.
His PLAN all along was to be DISQUALIFIED from office.
OBAMA DID NOT TELL YOU? It%u2019s gone VIRAL!
YOUTUBE: OBAMA OCTOBER SURPRISE
YOUTUBE: OBAMA OCTOBER SURPRISE
OBAMAs an INDONESIAN FOREIGN PRINCE
With royal BLOOD of BUSH & CHENEY
He%u2019s an INDONESIAN FOREIGN PRINCE
With royal MACHETE BLOOD of OD!NGA
OBAMAs smart and LEFT TOO MANY CLUES
Any excuse for VIOLENCE, MAYHEM, RIOTS.
It runs in the BLOOD of ISLAMOFASCIST SHIITE MUSLIMS.
Like OD!NGA, like AHMEDINIJAD, like OBAMA.
I youtubed OD!NGAs campaign TV ads, SOUNDED just like OBAMA
I youtubed OD!NGAs campaign TV ads, SOUNDED just like OBAMA
OBAMA never intended to fulfill his promises as POTUS.
OBAMA wants to be DISQUALIFIED once in office.
OBAMAs an INDONESIAN FOREIGN PRINCE
OBAMA know this will cause RIOTS
OBAMA knows how to cause RIOTS
RIOTS from NY to LA
RIOTS from NY to LA
OBAMA taught OD!NGA
OBAMA campaigned for OD!NGA
OBAMA shares blood w/ OD!NGA
OBAMAs mission is to RUIN our ECONOMY
RUIN the ECONOMY and you destroy the USA
With RIOTS and MAYHEM
OBAMA a one man 9/11
OBAMA a one man 9/11
AHMEDINIJAD would be PROUD of OBAMA
AHMEDINIJAD would be PROUD of OBAMA
His sleeper SHIITE MESSIAH fell the greatest nation
His sleeper SHIITE MESSIAH fell the greatest nation
I too want to wake in DIVIDED STATES OF AMERICA
OBAMA never intends to fulfill GRAND promises as POTUS.
His PLAN all along was to be DISQUALIFIED from office.
OBAMA DID NOT TELL YOU? It%u2019s gone VIRAL!
YOUTUBE: OBAMA OCTOBER SURPRISE
YOUTUBE: OBAMA OCTOBER SURPRISE
OBAMAs an INDONESIAN FOREIGN PRINCE
With royal BLOOD of BUSH & CHENEY
He%u2019s an INDONESIAN FOREIGN PRINCE
With royal MACHETE BLOOD of OD!NGA
OBAMAs smart and LEFT TOO MANY CLUES
Any excuse for VIOLENCE, MAYHEM, RIOTS.
It runs in the BLOOD of ISLAMOFASCIST SHIITE MUSLIMS.
Like OD!NGA, like AHMEDINIJAD, like OBAMA.
I youtubed OD!NGAs campaign TV ads, SOUNDED just like OBAMA
I youtubed OD!NGAs campaign TV ads, SOUNDED just like OBAMA
OBAMA never intended to fulfill his promises as POTUS.
OBAMA wants to be DISQUALIFIED once in office.
OBAMAs an INDONESIAN FOREIGN PRINCE
OBAMA know this will cause RIOTS
OBAMA knows how to cause RIOTS
RIOTS from NY to LA
RIOTS from NY to LA
OBAMA taught OD!NGA
OBAMA campaigned for OD!NGA
OBAMA shares blood w/ OD!NGA
OBAMAs mission is to RUIN our ECONOMY
RUIN the ECONOMY and you destroy the USA
With RIOTS and MAYHEM
OBAMA a one man 9/11
OBAMA a one man 9/11
AHMEDINIJAD would be PROUD of OBAMA
AHMEDINIJAD would be PROUD of OBAMA
His sleeper SHIITE MESSIAH fell the greatest nation
His sleeper SHIITE MESSIAH fell the greatest nation
Posted by Hwy71So at 08:26 AM : Oct 15, 2008"
What do you call Bush nationalizing the banks ? Communism ? Or is it rather, nationalizing the losses, privatizing the profits ?
Let''s start a five year effort beginning with this election. VOTE AGAINST absolutely every member of government seated today. Be it national office, state, or local. We need a 100% replacement of each and every one of them. Experience in government is just code for - I know how to line my pockets and walk a fine enough line to continually get re-elected. If we get rid of every last one then maybe the general culture of our elected officials will move from the current "what''s in it for me" to "what''s in the best interest of the people I serve.
Don''t be fooled by thinking YOUR representative is different or hypnotized by the amount of PORK they bring to your area. Get rid of every seated politican and maybe from 2014 forward we will have a fighting chance.
http://jezebel.com/tag/wanda-sykes-bailout/
RealClearPolitics Poll Averages
General Election: McCain vs. Obama
RCP Average 10/07 - 10/14 -- 50.1 42.1 Obama +8.0
Reuters/C-Span/Zogby Tracking 10/12 - 10/14 1210 LV 48 44 Obama 4
LA Times/Bloomberg 10/10 - 10/13 1030 LV 50 41 Obama 9
CBS News/NY Times 10/10 - 10/13 699 LV 53 39 Obama 14
Rasmussen Tracking 10/11 - 10/13 3000 LV 50 45 Obama 5
Hotline/FD Tracking 10/11 - 10/13 829 LV 48 42 Obama 6
Gallup Tracking (Traditional)* 10/11 - 10/13 2140 LV 51 45 Obama 6
Gallup Tracking (Expanded)* 10/11 - 10/13 2289 LV 53 43 Obama 10
GW/Battleground Tracking 10/08 - 10/13 800 LV 53 40 Obama 13
IBD/TIPP Tracking 10/07 - 10/13 825 LV 45 42 Obama 3
USA Today/Gallup (Traditional)* 10/10 - 10/12 761 LV 50 46 Obama 4
USA Today/Gallup (Expanded)* 10/10 - 10/12 1030 LV 52 45 Obama 7
ABC News/Wash Post 10/08 - 10/11 766 LV 53 43 Obama 10
"Rasmussen Markets data shows Obama is given a 80.2% chance of winning in November"
The you should be arrested for not paying your taxes, right? And if you haven''t noticed, GW Bush and Congress have doubled the national debt over the last 8 years. Our government must cut spending AND will probably HAVE to raise taxes to get this *** under control. Both candidates are lying if they think we don''t need at least a minimal increase in taxes at some point.
The you should be arrested for not paying your taxes, right? And if you haven''''t noticed, GW Bush and Congress have doubled the national debt over the last 8 years. Our government must cut spending AND will probably HAVE to raise taxes to get this *** under control. Both candidates are lying if they think we don''''t need at least a minimal increase in taxes at some point.
--------------------
Posted by royalia
HE11 NO - Barack Hussein Obama said that my taxers (less than $250,000) would go down. What is he already hedging this lie. What a buch of BS. I knew this SPINNER was lying through his teeth just like most of the other Spinners I have met in my life.
ONE SHOT - ONE ?
--------------------------------------------------------------------------------
Posted by royalia at 10:37 AM : Oct 15, 2008
not all due to Reagan/Bush, but it is a fact that we were already in economic expansion when Clinton took office. he claims credit for everything. balanced budget was due to revenues from good economy and came about later. the economy went immediately into recession when he left. cycles, we go through them. tech bubble anyone? Can''t claim the credit for the good and blame others for the bad.
What? You''re either not middle class, or you''re benefiting from some serious bending of the deduction rules like a realtor I used to work for. I''m upper middle class, and pay a solid 30-35% of my income to taxes after deductions. Bush hasn''t given me a thing but those paltry rebate checks that did little but drain the national coffers of funds needed for roads and other infrastructure projects. I''m all for Obama''s plan to even the playing field, so folks like you WILL pay your fair share of taxes for a welcome change. God forbid you have to contribute to the roads, schools, military, and emergency services you benefit from. Greedy people are so shallow.
We just flat out do not trust this government any longer and we don''t believe a single thing any politician says. It''s as simple as that.
---------------
Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to "spread the wealth around" -- a comment that may only draw fire from riled-up John McCain supporters who have taken to calling Obama a "socialist" at the Republican''''s rallies.
Obama made the remark, caught on camera, after fielding some tough questions from the plumber Sunday in Ohio, where the Democratic candidate canvassed neighborhoods and encouraged residents to vote early.
"Your new tax plan is going to tax me more, isn''''t it?" the plumber asked, complaining that he was being taxed "more and more for fulfilling the American dream."
"It''''s not that I want to punish your success. I just want to make sure that everybody who is behind you, that they''''ve got a chance for success too," Obama responded. "My attitude is that if the economy''''s good for folks from the bottom up, it''''s gonna be good for everybody ... I think when you spread the wealth around, it''''s good for everybody."
Gee, I wonder why America is negative. they weren''t until Obama came along.
Posted by kevboom at 11:32 AM : Oct 15, 2008
Why are you paying 30 to 35%? Those rates are not in effect right now. My husband and I make over 150K but less than 250K--we are in that 28% bracket due to Bush''s cuts--and of course to be in that high bracket--we do NOT get a rebate check. if you pay 30 to 35%, you must make more than us--how did you get a rebate check?
ONE SHOT - ONE ?
Posted by PollsLie at 10:42 AM : Oct 15, 2008
That''s not even cute or funny--Heightened sensitivity and awareness on assassination threats right now, could net you a visit from the FBI and yes, they do know how to trace to the computer you are on. Grow up--this is not one of McCain or Palin''s rallies.
Posted by hootal2 at 11:21 AM : Oct 15, 2008
Wrong. I agree Clinton deserves very little credit for the surplus--but it was not just for the reasons you named.
The 3 most important reasons for the surplus are:
1. The tax increase enacted under Bush Sr just before he was not reelected
2. A Republican Congress insisting on huge government cuts which the Dems opposed but Clinton agreed to.
3. Dot com bubble
To Clinton''s credit, he did not spend all of the surplus--but it was during the Clinton years (and before?) when someone got the great idea of borrowing from Social Security payment surpluses and not paying them back--deciding at some point to never pay the program back and just tell us all that the program was bankrupt. SS would not be bankrupt if Congress was forced to cut the fat and repay SS with interest all the money that was set aside for it.
By the way--no one got a tax cut under Bush--because while the "federal rate" was cut, FICA was not and FICA is nothing more than the part of the Federal tax supposedly set aside for SS, medicare, etc. but really the gov just spends it like it does the rest of the money.
Posted by mbourn2 at 12:55 PM : Oct 15, 2008
Obama is right. Which generates more income--10 rich people buying stuff or 10,000 people buying stuff. The rich can only spend so much --but if people are the engine that drive the economy, then the more people that have the money to spend , the more businesses get.
-
by upto1947
October 16, 2008 12:21 PM PDT
- Let face it. The U.S. is going down, all becaus we send the same dumb A&& to congrees year after year. Those that are there must all go.
-
Reply to this comment
-
See all 50 Comments