When evaluating economic polls, subtract 15-20%


A note on economic polls: when evaluating them, subtract 15-20%. Case in point: U.S. public opinion toward outgoing President George W. Bush.

A CNN/Opinion Research Corporation poll taken in December 2008 found the following:

Despite the worst U.S. recession in decades, rising unemployment, declining median incomes, unprecedented home foreclosures, massive U.S. government borrowing to bailout / rescue the bank sector, and the lowest job creation of any eight-year president in the modern era, the poll found that:
  • 23% of the American people said they would miss Bush, 25% said Bush managed government effectively, and about a third said he would go down in history as a good president.
Roughly a third of Americans viewing Bush as a good president?, with 25% saying he managed the government effectively? What's going on here?

Who are these people? Upper-income Americans or strong Republicans?

Exactly: either, or possibly both, which is why you need to deduct 15-20% when reading a poll, to gauge a president's support, particularly on economic issues.


The reason? The Bush presidency has been an objective failure -- any reasonable analysis by scholars would reach this conclusion. Hence, the notion that someone would say "Bush will go down in history as a good president" speaks to the fact that these individuals would still support Bush if the U.S. economy fell into a depression worse than the Great Depression or if he committed some other serious economic policy mistake. U.S. unemployment could hit 25%, and these individuals would say "the economy is fine" or "Bush is doing a good job."

In other words, a certain percentage of the American public, on the Republican side and the Democratic side, will always support their party's candidate, no matter how bad economic conditions get or how many mistakes the president makes: place this factor at 15-20%.

Political / Economic Analysis: Hence, when evaluating polls, to gauge a president's support, particularly on economic issues, sans the partisans and rabid ideologues, subtract 15-20%. Do the same for the bottom half of the poll, to factor-out partisans on the other side of the issue.

In other words, if you read a poll that says 60% of the American people support increasing taxes, know that 45-40% of voters support the measure, after discounting the partisans and ideologues.

Partisans and ideologues are loyalists: they're dedicated to their party or candidate, but they are not fair evaluators of economic conditions.

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Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.

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