Economy Alarm: Poll: 'Stimulus' Left Middle Class Behind

Poll: ‘Stimulus’ Left Middle Class Behind
Most Americans Say Stimulus Has Not Helped Middle Class, CBO Says Will Cost More than Expected

Democrats Continue to Stand By Stimulus in Latest Report from the Obama Administration

“The Obama administration, in its latest progress report on the $787 billion stimulus program, said both the overall economy and employment continued to be in better shape at the end of 2009 than they would have been without the government’s help. But as expected, the program’s impact on economic growth in the fourth quarter was less than in two previous quarters, according to President Obama’s Council of Economic Advisers… The council estimated that the stimulus provisions boosted economic growth in the fourth quarter by less than in the second and third quarters. But the council chairman, Christina Romer, has said that such a leveling off is typical of stimulus measures, which have their biggest economic bang at the outset.” (Jackie Calmes, “Administration Says Stimulus Has Worked,” The New York Times, 1/13/2010)

Credibility Crash: CNN Poll Reveals 1 in 4 Americans Think Stimulus Has Not Helped Middle Class, CBO Says Will Cost $75 Billion More Than Expected

Only one-quarter of Americans think the federal stimulus plan has helped the middle class, while a majority say it has helped bankers and investors, according to a new national poll.

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A CNN/Opinion Research Corp. survey released Wednesday morning indicates that 25 percent of the public thinks the stimulus has benefited the middle class.

“Opinions on the economic stimulus bill are colored by the perception that it has helped fat cats, but not ordinary Americans,” said CNN Polling Director Keating Holland. “It’s possible that the belief that the stimulus bill helped bankers and CEOs is due to the public confusing the stimulus bill with the various bailout bills that were passed at roughly the same time last year.”

The survey also indicates that one-quarter think the stimulus has helped people in their own community, with three in 10 saying it has hurt people in their community and 45 percent saying the plan has had no effect.

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The program, formally known as the American Recovery and Reinvestment Act of 2009, attempts to stimulate the country’s economy by increasing federal spending and cutting taxes, at a total cost to the government of $862 billion.

No Republicans in the House of Representatives and only three in the Senate voted for the bill.

The stimulus was initially thought to have a price tag of $787 billion, but the Congressional Budget Office on Tuesday increased its forecast for how much the stimulus will add to the nation’s deficit, raising its estimate by $75 billion. (“Poll: Most say stimulus has not helped middle class,” CNN, 1/27/2010)

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