Economic confidence decreased to 103.4 in
this month’s Rasmussen Reports Economic Index, nearly four points lower than
December. Enthusiasm about the economy surged under President Donald Trump’s first term, reaching as high as 147.8 in January 2020 before tumbling after the coronavirus lockdown threw Americans out of work and closed many businesses. By November 2020, it had recovered to 126.4, but dropped sharply after President Joe Biden was elected. The index fell to 97.8 in February 2021 before beginning a three-month rebound that took the index to 123.7 in May 2021, but reached a low of 78.6 in July 2022.
Thirty-three percent (33%) of American Adults rate the economy as excellent or good this month, down one point from last month. The number who rate the economy as poor was 36%, unchanged from December. Twenty-four percent (24%) now think the economy is getting better, down five points from last month. Forty-five percent (45%) expect a worsening economy, up three points from December. Twenty-six percent (26%) now see things staying about the same, up three points from last month. Forty-nine percent (49%) of Democrats view the economy as good or excellent, compared to 23% of Republicans and 26% of those not affiliated with either major party. GOP confidence has declined 51points since November 2020, when 74% of Republicans had a positive view of the economy, while Democrats’ confidence is now 17 points higher than it was before Biden’s election, when 32% of Democrats rated the economy good or excellent.