By Thomas Montana
A recent poll found that a plurality of New Yorkers feel the economy has seen better days and does not seem to show any signs of improvement in the future.
According to the Siena College Research Institute (SCRI), 47% said our country’s best economic days are behind us, while 45% say this is only temporary and things will bounce back soon.
With the standard of living presumably dropping, most people believe they’re either falling behind or just staying afloat. Forty-eight percent of residents say they’re staying even on money, 32% say they are falling behind and only 20% are getting ahead.
Both retired and not retired New Yorkers say they’re falling behind on money, 30% and 33%, respectively. Of retirees, their confidence in maintaining their quality of life decreases with their income. 89% of those earning $100,000 or more are confident, compared to just 41% of those earning less than $50,000.
When asked how President Donald Trump is handling the economy, 60% of New York residents said they are not confident in both the government’s ability to lead the nation out of the current issues in the economy and any economic difficulty at all. When separated by political party, twice as many Republicans as Democrats are confident in President Trump or the government’s ability to lead the country out of the current economic malaise.
Because of the current economic conditions, many said they had to change their spending habits. Seventy-one percent said they cut back on their spending on entertainment, vacations and eating out, and another 71% said they would stop impulse buying. In addition, 65% said they watched their energy usage at home, followed by using coupons or special offers for food, clothing and household products (64%), buying lower quality products (59%), delaying the purchase of big-ticket items like cars, home and appliances (54%), postponing home and auto repairs (44%) and cutting back on medical and dental appointments (36%).
“Across the state more residents are telling us that they are falling behind than getting
ahead, with almost half treading water,” said Travis Brodbeck, SCRI’s Associate Director of Data Management. “Majorities lack confidence in the government’s or the President’s ability to navigate current economic challenges. As concerning as these numbers are, the alarm bells are ringing louder for those earning less than $50,000 annually.”
Now that the GOP controls the White House and both houses of Congress, “Empire State Republicans have significantly more confidence in both the United States Government’s and President Trump’s ability to lead the nation out of current economic difficulty,” said Brodbeck.