PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Americans on the Economy: The “Most Important Thing Going Well”

By at 24 July, 2018, 3:26 pm

Small Business Insider

  

by Raymond J. Keating-

Strong economic growth for the second quarter of 2018 is expected when the U.S. Bureau of Economic Analysis releases its latest GDP data on Friday, July 27. If that turns out to be the case, then a significant chunk of the American public will not be surprised, according to polling data recently released by Gallup.

Gallup reported, “The economy is Americans’ top response when asked to name the ‘most important thing going well’ in the U.S. today…” In fact, the economy ran far ahead of other responses, garnering 37 percent of American adults, followed at a significant distance by social climate and civic participation at 17 percent, and “nothing” or “not much going well” at 12 percent.

Zeroing in on views of the state of the economy, Gallup noted, “55% of Americans believe U.S. economic conditions are excellent or good, and the same percentage perceive the economy to be improving.”

For good measure, as noted in the chart above, the net positive score on the economy is strong.

As noted by Gallup: “The average net-positive score from these two questions (+30) ties with last month’s result as the highest level of economic optimism Gallup has recorded in its Gallup Poll Social Series (GPSS) surveys since January 2004, when it briefly hit +33. The last time economic confidence stayed at this level for two or more consecutive months was in the fall of 2000.”

It’s no mere coincidence that Americans’ views on the economy are moving in a positive direction as they see increased business investment, continued hiring, as well as a general shift in attitude and policy geared toward business.

With the exception of where trade policy is headed in the long-term and specific tariff actions that are working to undermine business growth and confidence, the policy leadership during the first year and a half of the Trump administration, including the implementation of tax and regulatory relief, has helped to vastly improve the environment for investment, hiring, growth and risk-taking.

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Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.

Keating’s latest book published by SBE Council is titled Unleashing Small Business Through IP:  The Role of Intellectual Property in Driving Entrepreneurship, Innovation and Investment and it is available free on SBE Council’s website here.

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