Poll: Solid support for Obama's economic plan
NBC/WSJ poll also shows concern for the cost of the stimulus package
By Mark Murray
Deputy political director
NBC News
updated 3:32 p.m. PT, Wed., Jan. 14, 2009
WASHINGTON - A solid plurality of the American public supports the economic stimulus plan that President-elect Barack Obama has proposed, according to the latest NBC News/Wall Street Journal poll.
But the public also is concerned that the stimulus’ price tag might be too expensive and would increase the U.S. deficit.
“They want to do something and want to see it done,” says Democratic pollster Peter D. Hart, who conducted this survey with Republican pollster Bill McInturff. “But what they’re warning [Obama] collectively is " be careful.”
Obama’s stimulus package, which his team estimates will cost some $775 billion, includes:
# Distributing $500 in tax credits to individuals (and $1,000 to families)
# Providing money for shovel-ready construction projects
# Increasing production of renewable energy
# Expanding unemployment benefits and government-assisted health insurance.
According to the poll, 43 percent believe the stimulus is a good idea, compared to 27 percent who think it’s a bad one, and 24 percent who don't have an opinion.
Popular details in the stimulus
The individual parts of the stimulus are much more popular.
Eighty-nine percent support the creation of new jobs through increased production of renewable energy (as well as making public buildings and schools more energy efficient). And 85 percent think it’s a good idea to generate jobs through the repair and construction of roads and bridges.
In addition, 67 percent approve of the the tax cuts in the stimulus plan, and 65 percent agree with the expansion of unemployment insurance and government-assisted health insurance.
This support isn’t too surprising given that nearly three-fourths of Americans believe that the current economic recession will continue for at least another year " and perhaps even longer.
By comparison, 4 percent believe that the recession is almost over or will be in the next six months.
Yet there is a warning sign for Obama in this poll: 60 percent say they’re concerned that the government will spend too much money in trying to stimulate the economy, ultimately increasing the size of the deficit.
McInturff speculates that negative opinions regarding the cost and implementation of the government’s earlier financial bailout are making the public a bit gun-shy about the size of the stimulus package.
“Right now,
the Obama economic stimulus is wrapped around perceptions about the bailout.”
Obama’s honeymoon continues
The NBC News/Wall Street Journal poll " taken of 1,007 adults (101 reached by cell phone) from Jan. 9-12, and which has an overall margin of error of plus-minus 3.1 percentage points " comes after a few bumps in Obama’s otherwise smooth transition to power.
Those bumps include the allegations that Illinois Democratic Gov. Rod Blagojevich was attempting to sell Obama’s Senate seat; Blagojevich’s surprise appointment of Roland Burris to the seat, setting off a Senate battle over whether Democratic leaders would seat him; and New Mexico Gov. Bill Richardson’s withdrawal as commerce secretary nominee after links to an alleged pay-to-play scheme surfaced.
But these haven’t stopped Obama from continuing to enjoy a honeymoon with the public since winning the presidential contest last November.
In the poll, 71 percent say they approve of the way Obama is handling his transition " a number virtually unchanged from last month’s survey.
Also, 66 percent view Obama positively, versus just 14 percent who see him in a negative light. And while 55 percent say they like Obama personally and approve of most of his policies, an additional 22 percent say they like him personally but disapprove of his policies.
“He has gotten his honeymoon before he has taken his vows of office,” says Hart, the Democratic pollster.
Yet Hart also points to a few issues where Obama seems to have “narrow running room.” For example, 52 percent say they’re concerned that Obama will go too far in providing financial aid and loans to corporations that are facing bankruptcy; 49 percent are concerned that he will make the health-care system large and too bureaucratic; and another 49 percent are concerned that he will raise taxes.
The following is from the White House web site:
Quote:
Economy
Progress
* The President signed the American Recovery and Reinvestment Act.
* The President announced the "Making Home Affordable" home refinancing plan.
* The President launched a $15 billion plan to boost lending to small businesses.
* The President and Secretary Geithner announced the details of the Financial Stability Plan.
* President Obama played a lead role in G-20 Summit that produced a $1.1 trillion deal to combat the global financial crisis.
* The President signed the Fraud Enforcement and Recovery Act which gives the federal government more tools to investigate and prosecute fraud, from lending to the financial system, and creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that brought us to this point.
* The President signed the Helping Families Save Their Homes Act, expanding on the Making Home Affordable Program to help millions of Americans avoid preventable foreclosures, providing $2.2 billion to help combat homelessness , and helping to stabilize the housing market for everybody.
* The President signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to protect Americans from unfair and deceptive credit card practices.
Guiding Principles
President Obama’s central focus is on stimulating economic recovery and helping America emerge a stronger and more prosperous nation. The current economic crisis is the result of many years of irresponsibility, both in government and in the private sector. As we look toward the future, we must confront the many dimensions of this crisis while laying the foundation for a new era of responsibility and transparency.
Creating Jobs
President Obama’s first priority in confronting the economic crisis is to put Americans back to work. The American Recovery and Reinvestment Plan signed by the President will spur job creation while making long-term investments in health care, education, energy, and infrastructure. Among other objectives, the recovery plan will increase production of alternative energy, modernize and weatherize buildings and homes, expand broadband technology across the country, and computerize the health care system. The recovery plan will save or create about 3.5 million jobs while investing in priorities that create sustainable economic growth for the future.
Keeping Americans in Their Homes
Millions of hard-working, responsible families are at risk of losing their homes as home prices fall and jobs are threatened. The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value. The Making Home Affordable Modification program has a $75 billion commitment to support loan modifications so that up to 3 to 4 million borrowers at risk of foreclosure can keep their homes. President Obama’s programs to prevent foreclosures will help bolster home prices and will provide direct support to up to 9 million homeowners to refinance for lower payments or have their mortgages modified to prevent foreclosure. President Obama also launched MakingHomeAffordable.gov, where borrowers can learn basic facts about mortgages, homeownership, and resources available.
Bringing Stability to Financial Markets
This crisis has taught us the real impact that financial markets and institutions can have on working families. President Obama has worked to get credit flowing again so that small businesses can rebuild and hire workers and families can afford to send their children to college. At the same time, the President has demanded accountability and transparency both on Wall Street and in Washington, taking steps to ensure that banks use taxpayer assistance to support lending and create sustainable economic growth. For the long term, the President will create a new regulatory framework that holds market players responsible for their actions and stops fraudulent practices before they take hold.
For those of you who believes Obama doesn't have a "plan," please contact the White House, and tell them "you have no economic plan." And look like the fool you really are!
