A new poll has shown that republican optimism in the economy has declined after the election. Meanwhile, the mood among Democrats has improved.
Prior to the election, according to SurveyMonkey and The New York Times, a majority of Republicans (56 percent) indicated that economic conditions for the country as a whole were something or very good. After the election, that number more than halved to 19 percent.
Most dramatically, 73 percent of Republicans now say they expect periods of widespread unemployment or depression in the next five years, compared with 28 percent before the election.
In comparison, 51 percent of Democrats now expect periods of widespread unemployment or depression, up from 76 percent in October.
This slump is taking place despite small changes in leading economic indicators and a historic recovery in GDP as countries begin to reopen their economies after foreclosure.
Confidence in the labor market also remains low. More than three out of ten working adults (32 percent) say that they are very or somewhat concerned about losing their jobs in the coming weeks due to the coronavirus outbreak, almost unchanged from the August level (31 percent).
While the number of adults who have lost their jobs since the coronavirus outbreak began has remained constant since August (22 percent this month), a growing proportion of those who have lost their jobs say they do not expect to return.
This month, 69 percent of those who lost their jobs due to the coronavirus outbreak say they do not expect to return to work at any time, compared to 59 percent last month and 51 percent when the question was first asked in July.
The survey also found that two-thirds of Americans (67 percent) are in favor of a tax increase for those earning $400,000 or more, while tax rates for those earning less than $400,000 remain at current levels.
The majority of Democrats and Democratic supporters (88 percent) support this proposal, along with seven out of ten independents and almost half of Republicans and GOP supporters (45 percent).
Even among those with a household income of $150,000 or more, the highest income category for which the survey collects data, 62 percent of people are in favor of increasing taxes for those earning at least $400,000.
This would be in line with one of the most important tax promises made by President-elect Joe Biden.
Before the election, he made the promise to repeal the Tax Cuts and Jobs Act (TCJA), which provides for individual income tax cuts for those earning more than $400,000, and to raise the top income tax rate from 37 percent today to 39.6 percent.
Another of his proposals was to raise the corporate income tax rate from 21 to 28 percent.
The survey also revealed that 64 percent of respondents are in favor of making four-year public colleges and universities free of charge for all students whose families earn less than $125,000 per year.
Support for this measure is much higher among Democrats (87 percent) and independents (74 percent) than among Republicans (36 percent).
Similar to last month, a majority of the population (57 percent) is in favor of foreclosure and continues to believe that we should give priority to controlling the coronavirus.
A smaller percentage, four out of ten, say we should focus on reopening the economy, even if this means there will be more cases of the coronavirus.
Democrats and Republicans are sharply divided on this issue. 91 percent of Democrats say we should focus on controlling the spread of the virus and 80 percent of Republicans say we should focus on reopening.