Please ensure Javascript is enabled for purposes of website accessibility
Despite Income Losses from Crisis, Most Not Worried About Their Finances.
gvw_ap_news
By Associated Press
Published 5 years ago on
April 3, 2020

Share

WASHINGTON — About half of all working Americans report some kind of income loss affecting themselves or a member of their household due to the coronavirus pandemic, with low-income Americans and those without college degrees especially likely to have lost a job, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.

Still, a solid majority of Americans say their own financial situation is good and remain confident in President Trump’s economic leadership, the poll shows.

There are jitters, though. Sixty percent of Americans now say the national economy overall is “poor,” an alarmingly swift reversal from the 67% who called it “good” in January. The spike in pessimism has followed a stock market collapse and the closures of businesses around the country as regular economic activity has been halted in an attempt to limit the number of COVID-19 deaths to hundreds of thousands instead of millions.

Almost 25% Report Layoffs Among Household Members

The income losses include pay cuts, unpaid time off and reduced hours, as well as actual lost jobs, with 23% of adults who had work when the outbreak started saying they or a member of their household have since been laid off. A third of those in households making less than $50,000 a year say they or a household member have lost their job.

“It’s terrible and it’s going to get worse,” said Bill Ardren, 75, a retired community college vice president from Minnesota. “The stock market is down. Unemployment is up. Stores are shutting down. I don’t see any bright lights in the economy right now.”

The new AP-NORC survey results come as the Labor Department said Thursday a record 6.6 million Americans sought jobless benefits last week, a doubling of the previous record set just the prior week. Those figures suggest the United States lost about 6% of its 152 million jobs in half a month.

The Poll Found Majorities Remain Confident About Their Personal Finances

Samantha Lafitte, 30, of Moody, Texas, was furloughed from her job as a nurse at a gastro clinic. She will still draw some pay over the next two weeks, meaning that she and her husband have some time before any pressures build.

“But in three weeks, I won’t be paid anything,” said Lafitte, the mother of two children, 11 and 2. “It does put on a financial strain.”

Despite COVID-19’s pocketbook impact on millions of Americans, as well as their overall pessimism about the economy, the poll found majorities remain confident about their personal finances — as well as President Donald Trump’s handling of the economy.

“We’re at a bump in the road right now,” said Chip McEwen, 64, who worked in financial services and drives a charter bus in his semi-retirement in Montgomery, Alabama. “If the COVID-19 weren’t here, we would be rocking and rolling.”

A solid 62% of Americans say their own financial situation is good, down only slightly from 67% in January. People are also more likely to believe their financial situation will get better than get worse, 39% to 19%. Still, the percentage expecting a worsening situation for their personal finances is up slightly from 12% in January.

Opinions about the economy are still shaped by political beliefs — a sign of the persistent divisions that have defined the Trump era. Negative views have increased among Republicans, from 10% who called the economy poor in January to 35% now. They are now the overwhelming views among Democrats, up from 47% in January to 81% now.

Most Americans Still Feel Confident in Trump’s Economic Leadership

The outbreak cut short a cruise Ardren was taking with his wife, causing them to disembark early in Australia. A critic of the president, Ardren said his experience abroad led him to see Trump as putting the world at risk by not cracking down earlier on the outbreak.

“People in Australia ask what’s going on in the U.S. and how come we’re doing all this stupid stuff,” he said. “If the U.S. is goofy, they’re in trouble — they know that.”

Yet most Americans still feel confident in Trump’s economic leadership. The president received a 56% approval rating on the economy, significantly higher than his overall approval rating of 43%.

Ross Turner, a 75-year-old surveyor and engineer from Spanish Fork, Utah, thinks Trump has done “pretty well” in dealing with the economy and keeping the public informed. He’s inclined to vote for the president in November, after having not backed him in 2016.

“The idea of having a daily briefing — they’re trying to be transparent about things,” Turner said.

Nick Macrina, 29, was let go last month from his job as a server at El Cortijo in Burlington, Vermont. He’s been told the job should return in May. The added unemployment benefits should help as he continues to study to be an herbal clinician. But a lot will depend on how long the downturn lasts.

“It’s helpful that we’re at least getting something for support,” he said. “But is it enough? It’s hard to say.”

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Dow Surges 2,600 as US Stocks Soar in Relief After Trump Pauses Some of His Tariffs

DON'T MISS

Trump Pauses Tariffs on Most Nations for 90 Days, Raises Taxes on Chinese Imports

DON'T MISS

Wired Wednesday: Fresno DA Warns New Copper Theft Ordinance Could Clash with State Law

DON'T MISS

No Joke. Jay Leno Helps Fresno Legislator Advance Car Bill

DON'T MISS

New Plan to Accelerate CA High-Speed Rail Construction Deserves Attention, Support

DON'T MISS

CA’s Big Pension Funds Lost Billions in Stock Market Selloff. Can They Recover in Time?

DON'T MISS

Fake Student Aid: California Colleges Detect More Fraudsters Stealing Millions

DON'T MISS

Trump Administration Freezes $1 Billion for Cornell and $790 Million for Northwestern

DON'T MISS

Top IRS Officials Said to Resign After Deal to Give ICE Migrants’ Data

DON'T MISS

Why Did So Many People Delude Themselves About Trump?

UP NEXT

Giants Suffer Second Straight Shutout Loss to Reds

UP NEXT

Curry Scores 25 as the Warriors Cruise Past the Suns in West Playoff Race

UP NEXT

Man Pleads Guilty to Trying to Assassinate Justice Kavanaugh

UP NEXT

Trump Administration to Roll Back Array of Gun Control Measures

UP NEXT

This Is Who Trump Has Targeted for Retribution

UP NEXT

Signs of a More Buyer-Friendly Housing Market Emerge for Spring

UP NEXT

Castellanos’ Grand Slam Helps Phillies Beat Dodgers, Take 2 of 3 From World Series Champions

UP NEXT

Appeals Court Reverses Trump Firings of 2 Board Members

UP NEXT

Trump Tells People to Be Patient as Global Markets Keep Dropping Over Tariffs

UP NEXT

YouTuber Faces Charges for Attempting Contact With Isolated Indian Tribe

No Joke. Jay Leno Helps Fresno Legislator Advance Car Bill

2 hours ago

New Plan to Accelerate CA High-Speed Rail Construction Deserves Attention, Support

2 hours ago

CA’s Big Pension Funds Lost Billions in Stock Market Selloff. Can They Recover in Time?

3 hours ago

Fake Student Aid: California Colleges Detect More Fraudsters Stealing Millions

3 hours ago

Trump Administration Freezes $1 Billion for Cornell and $790 Million for Northwestern

3 hours ago

Top IRS Officials Said to Resign After Deal to Give ICE Migrants’ Data

3 hours ago

Why Did So Many People Delude Themselves About Trump?

3 hours ago

Nuggets Fire Coach Malone and Won’t Extend GM Booth in Stunning Move

3 hours ago

Former MLB Pitcher Octavio Dotel Dies in Dominican Republic Nightclub Collapse

3 hours ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Israel Trinidad Gallardo

3 hours ago

Dow Surges 2,600 as US Stocks Soar in Relief After Trump Pauses Some of His Tariffs

NEW YORK — U.S. stocks are soaring on a euphoric Wall Street Wednesday after President Donald Trump said he would temporarily back off on mo...

1 hour ago

Anthony Matesic works on the floor at the New York Stock Exchange in New York, Wednesday, April 9, 2025. (AP/Seth Wenig)
1 hour ago

Dow Surges 2,600 as US Stocks Soar in Relief After Trump Pauses Some of His Tariffs

President Donald Trump speaks at the National Republican Congressional Committee (NRCC) dinner at the National Building Museum in Washington, Tuesday, April 8, 2025. (Pool via AP)
2 hours ago

Trump Pauses Tariffs on Most Nations for 90 Days, Raises Taxes on Chinese Imports

2 hours ago

Wired Wednesday: Fresno DA Warns New Copper Theft Ordinance Could Clash with State Law

2 hours ago

No Joke. Jay Leno Helps Fresno Legislator Advance Car Bill

2 hours ago

New Plan to Accelerate CA High-Speed Rail Construction Deserves Attention, Support

3 hours ago

CA’s Big Pension Funds Lost Billions in Stock Market Selloff. Can They Recover in Time?

3 hours ago

Fake Student Aid: California Colleges Detect More Fraudsters Stealing Millions

The campus of Cornell University in Ithaca, N.Y., April 10, 2023. The Trump administration has frozen more than $1 billion in funding for Cornell and $790 million for Northwestern amid civil rights investigations into both schools, two administration officials said. (Heather Ainsworth/The New York Times)
3 hours ago

Trump Administration Freezes $1 Billion for Cornell and $790 Million for Northwestern

Help continue the work that gets you the news that matters most.

Search

Send this to a friend