As U.S. lawmakers grapple with decisions surrounding the nation's debt ceiling, a recent Economist/YouGov poll reveals a divided public opinion on the issue, marked by significant demographic variations in both awareness levels and viewpoints on this critical fiscal policy.
The survey found that public attention towards the debt ceiling debates is significant, but varies across demographic lines. Overall, 20% of participants said they were paying "a lot" of attention, while 46% said they were paying "a little" attention to the issue. However, a notable 33% were not following the debates at all.
Breaking down by demographic groups, men seemed to be paying more attention than women (26% vs. 15%), while the attention levels were higher among older adults (25% of 65+ age group) compared to the younger generation (16% of 18-29 age group). Income-wise, those earning 100K+ were the most engaged (32%).
Opinions regarding whether Congress should raise the debt ceiling reflected a nation divided. Forty-one percent of respondents believed Congress should increase the limit, while 35% disagreed. However, a substantial 24% of participants were unsure. The split was more pronounced along party lines, with 66% of Biden voters favoring the increase compared to only 22% of Trump voters.
When respondents were asked about the potential implications of not raising the debt ceiling and the U.S. defaulting on its debts, most perceived this as a crisis or a major problem (32% and 39% respectively). Here, age seemed to play a role, with the 65+ age group more likely to consider it a crisis (40%). Meanwhile, a majority of respondents from urban, suburban, and rural areas considered it a major problem but not a crisis.
Interestingly, the survey results also indicate an awareness gap. While the debates are gaining attention and sparking concerns, a substantial number of people remain unsure about the issue or its potential repercussions.
The Economist/YouGov poll was conducted from April 29 to May 2, 2023, and canvassed 1500 U.S. adult citizens about their awareness and perspectives on the prevailing debt ceiling discussions.
Now Read: Peter Schiff Says Raising Debt Ceiling Won't Preserve America's Prosperity But This Will
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