Return to Transcripts main page

CNN Live Today

Gallup Poll: Americans Upbeat About Economy

Aired March 21, 2002 - 12:49   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: If you were with us about 20 minutes ago, we were talking with Christine Romans about consumer confidence right now, sentiment out there. There's a new Gallup Poll showing that Americans seem more optimistic about the state of the economy.

For those numbers and more, Frank Newport, Gallup Poll editor-in- chief, live in Princeton, New Jersey, taking the pulse on this.

Frank, good afternoon.

FRANK NEWPORT, GALLUP POLL: Good day to you, Bill.

Indeed, we are looking here at how consumers rate their own personal financial situation. We think that is very important for a couple of reasons. One is, as you mentioned, consumer confidence leads to retail spending, and second is politics -- I'll come back to that in a second.

This is "Is your current personal situation getting better or getting worse?" And it has been fairly robust all the way from December. November it was down, closer to 9/11, but since then, it's been a high dip. Last month, it was back up again. This is the percent saying their personal finances are getting better. Look at the optimism here; that is one reason, I think, that the economy has stayed fairly strong despite doomsayers who thought that the economy was really going to go into the tank after last fall, after September 11.

Look at the difference by age. This is really interesting. Hope blooms eternal among younger Americans: 71 percent of young Americans say their finances are getting better, but as you get older -- maybe you get more jaded, or maybe its because you are on fixed income -- that optimism just disappears. By the time you are 65 and older, they are really not likely to think their finances are going to change at all.

And politically, Bill, I think that is why Social Security and these things are so important to older Americans. Younger Americans may care less what the government does, but they are so optimistic about their personal finances are going to move up.

And politically -- this is another fascinating difference -- Republicans are optimistic: 66 percent of the Americans who say they are Republicans, Oh, my finances are going to be getting better. But as you move over to the Democratic side of the aisle, you can see much less optimism. And again, Bill, I think that's why you find Democratic representatives in Washington saying we have to have stimulus and so forth, to help their constituents. Republicans' constituents? Hey, things are getting better. I think they are looking less for the government to do less to help them out.

All in all, a pretty good picture though, Bill.

Back to you.

HEMMER: Got it. Interesting stuff. Frank, thanks. Frank Newport there, with the Gallup Poll, in Princeton.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com