Population Cares More About Economy Than Global Warming

The Harvard-CAPS Poll for July, released on August 3, found the overwhelming majority of American voters consider climate change as not an obvious risk; the financial system is more of the main consideration to them.

This is a troubling development for the Democrats in the forthcoming midterm elections.

The Numbers

Only 45% of people, including 66% of Democrats and 41% of Independent voters, perceive climate change as an imminent threat.

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Voters generally disagree with President Biden’s energy and petroleum policies by a margin of 59 percent to 63 percent, with 63 percent blaming him for the bulk of gas price hikes.

The majority of respondents would like the White House to start prioritizing price reduction and American energy independence over issues related to global warming; they are against the subject becoming politicized.

Only four out of ten people believe the Biden government would be justified in issuing a climate emergency declaration.

According to the poll, 42% of eligible voters feel the market is already in a crisis and 42% believe it will shortly enter one. 84 percent of respondents think the U.S. economy is either currently in a recession or will be one next year.

Only 16 percent of those surveyed think the American economy will escape or is not now experiencing a recession.

The survey results coincide with the fact the United States’ gross domestic product (GDP) shrank in the first and second quarters of 2022, declining by 1.6% and 0.9 percent, respectively, on an annualized basis.

With the market adding roughly 460,000 jobs each week in the first two quarters of 2022, the jobs market is still strong.

Most analysts believe the economy is in a downturn when there are two successive quarters of negative growth of GDP.

This is a small change from the poll conducted in June when 12 percent of respondents predicted a downturn would be averted and 49 percent said the U.S. economy was in one.

Voters’ financial optimism increased from 28 percent last month to 33 percent this month, while their fear about inflation decreased six percentage points.

Tough For Democrats

The vast majority of Americans polled are still persuaded that a recession is either underway or will by next year, despite a minor increase in economic optimism.

According to a report released by the Federal Reserve Bank of Dallas on August 2, “most markers tracking labor markets provide compelling evidence the U.S. economy did not enter a downturn in the first quarter.”

James Bullard, chairman of the St. Louis Federal Reserve, refuted claims the economy is in a downturn during an August 3 conversation with CNBC, despite two consecutive years of economic contraction.

This was because of high employment levels.

“Given the large increase in employment over the first half of the year, it is difficult to declare a recession when the jobless rate is steady at 3.6 percent,” He told CNBC.