A new study conducted by the Pew Research Center indicates that many of the themes raised by the Occupy Wall Street movement over the past several months resonate with the American public.1 Yet despite our economic challenges, we continue to reject the idea that America is a nation of “haves” and “have-nots.”
Wall Street on Trial
While more Americans support than oppose the Occupy Wall Street movement overall (44% to 35%), and significantly more say they agree than disagree with the group’s key concerns (48% to 30%), the public strongly opposes the means by which Occupy Wall Street protests have been carried out, with 49% of those polled voicing disapproval versus 29% who approve.
Despite opposition to the movement’s tactics, many of their themes are embraced by the American public. For instance, a small majority of those polled (51%) feel that Wall Street hurts the American economy more than it helps it, and 61% believe the U.S. economic system unfairly favors the wealthy. More than three-quarters (77%) said that a small minority of wealthy individuals and corporations hold too much power. Although still a minority view, 40% of those polled stated that hard work and determination are no guarantees of success — the highest percentage than in any other survey conducted by the Pew Research Center in the past 17 years.
Economic Outlook: Fair to Poor
The study found that 91% of Americans still have a negative view of the economy; with 53% saying the outlook is “poor” and 38% rating it as “fair.” In addition, most people believe the economy will worsen or remain sluggish for the next 12 months. These sentiments remain unchanged from August 2011.
When asked to name the biggest threat to the nation’s economic well-being, respondents cited the following in rank order:
- Size of the national debt (76%)
- Economic competition from China (59%)
- Power of financial institutions and banks (56%)
- Economic problems in Europe (46%)
- Government regulation of business (44%)
While economic issues continue to dominate the nation’s worry list, an increasing number of citizens (15%) are pointing to problems with government, including political partisanship and a lack of leadership. That figure is up from 4% in May 2011.
Interestingly, despite the ongoing focus on economic issues, the majority of Americans (58%) still balk at the notion that America is a nation divided into two groups, the “haves” and the “have-nots.” When pressed to describe themselves, 46% consider themselves part of the haves, 39% the have-nots.
