Republicans are feeling great about the economy again. Democrats are really worried
CNN
Consumer expectations among Democrats have plummeted by nearly 50% since October to the lowest levels since the Covid-19 pandemic, according to the University of Michigan. Expectations among Republicans have nearly doubled over that span to four-and-a-half-year highs.
A black cloud hovering ominously over the US economy has finally parted — at least in the eyes of nearly half of the nation. For the other half, the black cloud is just arriving. That’s the starkly partisan picture painted by the first consumer confidence reading since President-elect Donald Trump’s victory last month. Republicans, after years of doom and gloom, are feeling great about the economy again. Consumer sentiment among Republicans spiked in December to the highest level since November 2020, according to the University of Michigan. The polar opposite story is playing out among Democrats. After years of mostly good vibes about the economy, consumer sentiment among Democrats tumbled in December to the lowest level since the summer of 2022, when gas prices were near $5 a gallon. “It’s really striking to see how people perceive the world so differently,” said Oliver Allen, senior US economist at Pantheon Macroeconomics. The post-election shift in the economic perceptions of Republicans and Democrats is not shocking. A similar story has played out following previous changes in power in the White House, including after the 2016 and 2020 elections.