Contact: Jeremy Rosen
jrosen@pgpf.org
The May 2023 Fiscal Confidence Index, Modeled after the Consumer Confidence Index, is 35 (100 is Neutral)
NEW YORK (May 25, 2023) — U.S. Fiscal Confidence hit an all-time low in May as lawmakers negotiate solutions to avoid a costly default and address the underlying issues of our $31 trillion and rising national debt. The nonpartisan Peter G. Peterson Foundation’s Fiscal Confidence Index, modeled after the Consumer Confidence Index, is 35 (100 is neutral), the lowest reading in the 10-year history of the poll.
Voters across party lines are emphatically calling on their leaders to address America’s unsustainable fiscal outlook. Nearly 9-in-10 (87%) say that their level of concern about the debt has increased, a sentiment that rose considerably among Democrats in particular. The number of voters who believe the U.S. is on the right track to addressing the problem has also fallen (24% right track/73% wrong direction, down from 27%/69% in April). Americans increasingly want to see their elected officials come to a solution on our fiscal imbalance: their belief that the debt should be a top-three priority for the President and Congress remains strong and is rising (85% agree/11% disagree, up from 80%/15% in April). This sentiment is also consistent across party lines, including 84% of Democrats, 78% of independents, and 91% of Republicans. Nearly all voters now also agree that the debt is an issue they want the President and Congress to spend more time on (88% more time/8% less time, up from 84%/8% in April).
“As the national debt grows continually while the ceiling deadline inches closer, voters have an unprecedented level of concern about our fiscal outlook,” said Michael A. Peterson, CEO of the Peterson Foundation. “We need to raise the debt ceiling, and the sooner the better, because failing to do so would harm both our fiscal and economic standing. At the same time, we must finally begin to do something about the reason we keep hitting the ceiling in the first place: our unsustainable national debt. This all-time low for fiscal confidence shows that voters want their leaders to do more than simply avoid a self-inflicted wound of default — they want a solution to our growing national debt.”
The Fiscal Confidence Index measures public opinion about the national debt by asking six questions in three key areas:
The survey results from these three areas are weighted equally and averaged to produce the Fiscal Confidence Index value. The Fiscal Confidence Index, like the Consumer Confidence Index, is indexed on a scale of 0 to 200, with a neutral midpoint of 100. A reading above 100 indicates positive sentiment. A reading below 100 indicates negative sentiment.
Fiscal Confidence Index Key Data Points:
The Peter G. Peterson Foundation commissioned this poll by the Global Strategy Group and North Star Opinion Research to survey public opinion on the national debt. The online poll included 1,000 registered voters nationwide, surveyed between May 15, 2023 and May 17, 2023. The poll has a margin of error of +/- 3.1%. The poll examined voters’ opinions on the national debt, political leadership, and America’s fiscal and economic health.
Detailed poll results can be found online at: www.pgpf.org/FiscalConfidenceIndex.
The Peter G. Peterson Foundation is a nonprofit, nonpartisan organization that is dedicated to increasing public awareness of the nature and urgency of key fiscal challenges threatening America's future, and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find and implement sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. To learn more, please visit www.pgpf.org.
CONCERN (25) | |||
---|---|---|---|
Thinking about our national debt over the last few years, would you say your level of concern has increased or decreased? ◊ Is that a lot or just a little? |
May 2023 | Apr 2023 | Mar 2023 |
Increased a lot | 58% | 54% | 54% |
Increased a little | 29% | 28% | 28% |
Decreased a little | 3% | 4% | 5% |
Decreased a lot | 2% | 3% | 2% |
(No change) | 6% | 9% | 8% |
(Don't Know/Refused) | 2% | 2% | 3% |
INCREASED (NET) | 87% | 82% | 82% |
DECREASED (NET) | 5% | 6% | 7% |
When it comes to addressing our national debt, would you say things in the United States are heading in the right direction or do you think things are off on the wrong track? ◊ Do you feel that way strongly or just somewhat? |
May 2023 | Apr 2023 | Mar 2023 |
Right direction — Strongly | 6% | 8% | 12% |
Right direction — Somewhat | 18% | 20% | 20% |
Wrong track — Somewhat | 26% | 27% | 23% |
Wrong track — Strongly | 46% | 42% | 41% |
(Neither/Mixed) | * | 1% | 1% |
(Don't Know/Refused) | 2% | 2% | 4% |
RIGHT DIRECTION (NET) | 24% | 27% | 32% |
WRONG TRACK (NET) | 73% | 69% | 64% |
PRIORITY (16) | |||
---|---|---|---|
Some people say that addressing the national debt should be among the president and Congress' top 3 priorities. Do you agree or disagree? ◊ Do you feel that way strongly or just somewhat? |
May 2023 | Apr 2023 | Mar 2023 |
Strongly agree | 64% | 57% | 57% |
Somewhat agree | 20% | 23% | 23% |
Somewhat disagree | 8% | 12% | 11% |
Strongly disagree | 3% | 3% | 4% |
(Don't Know/Refused) | 5% | 5% | 5% |
AGREE (NET) | 85% | 80% | 80% |
DISAGREE (NET) | 11% | 15% | 15% |
And when it comes to our national debt, do you think it is an issue that the president and Congress should spend more time addressing or less time addressing? ◊ Would you say a lot (more or less) time or just a little? |
May 2023 | Apr 2023 | Mar 2023 |
A lot more time | 61% | 54% | 54% |
A little more time | 26% | 30% | 27% |
A little less time | 3% | 5% | 7% |
A lot less time | 5% | 3% | 3% |
(The same amount of time) | 2% | 4% | 2% |
(Don't Know/Refused) | 3% | 3% | 6% |
MORE TIME (NET) | 88% | 84% | 82% |
LESS TIME (NET) | 8% | 8% | 10% |
EXPECTATIONS (65) | |||
---|---|---|---|
And thinking about our national debt over the next few years, do you expect the problem to get better or worse? ◊ Is that much (better or worse) or just somewhat (better or worse)? |
May 2023 | Apr 2023 | Mar 2023 |
Much better | 6% | 5% | 8% |
Somewhat better | 20% | 18% | 21% |
Somewhat worse | 33% | 32% | 31% |
Much worse | 35% | 37% | 33% |
(No change) | 3% | 4% | 2% |
(Don't know/Refused) | 3% | 3% | 5% |
BETTER (NET) | 26% | 24% | 29% |
WORSE (NET) | 68% | 69% | 64% |
And when it comes to our national debt, are you optimistic or pessimistic that the United States will be able to make progress on our national debt over the next few years? ◊ Would you say you are very (optimistic or pessimistic) or just somewhat? |
May 2023 | Apr 2023 | Mar 2023 |
Very optimistic | 8% | 6% | 6% |
Somewhat optimistic | 34% | 35% | 37% |
Somewhat pessimistic | 35% | 34% | 33% |
Very pessimistic | 18% | 20% | 18% |
(Neither/Mixed) | 3% | 2% | 2% |
(Don't Know/Refused) | 3% | 2% | 3% |
OPTIMISTIC (NET) | 42% | 41% | 44% |
PESSIMISTIC (NET) | 52% | 54% | 51% |