Contact: Jeremy Rosen
jrosen@pgpf.org
As National Debt Surges past $32 Trillion, the July 2023 Fiscal Confidence Index is 40 (100 is Neutral)
NEW YORK (July 27, 2023) — As lawmakers approach the August recess, voters remain deeply concerned about America’s unresolved fiscal challenges. The monthly Fiscal Confidence Index, modeled after the Consumer Confidence Index, is 40 (100 is neutral), indicating significant dissatisfaction with the lack of progress on stabilizing our nation’s fiscal and economic outlook. This follows the recent Congressional Budget Office report that America is on track to borrow an additional $116 trillion and spend $71 trillion on interest over the next 30 years.
In July, slightly more voters say their concern about the national debt has increased (83% increased/7% decreased, from 81%/6% in June). The same percentage (83%) want the president and Congress to spend more time addressing the debt, and there also an uptick in the number of voters who believe that the debt should be a top-three priority for the president and Congress (81% agree/16% disagree, from 79%/15% in June). That sentiment remains strong across party lines, including 72% of Democrats, 81% of independents, and 92% of Republicans.
“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson, CEO of the Peterson Foundation. “While Americans are relieved that we moved through the debt ceiling crisis, they know that we remain on an unsustainable fiscal path that will only bring more crises in the future. Strong bipartisan majorities of voters support a fiscal commission process to recommend a comprehensive package of reforms to stabilize our national debt, and put us on a stronger, more sustainable path.”
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 July 17, 2023 and July 19, 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 (32) | |||
---|---|---|---|
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? |
July 2023 | June 2023 | May 2023 |
Increased a lot | 52% | 47% | 58% |
Increased a little | 32% | 34% | 29% |
Decreased a little | 5% | 4% | 3% |
Decreased a lot | 1% | 2% | 2% |
(No change) | 8% | 11% | 6% |
(Don't Know/Refused) | 2% | 3% | 2% |
INCREASED (NET) | 83% | 81% | 87% |
DECREASED (NET) | 7% | 6% | 5% |
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? |
July 2023 | June 2023 | May 2023 |
Right direction — Strongly | 8% | 7% | 6% |
Right direction — Somewhat | 23% | 23% | 18% |
Wrong track — Somewhat | 26% | 26% | 26% |
Wrong track — Strongly | 40% | 38% | 46% |
(Neither/Mixed) | 1% | 1% | * |
(Don't Know/Refused) | 3% | 5% | 2% |
RIGHT DIRECTION (NET) | 31% | 29% | 24% |
WRONG TRACK (NET) | 66% | 64% | 73% |
PRIORITY (21) | |||
---|---|---|---|
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? |
July 2023 | June 2023 | May 2023 |
Strongly agree | 54% | 49% | 64% |
Somewhat agree | 27% | 29% | 20% |
Somewhat disagree | 12% | 11% | 8% |
Strongly disagree | 4% | 4% | 3% |
(Don't Know/Refused) | 3% | 6% | 5% |
AGREE (NET) | 81% | 79% | 85% |
DISAGREE (NET) | 16% | 15% | 11% |
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? |
July 2023 | June 2023 | May 2023 |
A lot more time | 50% | 51% | 61% |
A little more time | 33% | 33% | 26% |
A little less time | 7% | 5% | 3% |
A lot less time | 3% | 3% | 5% |
(The same amount of time) | 4% | 3% | 2% |
(Don't Know/Refused) | 3% | 5% | 3% |
MORE TIME (NET) | 83% | 84% | 88% |
LESS TIME (NET) | 10% | 8% | 8% |
EXPECTATIONS (66) | |||
---|---|---|---|
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)? |
July 2023 | June 2023 | May 2023 |
Much better | 7% | 5% | 6% |
Somewhat better | 19% | 21% | 20% |
Somewhat worse | 37% | 35% | 33% |
Much worse | 30% | 32% | 35% |
(No change) | 3% | 3% | 3% |
(Don't know/Refused) | 3% | 5% | 3% |
BETTER (NET) | 26% | 26% | 26% |
WORSE (NET) | 68% | 67% | 68% |
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? |
July 2023 | June 2023 | May 2023 |
Very optimistic | 6% | 6% | 8% |
Somewhat optimistic | 38% | 34% | 34% |
Somewhat pessimistic | 35% | 38% | 35% |
Very pessimistic | 18% | 17% | 18% |
(Neither/Mixed) | 1% | 3% | 3% |
(Don't Know/Refused) | 2% | 3% | 3% |
OPTIMISTIC (NET) | 44% | 40% | 42% |
PESSIMISTIC (NET) | 53% | 54% | 52% |