A growing number of New Yorkers believe the nation’s best economic days are in the past, with widespread doubts about Social Security, Medicare, and leadership from Washington, a new Siena College poll reveals.
Forty-seven percent of respondents said the country’s economic peak is behind us, while only 45% believe current problems are temporary. The poll also found that just 52% of New Yorkers are confident they will receive the Social Security benefits promised to them, and fewer—48%—trust Medicare to provide the medical care they’ll need.
“New Yorkers are narrowly pessimistic on the future of the nation’s economy,” said Travis Brodbeck, associate director of data management at Siena College Research Institute. “Across the state more residents are telling us that they are falling behind than getting ahead, with almost half treading water.”
The statewide survey, conducted from June 25 to July 2 among 921 residents, paints a picture of economic anxiety, especially among lower-income households. Fifty-three percent of those earning under $50,000 believe the country’s best days are gone, and the same share say they are falling behind financially.
Overall, 32% of respondents said they are falling behind, 48% are staying even, and only 20% are getting ahead. Among those who said they are getting ahead, 71% believe the country’s challenges are temporary. But of those falling behind, 63% said the best days are behind us.
Confidence in leadership was also low. Sixty percent of New Yorkers said they lack faith in the federal government’s ability to guide the nation out of economic trouble. An identical 60% expressed no confidence in President Trump’s leadership on the economy.
“Majorities lack confidence in the government’s or the President’s ability to navigate current economic challenges,” Brodbeck said.
The poll also exposed sharp partisan divides. While 66% of Republicans said they are optimistic about their financial future, only 49% of Democrats and 51% of independents shared that view. Similarly, 32% of Republicans said they are getting ahead financially, compared to just 17% of Democrats and 14% of independents.
Confidence in Social Security, Medicare, and retirement security also varied by party and income. For example, 89% of retirees earning more than $100,000 said they have enough money to maintain their quality of life, while only 41% of retirees earning under $50,000 said the same. Among non-retirees, 68% of those earning over $100,000 were confident about retirement, but just 31% of lower-income respondents felt that way.
Economic pressures have led many to adjust their lifestyles. At least 60% of respondents reported cutting back on entertainment, planning expenses, watching energy use, using coupons, or switching to lower-quality goods. Those earning under $50,000 were more likely to make changes, such as delaying medical appointments or major purchases.
The report also noted that 53% of New Yorkers have researched Social Security benefits, 46% have looked into Medicare, and 61% have contributed to a retirement account such as a 401(k). Yet among those not yet retired, only 52% said they are confident they’ll have enough money to maintain their quality of life once they stop working.
“Compared to Democrats, Republicans are more likely to say they are getting ahead, more optimistic on the future of their finances, and more confident that they will get Social Security benefits,” Brodbeck said. “And with Republicans in charge of Congress and the White House, Empire State Republicans have significantly more confidence in both the United States Government’s and President Trump’s ability to lead the nation out of current economic difficulty.”
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