As economic conditions have deteriorated from the coronavirus pandemic, public support for large and aggressive stimulus measures has grown, according to new polling released by left-leaning advocacy group Employ America.
According to similar polls conducted two months apart, the percentage of likely American voters who support giving the Federal Reserve the ability to make direct payments to households grew to 45 percent in April from 31 percent in February. Opposition also shrank to 34 percent from 44 percent, with the rest unsure. Conservatives in particular were warmer to the idea in April than two months before.
That coincided with a worsening outlook for the economy; in February, 59 percent rated economic conditions as good or excellent, dropping to just 25 percent in April. The number rating economic conditions as fair or poor increased to 75 percent from 41 percent.
Economists such as Julia Coronado at Macropolicy Perspectives and Simon Potter at the Peterson Institute have advocated that the Fed set up digital currency accounts for consumers, which would allow the central bank to directly support households during a downturn.
“This tool could be used in a timely manner with broad reach to all Americans,” they wrote in a brief last month.
Support also increased for doling out a $1 trillion stimulus during a recession — increasing to 54 percent in April from 34 percent in February, with opposition shrinking to 25 percent from 42 percent. Enthusiasm for stimulus grew across different races and political ideologies.
The first poll surveyed 2,427 people from Feb. 17-18, while the second surveyed 1,741 people from April 25-26.
The polls conducted on behalf of Employ America also gauged support for ideas associated with Fed nominee Judy Shelton, whose candidacy the group has vocally opposed. In April, half of respondents said they would oppose a nominee who wanted to end deposit insurance, while only 27 percent would support such a person.
Shelton has previously suggested deposit insurance should be abolished, but at her confirmation hearing said she “fully supports” the government’s backing of deposits.
Respondents also opposed ending the Fed and creating a global currency, an idea that has been floated by Shelton. Overall, 47 percent were against that idea — with conservatives in particular in opposition — while 27 percent supported it.
“The results are unambiguous,” said Sam Bell, policy director at Employ America. “Voters reject what Judy Shelton supports and support what Judy Shelton rejects.”
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May 06, 2020 at 12:54AM
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New poll shows spike in support for Fed direct payments - Politico
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