CBS News/New York Times Poll For release: April 18, 2012 6:30 PM EDT

An Improving Economy, but Financial Stress Remains April 13-17, 2012 Americans have become slightly more optimistic about the economy. Although 70% still say it is in bad shape, that is the lowest it has been in four years. 33% think it is getting better. But on a personal level things remain difficult for many: 39% have fallen behind financially over the past two years and only 16% think theyre getting ahead. Americans continue to face financial stress: 64% of Americans are worried about paying their housing costs, and 38% say the rise in gas prices have been a serious hardship for them. 38% say their biggest economic concern is paying their bills right now, more so than the longer-term goal of planning for retirement (30%). Just a quarter are optimistic that the future for the next generation of Americans will be better, while 47% think it will be worse. Neither presidential candidate has the edge on improving Americans financial situation. 26% think Obama would, as do 28% for Romney. But 38% think Obama would make their finances worse, as do 26% for Romney.

An Improving View of the Economy 33% of Americans now think the economy is headed in the right direction. 28% think the economy is getting worse, and 38% think it is staying the same. Direction of the Economy 3/2012 2/2012 1/2012 30% 34% 25% 24 22 29 44 43 45

Better Worse The same

Now 33% 28 38

4/2011 23% 39 38

4/2010 41% 15 43

And while 70% of Americans think the economy is at least somewhat bad, that nevertheless represents the lowest percentage in four years. 27% think the economy is at least somewhat good, the highest since 2008. Condition of the Economy 4/2011 1/2011 4/2010 19% 26% 26% 80 74 72

Now Good 27% Bad 70

3/2012 22% 75

2/2009 5% 94

2/2008 29% 70

Democrats are far more likely than Republicans to view both the condition and the direction of the economy favorably. 54% of Democrats think the economy is getting better, and 42% think its condition is at least somewhat good. Only 16% of Republicans think the economy is getting better, and just 5% call the economy good. But for Americans of all political persuasions, the economy is the most important problem facing the country today, volunteered by 48%, far ahead of the budget deficit (5%) and health care (5%). 3% volunteer fuel costs. When Americans were asked to pick which economic issue other than jobs concerned them the most, inflation tops the list (34%), followed by the budget deficit (31%), the financial markets (16%), and the housing market (15%). Last June amidst a political stand-off regarding the federal budget the budget deficit was picked first. Which Concerns You the Most? Now Rising prices 34% Federal budget deficit 31 Financial markets 16 Housing market 15 Financial and Job Worries Many Americans have struggled financially over the past two years. 39% say they have been falling behind financially over the past two years and just 16% said they have been getting ahead. 43% say they have been staying even. In the Last Two Years, Have You Been? Now 3/2008 Getting ahead financially 16% 23% Staying even financially 43 48 Falling behind financially 39 28

6/2011 33% 36 14 13

1/1998 31% 48 20

In a tough economy, Americans financial concerns span from short- to long-term: while many say their biggest worry is retirement (30%), the largest number say everyday bills (38%) bring the most concern right now. Those with relatively higher incomes are less likely to be concerned about day-to-day bills. Health care concerns span all income levels. Biggest Personal Economic Concern? All $50K and under Over $50K Everyday bills 38% 45% 33% Retirement 30 18 41 Health care 24 28 18 Americans express some job insecurity as well. While half of working Americans feel their job is very secure, another third feel it is somewhat secure, and 14% see it as tenuous at best. Insecurity spans income levels.

Very secure Somewhat secure Not very/not secure

Feelings about your Job Security? (among employed Americans) All $50K and under Over $50K 53% 52% 52% 33 34 34 14 14 15

34% of working Americans say they have had their salary or wages reduced as a result of economic conditions. Impact on November Election? The economy may play a pivotal role in the November election, and the Presidents approval rating on handling it has hovered around 40% for much of the past year. When asked specifically about the impact each would have on their own personal financial situation, 38% said if Obama is re-elected his policies would make their own financial situation worse, compared to 26% who think he would make things better. Voters are more divided over what kind of impact Romneys policies will have on their personal financial situation. Impact of Policies on Own Financial Situation: Obama vs. Romney (Among registered voters) Obama Romney Improve it 26% 28% Make it worse 38 26 No effect 33 36 On the broader issue of confidence handling the economy, both elicit it: about half of voters are confident in Obama to do so (51%) and slightly more (55%) are confident in Romney. Gas Prices The price of gas is bringing serious financial hardship to about a third of Americans, and some difficulty to another third. Those in lower income brackets are harder hit. How Have Gas Prices Affected You? All $50K and under Over $50K 38% 45% 31% 31 30 33 30 25 36

Serious hardship Some hardship Not a hardship

On the political front, Americans are a bit less likely now than a few weeks ago to believe a President has the power to do something about gas prices. Today 48% say he does, down from 54% in March. Can A President Do Something About Gas Prices? Now 3/2012 Yes 48% 54% No, beyond his control 43 36 Not sure 9 10

The Housing Market Three in four Americans say that home foreclosures are a problem in their community, including 38% who say it is a major problem. Just one in five says home foreclosures are not a problem in their area. Nearly half of those living in the West say home foreclosures are a major problem in their community. Four in 10 residents of the Midwest and South also say its a major problem. Home Foreclosures a Problem in Your Community All Northeast Midwest South 38% 25% 39% 39% 38 43 40 36 20 30 15 19

Major Minor Not a problem

West 47% 34 18

Just 15% say the local real estate market will get worse in the next year but only 26% say it is improving. In the Next Year, the Housing Market in Your Community Will All Northeast Midwest South West Get better 26% 19% 23% 25% 34% Get worse 15 12 14 18 16 Stay the same 56 65 59 53 49 The impact of the downturn in housing prices has also been widespread. Half of Americans say it has either been difficult or a hardship for their family. Those with lower household incomes have been most widely affected. Effect of Downturn in Housing Market on You/Your Family Hardship 20% Difficult 30 No effect 48 64% are worried about paying their housing costs. Concern about Paying Your Housing Costs Very 28% Somewhat 36 Not at all 36 23% are underwater on their mortgage they say their home is worth less than the amount they owe. Homeowners across all income groups find themselves in this situation, and most have children under age 18. When asked who they blame most for the home mortgage crisis, 34% of Americans blame the lenders who approved mortgages to people who might not be able to afford higher interest rates. 31% blame the regulators who were supposed to supervise the mortgage lending business and protect consumers. Just 15% blame the borrowers themselves, who should not have taken out loans they might have trouble paying.

Blame Home Mortgage Crisis Borrowers 15% Lenders 34 Regulators 31 All three/combination 17 Republicans blame all three groups about equally, while Democrats are much more apt to blame the lenders (45%). Independents blame both lenders (29%) and regulators (30%). Perhaps because so many have been affected by the drop in the housing market, 52% of Americans think the government should do more to help improve it, including 40% of Republicans, 63% of Democrats and 49% of independents. To Help Housing Market, Govt All Reps Dems Should do more 52% 40% 63% Should do less 16 30 3 Is doing right amount 26 22 28 Taxes, Spending, and the Role of Government When it comes to deciding which is the best way to promote economic growth, most Americans prefer spending more on education and infrastructure while raising taxes on the wealthy and businesses to pay for it (56%), while less than half favor lowering taxes and cutting government spending (37%). Democrats and independents favor the former, while Republicans favor the latter. Best Way to Promote Economic Growth All Reps Dems Ind Spend more and raise taxes 56% 24% 82% 57% Lower taxes and cut spending 37 71 13 34 Americans overwhelmingly want the government to do more to help the financial situation of middle class Americans and that desire cuts across party lines. To Help Middle Class Americans, Govt All Reps Dems Inds Should do more 67% 54% 77% 68% Should do less 15 27 5 16 Is doing right amount 14 13 16 14 Americans seem to be in favor of the so-called Buffet Rule proposed by President Obama that income from investments and capital gains be taxed at the same rate as earned income. 51% think so, while 35% think the tax rate for capital gains and investments should remain lower than that for earned income. Higher income Americans are increasingly likely to want to keep taxation on investment and capital gains lower than earned income.

Inds 49% 18 27

Taxes on Capital Gains and Dividends Should be All <$30K $30K-$50K $50K-$100K $100K+ Lower than taxes on income 35% 24% 32% 44% 44% Taxed at the same rate as income 51 62 51 49 42 Still, most Americans think they pay their fair share in taxes, though most think upper income Americans pay less than their fair share. Paying Their Fair Share in Taxes Yourself Upper Income Americans 36% 11% 2 57 58 24

More than fair share Less than fair share About right

Most Americans earning over $100,000 a year also think upper income Americans pay less than their fair share in taxes; though half think they themselves pay more than their fair share. Just 3% of Americans earning over $100,000 a year think of themselves as upper class, most think of themselves as either upper-middle class (42%) or middle class (41%). Future for the Next Generation Americans are pessimistic about the long-term future for the next generation. 24% think things will get better for the next generation, and nearly twice as many expect things to be worse for them. 23% expect the future will be the same.

Parents of children over 18 are less optimistic than parents of younger children perhaps because so many younger people are having trouble finding jobs. Future for the Next Generation Will Be All Have kids <18 Have Kids > 18 24% 27% 19% 47 44 57 23 22 19

Better Worse Same

The number of Americans who think things will be worse is about the same as it was last fall, and not near the high of 58% reached in March 1995. ______________________________________________________________________
This poll was conducted by telephone from April 13-17, 2012 among 957 adults nationwide. Phone numbers were dialed from samples of both standard land-line and cell phones. The error due to sampling for results based on the entire sample could be plus or minus three percentage points. The error for subgroups may be higher. This poll release conforms to the Standards of Disclosure of the National Council on Public Polls.

CBS NEWS/NY TIMES NATIONAL POLL ECONOMY & FINANCES April 13-17, 2012 q1-q2 SEPARATE RELEASE q3 What do you think is the most important problem facing this country today? ** TOTAL RESPONDENTS ** *** Party ID *** Total Rep Dem Ind % % % % 48 50 48 47 5 5 8 2 5 9 4 3 3 2 3 4 3 1 5 4 3 7 1 2 3 4 3 3 2 3 1 3 24 15 22 28 4 4 5 4

Economy & Jobs Health Care Budget Deficit/Natl Debt Education Partisan Politics Moral Values/Family Values Fuel Costs Big Government/Bureaucracy Other DK/NA q4 SEPARATE RELEASE

Mar12a % 51 3 5 2 1 3 3 1 27 4

q5 Do you approve or disapprove of the way Barack Obama is handling the economy? Approve Disapprove DK/NA q6-q9 SEPARATE RELEASE q10 How would you rate the condition of the national economy these days? Is it very good, fairly good, fairly bad, or very bad? Very good Fairly good Fairly bad Very bad DK/NA 1 26 41 29 3 1 4 54 41 0 2 40 38 19 1 1 29 35 31 4 1 21 45 30 3 44 48 8 11 84 5 78 19 3 38 49 13 39 54 7

q11 Do you think the economy is getting better, getting worse, or staying about the same? Better Worse Same DK/NA 33 28 38 1 16 42 42 0 54 14 32 0 27 31 41 1 30 24 44 2

q12 In the past couple of years would you say you have been getting ahead financially, just staying even financially, or falling behind financially? Mar08c 23 48 28 1

Getting ahead Staying even Falling behind Don't know/No answer

16 43 39 2

14 45 41 0

19 47 34 0

14 37 42 7

q13 Besides unemployment, which of the following national economic issues concerns you most 1) The federal budget deficit, 2) Rising prices, 3) Problems in the financial markets or 4) Problems in the housing market? ** TOTAL RESPONDENTS ** *** Party ID *** Total Rep Dem Ind % % % % 34 35 35 33 31 45 20 33 16 8 21 17 15 9 22 14 2 3 1 2 0 0 0 0 2 0 1 1

Rising prices Federal budget deficit Financial markets Housing market Other (vol.) Nothing (vol.) DK/NA

Jun11c % 33 36 14 13 1 0 3

q30 How confident are you in Barak Obama's ability to make the right decisions about the economy - are you very confident, somewhat confident, not too confident, or not at all confident? *** REGISTERED VOTERS *** 20 1 43 13 31 8 45 37 17 25 7 21 31 64 4 29 1 2 1 0 Mar12a 18 31 21 30 0

Very confident Somewhat confident Not too confident Not at all confident DK/NA q31-q33 SEPARATE RELEASE

q34 If Barack Obama were re-elected, do you think his policies would improve your own financial situation, make it worse, or would his policies not have any effect on your own financial situation? Improve my finances Make it worse Not have any effect DK/NA q35-q39 SEPARATE RELEASE q40 How confident are you in Mitt Romney's ability to make the right decisions about the economy - are you very confident, somewhat confident, not too confident, or not at all confident? Very confident Somewhat confident Not too confident Not at all confident DK/NA q41-q43 SEPARATE RELEASE 14 41 20 20 5 30 53 9 4 4 3 29 30 36 2 12 41 20 19 8 16 34 21 24 5 26 38 33 3 2 71 25 2 53 11 34 2 21 38 39 2

q44 If Mitt Romney were elected, do you think his policies would improve your own financial situation, make it worse, or would his policies not have any effect on your own financial situation? *** REGISTERED VOTERS *** *** Party ID *** Total Rep Dem Ind % % % % 28 49 11 28 26 4 45 27 36 37 35 35 10 10 9 10

Improve my finances Make it worse Not have any effect DK/NA q45-q47 SEPARATE RELEASE

q48 Do you think the future of the next generation of Americans will be better, worse, or about the same as life today? Oct11a1 % 21 46 29 4

Better Worse About the same DK/NA q49-q50 HELD FOR RELEASE

24 47 23 6

17 57 18 8

35 31 30 4

19 55 20 6

q51 How secure do you feel that you can continue in your job as long as you want -- very secure, somewhat secure, not very secure, or not at all secure? ** WORKING AMERICANS ** 57 60 46 29 25 41 9 7 8 4 9 5 1 0 0 Oct11a 49 39 8 4 0

Very Somewhat Not very Not at all DK/NA

53 33 8 6 0

q52 In the past couple of years, as a result of economic conditions, have your salary or wages been reduced, or not? Yes No DK/NA 34 66 0 43 56 1 27 73 0 34 66 0 27 73 0

q53 What is your biggest economic concern right now -- paying everyday bills, OR paying for healthcare OR saving for retirement? ** TOTAL RESPONDENTS ** 40 40 36 27 26 35 27 25 20 4 6 5 2 3 4 Mar08c 29 25 24 19 3

Everyday bills Retirement Healthcare Something else (vol.) DK/NA

38 30 24 5 3

q54 Do you think the government should be doing more to help improve the financial situation of middle class Americans, should it be doing less, or do you think the government is doing the right amount to help improve the financial situation of middle class Americans? ** TOTAL RESPONDENTS ** *** Party ID *** Total Rep Dem Ind % % % % 67 54 77 68 15 27 5 16 14 13 16 14 4 6 2 2

Do more Do less Doing right amount DK/NA

q55 Is the price of gasoline something a president can do a lot about, or is that beyond any president's control? Mar12a % 54 36 10

Yes, can do a lot No, beyond president's con Don't know/No answer

48 43 9

62 30 8

41 52 7

45 43 12

q56 Have recent price increases in gasoline caused any financial hardship for you or others in your household, or not? IF YES, ASK: Has that been a serious hardship, or not serious? Feb12b 38 29 32 1

Yes, serious Yes, not serious No DK/NA

38 31 30 1

38 34 28 0

34 31 34 1

42 31 28 0

q57 As a result of economic conditions over the past few years, has the type of college you can afford to send your child to changed, or not? ******** PARENTS ******** *** Party ID *** Total Rep Dem Ind % % % % 40 39 42 38 27 24 28 29 4 3 2 8 23 29 25 19 6 5 3 6

Yes No No plans for college (vol. Kids are older/Grown up/Al DK/NA

Jun11c* % 37 60 1 -2

*Asked of parents of children age 13-22

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q58 As a result of economic conditions over the past few years, have you postponed or delayed college for your child, or not? ******** PARENTS ******** *** Party ID *** Total Rep Dem Ind % % % % 20 18 17 22 69 70 71 68 3 2 5 2 3 3 3 3 5 7 4 5

Yes No No plans for college (vol. Kids are older/Grown up/Al DK/NA

Jun11c* % 23 68 3 -6 growth in the U.S.? 1. Lower cuts by cutting spending on education and the nations businesses to pay for that

*Asked of parents of children age 13-22

q59 Which do you think is the best way to promote economic taxes on individuals and businesses, and pay for those tax some government services and programs, or 2. Spend more on infrastructure, and raise taxes on wealthy individuals and spending. ** TOTAL RESPONDENTS ** 71 13 34 24 82 57 1 3 3 3 1 1 1 1 5

Lower taxes/cut spending Spend more and raise taxes Depends/Both (vol.) Neither (vol.) DK/NA q60-61 BLANK

37 56 2 1 4

q62 In your community, are home foreclosures a major problem, a minor problem or not a problem at all? Jun11c 28 47 19 6

Major Minor Not a problem DK/NA

38 38 20 4

40 41 14 5

38 39 20 3

36 35 25 4

q63 Who do you think is mostly to blame for the home mortgage crisis: 1) The borrowers who should not have taken out loans they might have trouble paying if interest rates went up, OR 2) The mortgage lenders who approved mortgages to people who might not be able to afford higher interest rates, OR 3) The regulators who were supposed to supervise the mortgage lending business and protect consumers? Borrowers Lenders Regulators Other (vol.) All three (vol.) Combination (vol.) DK/NA 15 34 31 1 11 6 2 26 26 30 1 10 5 2 7 45 32 0 7 7 2 14 29 30 2 15 5 5 12 42 29 8 6 1 2

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q64 In general, do you think the government should be doing more to help the housing market improve, should it be doing less, or is the government doing the right amount? ** TOTAL RESPONDENTS ** *** Party ID *** Total Rep Dem Ind % % % % 52 40 63 49 16 30 3 18 26 22 28 27 6 8 6 6

More Less Right amount DK/NA q65 Which best in the housing been difficult one way or the

Feb12a % 55 17 21 7

describes the way you and your family have been affected by the downturn market? 1) It has been a hardship and caused major life changes, 2) It has but not caused any major life changes, or 3) It has not had much effect other. Jun11c 15 33 52 0

Hardship Difficult No effect DK/NA

20 30 48 2

22 30 48 0

21 29 50 0

18 32 47 3

q66 Over the next year, do you think the housing market in your area will get better, get worse, or stay about the same? Better Worse The same Don't know/No answer 26 15 56 3 23 14 59 4 30 8 58 4 23 23 52 2

q67 How concerned are you about being able to pay your housing costs -- very concerned, somewhat concerned, or not at all concerned? Jan09a 24 36 19 21

Very concerned Somewhat concerned Not at all concerned Don't know/No answer q68-q69 HELD FOR RELEASE

28 36 36 0

23 40 36 1

35 25 40 0

26 43 31 0

q70 Do you think your home is worth more than the amount you owe on your mortgage, worth less than the amount you owe on your mortgage, or worth about the same as what you owe on your mortgage? * HOMEOWNERS WITH MORTGAGE* 50 55 51 45 23 17 24 27 26 26 25 27 1 2 0 1 Jun11c 58 22 19 1

More Less Same DK/NA

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q71 Do you feel you pay more than your fair share in federal income taxes, less than your fair share, or is the amount you pay about right? ** TOTAL RESPONDENTS ** *** Party ID *** Total Rep Dem Ind % % % % 36 46 30 35 2 2 2 4 58 51 65 56 ----4 1 3 5

More than fair share Less than fair share About right Dont file/pay taxes (vol.) DK/NA

Mar11c % 41 2 51 4 2

q72 What about upper-income Americans? Do you feel upper-income people pay more than their fair share in federal income taxes, less than their fair share, or is the amount they pay about right? More than fair share Less than fair share About right DK/NA 11 57 24 8 21 35 39 5 5 77 13 5 10 55 23 12

q73 Federal tax policy now allows capital gains and dividends to be taxed at a lower rate than income from work. Which comes closer to your view? 1. You approve of the current policy because you think it encourages investment, which helps the economy and ultimately increases tax revenues, OR 2. You think capital gains and dividends should be taxed the same as income earned from work because the current policy increases the federal deficit and is unfair to people who don't have money to invest. Approve current policy Tax capital gains same Tax capital gains higher DK/NA 35 51 2 12 48 41 2 9 26 63 2 9 34 48 1 17

Total Respondents Total Republicans Total Democrats Total Independents Total Registered Voters Reg. Voters Republicans Reg. Voters Democrats Reg. Voters Independents

Unweighted 957 276 320 361 852 261 283 308

Weighted

252 328 378 749 225 258 266

(30%) (34%) (36%)

(26%) (34%) (40%)

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