WJR Business Beat: Consumer Confidence in U.S. Institutions Drops (Episode 449)

On this episode of the Business Beat, Jeffrey Jones discusses worrisome results from a recent Gallup poll showing Americans’ faith in the presidency, Supreme Court, police and more is plunging.

Tune in below for details:

 

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Jeff: Good morning, Paul! As Americans, we put our faith and trust in certain key American institutions that impact our lives daily ranging from the government to business institutions, to even religious institutions and the results from a recently released Gallup poll shows that Americans’ confidence in our major American institutions has hit a new all-time low. Jeffrey Jones, senior editor at Gallup, breaks it down for us.

Jeffrey: Yeah. So Gallup has measured American’s confidence and institution back to the 1970s. And if you look at that history right now, we’re at a low point. So there are institutions that we ask about every year — 14 to be exact –right now, eight of them are at the lowest that we’ve ever measured in our polling. And the average amount of confidence is 27%. That’s the lowest that we’ve measured in any year.

Jeff: And while the survey shows were down across the board to a new, all-time average low, what are some examples of the most concerning?

Jeffrey: The two of the biggest drops we saw were for the Supreme Court and the presidency. Biden is down a lot from last year. The Supreme Court, maybe not surprising, but you know, a steep drop, 11 points down from last year.

Jeff: Also down steeply, Jeffrey, confidence in the police and even in religion. What do you think this says about our American society now, Jeffrey?

Jeffrey: That’s a good point. You know, one thing we found is the drop is happening among Republicans, Independents and Democrats, so it’s not just one party losing faith. So, you know, in order to have kind of a healthy functioning society, people gotta believe in these institutions that we rely on.

Jeff: On a positive note, Paul, one shining example, small business in America tops the list, getting the highest rating for confidence in Gallup’s latest. Hats off to America’s small businesses who earn it every day.

I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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