The American public is deeply concerned about the strength of the U.S. economy and its competitiveness with the rest of the world, according to poll results announced today by The Allstate Corporation and National Journal.
The seventh quarterly Allstate-National Journal Heartland Monitor Poll focused on how Americans view U.S. workforce competitiveness and the American manufacturing sector as a key driver of job creation. Only 20 percent of Americans polled believe that the United States has the strongest economy in the world, while nearly half say this distinction lies with China.
Despite this pessimistic view, one-third of Americans (34%) believe the United States will have the world's strongest economy 20 years from now, roughly in line with those who hold similar expectations of China's economy (37%). Respondents cited America's strengths in its higher education system (74%), science and research (66%), workforce (56%) and corporate leaders (57%).
Eighty percent of Americans say manufacturing will be extremely or very important to U.S. economic growth over the next five to 10 years. Emphasizing this point, 62% agree it's important for the government to help advanced manufacturing industries with tax incentives and funding – even if it means more federal spending and more government involvement in the economy.
"Americans clearly understand the global economic landscape has changed," said Thomas J. Wilson, Allstate chairman, president and chief executive officer. "As a result, they are concerned about their future and that of their children. They want public and private leaders to put aside ideological fundamentalism and make compromises to move the country forward. Businesses need to expand their investment in U.S. growth. Public sector leaders must support manufacturing, research and education. Our common goal should be for America to remain the most advanced, most innovative, and largest economy in the world."
"President Obama said this week that the nation is facing 'our Sputnik moment' in the international economic competition, and it's clear from the latest Heartland Monitor survey that many Americans agree," said Ronald Brownstein, editorial director of National Journal Group. "The powerful anxiety crackling through this poll about the nation's precarious position in the global race for jobs and growth should be a signal to politicians in both parties that Americans are open to, and even eager for, bold ideas from business and government to strengthen our competitive position."
The seventh Allstate-National Journal Heartland Monitor Poll (PDF) identified several key personal, financial, and economic concerns:
1) Americans believe the United States now lags behind China as the strongest economy in the world and are deeply pessimistic about the current track of the country.
2) The manufacturing sector is seen as fundamental to the U.S. economy and a top priority for government investment and protection, even if it means more federal spending and involvement.
3) Americans see global competition as a major reason for economic problems in the United States.
4) The American workforce has not lost faith in the American Dream despite serious concerns about the current state of the economy. Americans remain optimistic about America's long-term prosperity and economic resilience.
5) Americans want leaders in Washington to work together, and they place a greater priority on investment for job creation than on deficit reduction.