A new poll brings to light big differences in who whites, blacks, and Hispanics blame for the recession, whether the nation’s economic policies have us on the right track, and how optimistic (or not) they are that things will get better. Curiously enough, the groups who were hardest hit by recession, and who are the least likely to hold stocks, investments, and retirement accounts, are also the most optimistic for the future.
The national survey, conducted for the Washington Post with the help of the Kaiser Family Foundation and Harvard University, has been strung out into a series of stories by the WaPo. One story, for instance, highlights the low levels of blacks and Hispanics owning stocks, bonds, or mutual funds: Only one in four blacks and one in six Hispanics had any. Also, less than half (46% of blacks and just 32% of Hispanics) said that they had an IRA or any similar retirement account. Meanwhile:
Half of whites said they had stocks, bonds or mutual funds, and two in three said they had IRAs, 401(k)s or similar holdings.
Nonetheless, the Washington Post’s lead story involving the poll pointed out that despite the fact that blacks and Hispanics suffered the most during the recession (and despite their lack of investments and any hint of financial security in retirement), these two groups were the most optimistic that the nation is on the right path, and that things will get better in the near future.
Looking closer at the poll data, it’s interesting to note that whites were more likely to blame all kinds of forces for the economic challenges the nation faces: They were by far more likely than blacks or Hispanics to blame the federal government, Wall Street, and consumers who spent more than they could afford. Eighty-two percent of whites, for example, said consumers who spent more than they could afford deserved “a lot” or “some” of the blame, compared to 64% of blacks and 74% of Hispanics.
Another big difference emerged when people were asked whether they thought their family’s financial situations would improve, stay the same, or get worse in the year ahead: More than half of blacks and Hispanics (62% and 51% respectively) answered “improve,” compared to just 36% of whites.
Interestingly enough, in the next question—asking how one’s standard of living compared to their parent’s—there was little difference among the races: Slightly over 50% of blacks, Hispanics, and whites answered “better.”
When it comes to a question involving the American Dream—anyone can achieve success through hard work—whites were the most pessimistic group: 41% agreed with the statement “Hard work is no guarantee of success,” compared to 36% of blacks and 31% of Hispanics.
One of the Washington Post stories based on the poll specifically named whites without college degrees as the most frustrated, pessimistic group surveyed:
Just 14 percent of non-college whites say the president’s economic policies are making things better, half the number of white college graduates saying so. Only 15 percent say they are getting ahead financially, again about half the number among white college graduates.
A lot of the pessimism (or optimism, depending on who we’re talking about) comes down to whether you believe in our nation’s leaders. It’s pretty clear that the majority of whites don’t think much of the administration’s economic policies: In a question about President Obama’s economic program, 75% of whites said that it was making the economy worse or having no effect. Nearly 60% of blacks, meanwhile, said that the president’s policies were making the economy better.
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