America: Banking Bailout Bad, Auto Industry Good!By: Shawn Hess - April 9, 2012
A new Harris Poll released today has found that America’s perceptions on the automotive industry bailout of 2009, and the bank and insurance bailout of 2008, have changed in the over three years since the events. Surprisingly, a majority of tax payers now support the bailout of the auto industry, namely GM and Chrysler.
The insurance and banking industries did not fair as well unfortunately. A majority of tax payers today see the bailout of the financial sector as a mistake. A number of factors, many political, seem to be shaping our perceptions about the events, and could have an impact on upcoming presidential election.
Looking back at 2009, 69% opposed the bailout of the automotive industry. 65% opposed the bank bailouts and an overwhelming majority, 77% was opposed to the insurance bailout. People were not on board for spending tax dollars to help these industries get out of trouble.
Today, pluralities still believe the financial bailout of the banking industry hurt our economy (by 48% to 23%). 42% to 15% believe the insurance bailout also hurt the economy, but the success in the automotive industry has changes people’s minds and they now feel the GM and Chrysler bailout helped our economy (45% to 29%).
So what implications will this have for voters? I am not really sure. It depends if people blame Obama for the bailouts or praise him. Some of the actions took place under the Bush administration, but will voters remember that? Follow this link to see these approval ratings in graph format and to view breakdowns by political party.