Welcome to Extreme Investor Network, where we provide you with unique insights into the world of Economics that you won’t find anywhere else. Today, we will be diving into the topic of public trust in the government and its impact on the economy.
Recent studies have shown that confidence in the very structure of the nation has been shaken, with a staggering 72% of Americans believing that the United States is no longer a good example of democracy. This lack of trust in the government has only been exacerbated by the economic challenges facing the country, making the American Dream seem more out of reach than ever before.
Interestingly, older Americans over 50 trust in democracy slightly more than younger generations, possibly due to their experiences with a different America in the past. However, the sentiment is echoed in other countries closely aligned to the US in terms of economics, with countries like Canada, Japan, and the UK also expressing a lack of trust in American democracy.
Looking at historical data, trust in the government has fluctuated over the years, with peaks and valleys mirroring economic conditions. For example, trust peaked during President Johnson’s term in 1964 but plummeted during President Nixon’s resignation in 1974. Trust in government hit a new low by the end of President Carter’s administration, following the downward trend of the economy.
Trust in government saw a brief rise after the 9/11 terrorist attacks under President George W. Bush, with a wave of patriotism leading to increased trust in the government’s ability to protect the nation. However, as controversies like the search for weapons of mass destruction unfolded, trust in government plummeted once again.
Today, trust in the US government remains low, with politics more divided than ever and questions surrounding the competency of our leaders. The coronavirus pandemic further eroded trust in government as people turned away from it in times of crisis.
Our unique insights point to a continued decline in trust in government globally, all in line with economic trends. As our models predict a gradual decline in economic conditions until 2028, distrust in government is expected to grow. However, there is hope on the horizon, with a chance for rebuilding and regrowth by 2032 as indicated by our models.
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