Interesting observation from Mike Panzner. He notes that people self identified by party have very different basis for how they determine their own outlook:
While not scientific by any means, a quick read of the various sub-indices that comprise the ABC News/Washington Post weekly poll of consumer confidence reveals an interesting insight about the differences between Democrats and Republicans.
chart courtesy of Mike Panzner
Based on an visual analysis of the data going back to June 1990, it appears that Republicans’ attitudes about their financial wellbeing are most closely aligned with how they feel about personal finances in general. Democrats’ attitudes, in contrast, seem most closely aligned with how people feel about the state of the economy.
While the difference is subtle, that seems to jibe with anecdotal evidence about the varying perspectives of those who favor the red as opposed to those who favor the blue. For example, it makes sense that Democrats, traditionally seen as members of the working class, would be more attuned to changes in the economy because of its impact on the job market.
Keep this in mind when the next weekly poll of consumer confidence comes out today — it might make for some interesting reading.
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