Breitbart Business Digest: Optimism Rises After Trump’s Election Killed the Vibecession

Economic Optimism Is Surging Post-Election

It’s beginning to look a lot like morning in America.

The election of Donald Trump has already sparked a turnaround in sentiment among consumers and businesses, with the vibecession falling away and the rosy-fingered dawn of a new golden age spreading from sea to shining sea.

The latest polling by YouGov for the Economist shows a striking rise in optimism. In a survey taken between November 23 and 26 of 1,590 U.S. adult citizens, 41 percent said that they expect to be better off financially one year from now. That’s up 10 points from a month earlier, when just 31 percent expected to be better off, and nearly 20 points from six months ago.

Contrast that with the 18 percent who say they are better off now than they were a year ago. That number is actually unchanged from before the election and up only five points from six months ago.

Both men and women are feeling better about their financial future. Forty-three percent of men now say they expect to be better off, up from 35 percent in October. Thirty-nine percent of women say they expect to be better off, up from 27 percent in October.

A Majority of Gen Z Americans Expect to Be Better Off

Among Americans between 19 and 29, a 51 percent majority now expect to be better off a year from now—up from 38 percent before the election. Six months ago, just 27 percent said they expected to be better off. This is especially important because the economic optimism of young people tends to have a major effect on civilizational issues such as family formation, birth rates, and economic dynamism. Gen Z, in other words, is looking forward to the Trump economy.

How about the Millenials? Among Americans aged 30 to 44, there hasn’t been much change. Forty percent say they expect to be better off, up from 38 percent in October. But compared with six months ago, it is a significant improvement. Back then, just 26 percent expected to be better off.

Gen Xers were pretty down about their prospects prior to the election. In October, just 28 percent of Americans between 45 and 64 said they expected to be better off. Six months ago, this was as low as 19 percent. Now it is up to 39 percent.

The Boomers saw a 12 point improvement on this question, with the share of Americans aged 65 and older rising from 22 percent in October (and 17 percent six months ago) to 34 percent today.

The increase in the share of optimists is widespread across income groups. Among those with less than $50,000 of annual income, the share expecting to be better off rose to 33 percent from 25 percent in October. The share of optimists with income between $50,000 and $100,00 rose to 41 percent from 31 percent. Among those with incomes higher than $100,000, the share expecting to be better off rose to 55 percent from 40 percent.

Rising Optimism Among Trump Voters Outweighs Decline Among Harris Voters

Not surprisingly, there’s a political tilt in the results. The share of Trump voters who expect to be better off a year from now rose to 60 percent from 25 percent. The share of Harris voters expecting to be better off fell from 44 percent to 27 percent. There were similar movements among Republicans—up to 59 percent from 27 percent—and Democrats—down to 31 percent from 42 percent. But the share of optimists among independents rose nine points to 32 percent.

Perhaps one of the most striking stories of this election is the fact that Donald Trump did far better with non-white voters than expected. This can be seen in the economic optimism figures. In October, 45 percent of black Americans said they expected to be better off. Now that is almost unchanged at 43 percent. Among Hispanic Americans, 32 percent say they expect to be better off, up slightly from the 29 percent who said that in October.

White Americans—who make up 67 percent of Americans in the survey—are much more optimistic. Prior to the election, just 28 percent said they thought they’d be better off in a year. Now that’s up to 43 percent. Note that white Americans now match black Americans in optimism and exceed Hispanics—where before they trailed badly.

Businesses are feeling more positive about the future also. The Fed’s Beige Book was released Wednesday. “Though growth in economic activity was generally small, expectations for growth rose moderately across most geographies and sectors. Business contacts expressed optimism that demand will rise in coming months,” the Beige Book reported.

Even Fed Chairman Jerome Powell is starting to see the light.

Americans voted against the much despised Biden-Harris economy in November. Trump’s victory is leading to a renewed sense that tomorrow will be better than today.