Millionaires who identify as political independents are closer to the outlook of wealthy Democrats than wealthy Republicans on several key issues, according to the latest CNBC Millionaire Survey.
and the economic outlook, independents are closer to the views of liberals than conservatives. A little under half of independents who responded to the Spring 2020 CNBC Millionaire Survey rate President Trump's handling of economy as Excellent or Good, versus 86% of Republicans and 22% of Democrats.
Twenty-one percent of independents rate it as "Terrible," versus 2% of Republicans and 38% of Democrats. Those numbers put independents where they should be — right in the middle between the two parties. But the 17% of independents who rate Trump's handling of the economy as "Poor" shows a negative lean tilting toward Democrats — 21% of Democrats rated Trump's handling of the economy as "Poor" versus 4% of Republicans. On the president's handling of the coronavirus crisis, the survey funds independents even more negative, with a combined 57% rating Trump's handling of the crisis as poor or terrible , versus only 15% of Republicans and 80% of Democrats. "This survey did find that there were times independents were more often than not looking more like Democrats," said Tom Wynn, director of research at Spectrem Group, which conducted the Millionaire Survey for CNBC. "So much of politics is driven by the economy," he said. But Wynn added that the survey did not find a widespread political realignment, with independents revealing their expected middle position between the two major parties on many other issues. With the recent rebound in the stock market and five months until the election, "anything can happen," he said. The semi-annual survey, which polls 750 investors with $1 million or more in investable assets, was conducted in April. There was a higher response from Republicans and Democrats than independents in the Spring 2020 survey compared to previous surveys, however, Wynn said there was a statistically significant percentage of each political identification group among survey respondents.The economy is a key issue for independent voters, with the CNBC survey finding 48% citing the economy as a top issue they will vote on in 2020. But the roughly one-third of independents who already lean Democratic — an assumption based on existing national polling — can be seen in the Millionaire Survey results, as well, with 33% of independents saying the voting Trump out of office is their single-biggest motivation to vote in 2020. "Independents are tricky ... independents are important," said Charles Franklin, professor of law and public policy and director of the Marquette Law School Poll. He said of the roughly one-third of Americans who are independents, it is 9-10% who do not lean towards one of the two major parties, and those "true" independents tend to pay less attention to news, and react to events more slowly than partisans, but they are ultimately moveable in their voting preferences. Franklin said the CNBC Millionaire Survey findings indicated a slightly higher disapproval of Trump among independents, and more ambivalence over the president's handling of the economy. However, he pointed to how long it took independents to be moved by the impeachment headlines versus partisans as a reason to caution that it is still too soon to draw any firm conclusions related to independent voter sentiment and Trump's handling of the economy during the pandemic. "Independents are responding to events, clearly, but a little more slowly," Franklin said.
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