New research offers the strongest cue yet for battling political parties to call a truce and cooperate with one another. Kiplinger Personal Finance now reveals that typical Americans now consider "political deadlock" to be the greatest threat to the U.S economy.
Kiplinger — which has been forecasting information about personal and business finance since 1920 — ranks "political deadlock" at the top of the list of economy-busting factors, feared by 28% of the respondents in a wide-ranging new survey.
Global trade and tariffs was ranked second on the list, also feared by 28%. "Geopolitical tension" concerned 13%, followed by inflation (10%) and slowing employment growth (8%). Another 13% had a mix of other fears, the poll said.
Americans who are currently saving for retirement are reasonably confident with the economy at the moment, however. Seven out of 10 say they have a long-term financial plan.
"Only a third (33%) say the market will go lower in 2020 and only 3 in 10 say the U.S. will enter a recession," the poll analysis said, also noting that a surprising 53% of the respondents have confidence in Social Security. In the case of a volatile stock market, 43% say they are "staying diversified and waiting it out."
The extensive research also specified other concerns.
• 62% of U.S. adults currently saving for retirement worry about future high health bills.
• 44% worry about running out of money when older, 40% worry about "not having enough money to live."
• 23% worry about "finding news activities" to fill their time; 22% worry about not getting a regular pay check.
• 16% worry about not being able to retire when they want; 16% check their retirement account daily.
• 15% worry about leaving a job they enjoy; 6 % worry about having to rely on adult children.
Source: A Kiplinger-Personal Capital poll of 850 U.S. adult ages 40 to 70 years, currently saving for retirement conducted Oct. 17-21 and released Friday.