So much for "small government" conservatism.

Rockefeller Foundation/TIME Magazine Survey Reveals Worsening Economic Prospects for Americans
July 17, 2008

The Rockefeller Foundation/TIME Magazine Survey of 2,008 Americans illustrates Americans’ worsening economic prospects and elevates five major findings:

1. The 20th century’s social contract is disintegrating

During the decades after World War II, workers, employers, and the government entered into an implied social contract which afforded Americans a basic level of social and economic security if they worked hard, followed the law, and took responsibility for their families. Today, Americans believe that 20th century social contract is unraveling and eight in ten (78 percent) yearn for a new one. Indeed, only half (52 percent) of Americans believe that they will achieve the American dream if they work hard and play by the rules and eight in 10 Americans (78 percent) feel their families face greater financial risks than in the past as a consequence. Now, the economy has worsened (85 percent say the economy is on the wrong track, an increase from 64 percent since 2007) and Americans must weather new challenges. Ultimately, Americans feel they can no longer rely on the institutions to which they historically turned for assistance – only two in ten Americans say the federal government helps them achieve economic security, for example: Only 21 percent say the president and 24 percent say the Congress helps them achieve economic security.

2. The American Dream is slipping further from reach

Americans’ faith in their individual economic prospects is low (72 percent say Americans are less secure today than 10 years ago whereas 63 percent believed so in 2007) and their concerns about their personal economic security have more than doubled in the last year (47 percent are worried about their personal economic security now compared to 24 percent in 2007). Four in five Americans (80 percent) rely primarily on themselves, their friends, and their families for financial support – and one in five have borrowed money to pay their bills. Nearly seven in 10 (66 percent) feel they are not saving enough for retirement in comparison to six in 10 just a year ago – and eight in ten members (79 percent) of the middle class feel their retirement savings are suffering, a 14 percent increase since 2007. Americans’ financial crunch is especially apparent in their spending habits: two in three Americans have reduced their spending on vacations and entertainment (64 percent cut back on vacations or entertainment in the past year because of their cost compared to 42 percent in 2007) and one in four are forgoing health care basics because of the costs (25 percent have not gone to a doctor in the past year because of the cost and 23 percent have not filled a medical prescription for the same reason).

3. Generation-Y, the cohort of Americans just entering the workforce, may become America’s next Depression-era Generation

Many members of the next generation to lead our country believe America’s best days are behind it (49 percent of those between ages 18 and 29 say America was a better place to live in the 1990s and will continue to decline). The majority of young people perceive Americans to be less financially secure today than 10 years ago (46 percent of 18 to 29 year olds say Americans today are less secure than they were 10 years ago). Half of Americans between the ages of 18 and 29 are uninsured (compared to 8 percent of older people, 20 percent of Baby Boomers, and 24 percent of Generation X’ers) and six in ten have failed to pay a bill on time (compared to 16 percent of older people, 34 percent of Baby Boomers, and 45 percent of Generation X’ers). Most stunningly, Generation-Y is less optimistic about its economic future than any other age group.

4. Americans are calling out for new solutions

Americans want to work hard and improve their families’ economic standing (80 percent believe they must be responsible for their financial security), but they are also calling out for new products and policy solutions to reinforce their efforts (70 percent say more government programs should help those struggling due to current economic conditions). Americans support major new government investments that create jobs – including public-works projects (82 percent favor), new measures to improve energy efficiency (84 percent favor), and initiatives to expand access to high-quality health care (77 percent favor). Americans also favor investments that make it easier for people to work – for example, paid family leave (68 percent favor) and government-funded child care (66 percent favor).

MORE: http://www.rockfound.org/071508caw_poll_summary.shtml