Economic Crisis Survey

Economic Crisis Survey

Economy Crisis Topline September 2008 N= 816 Registered Voters Margin of Error: +/- 3.43%

The Kauffman Foundation Econ Crisis Survey, September 2008 1101 King Street, Suite 110 Alexandria, VA 22314 Luntz, Maslansky Strategic Research 200 Varick St, Suite 601 New York, NY 10014

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Methodology Luntz, Maslansky Strategic Research conducted the telephone survey of a nationally representative sample of 816 registered, likely voters. The margin of error was +/- 3.4 percent. To ensure that the data collection method did not skew or influence the characteristics of the survey population, the sample was balanced to represent the demographic characteristics defined by the U.S. Census for actual voters. Data was collected from Sept. 26 through Sept. 29, 2008.

About the Kauffman Foundation The Ewing Marion Kauffman Foundation is a private nonpartisan foundation that works to harness the power of entrepreneurship and innovation to grow economies and improve human welfare. Through its research and other initiatives, the Kauffman Foundation aims to open young people's eyes to the possibility of entrepreneurship, promote entrepreneurship education, raise awareness of entrepreneurship-friendly policies, and find alternative pathways for the commercialization of new knowledge and technologies. It also works to prepare students to be innovators, entrepreneurs and skilled workers in the 21st century economy through initiatives designed to improve learning in math, engineering, science and technology. Founded by late entrepreneur and philanthropist Ewing Marion Kauffman, the Foundation is based in Kansas City, Mo. and has more than $2.4 billion in assets. More information is available at www.kauffman.org.

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

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GENERAL 1.

First, generally speaking, do you agree or disagree with the following statement: “the American Dream is alive and well”? TOTAL 48% 21% 28% 22% 29% 50% 2%

2.

AGREE STRONGLY AGREE SOMEWHAT AGREE SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

And if someone asked you whether you are living the American Dream, would you say? TOTAL 49% 26% 21% 5%

YES I AM… OR NO, BUT SOMEDAY I WILL … OR NO, AND I PROBABLY WON’T DON’T KNOW/REFUSED

ENTREPRENEUR CREATION AND OPPORTUNITY INDEX 3.

After each of the following statements please indicate whether you … 1 2 3 4 5 6

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DON’T KNOW/REFUSED

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4.

Becoming an entrepreneur is an opportunity available to most Americans. TOTAL 57% 29% 28% 5% 21% 16% 37% 1%

5.

I see many opportunities and openings in the economy for entrepreneurial ideas. TOTAL 49% 23% 26% 8% 21% 20% 41% 2%

6.

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

I’m planning to start my own entrepreneurial venture at some point in the next five years. TOTAL 27% 15% 11% 10% 18% 43% 61% 2%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

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7.

The laws, legislation, and regulations in America encourage entrepreneurship. TOTAL 44% 15% 29% 14% 20% 18% 38% 5%

8.

The success and health of our economy depends on the success of entrepreneurs. TOTAL 70% 40% 30% 11% 11% 8% 18% 1%

9.

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

The American Government should encourage more entrepreneurship. TOTAL 80% 52% 28% 9% 6% 4% 10% 1%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

AGREE STRONGLY AGREE SOMEWHAT AGREE NO OPINION SOMEWHAT DISAGREE STRONGLY DISAGREE DISAGREE DON’T KNOW/REFUSED

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ENTREPRENEUR QUESTIONS 10.

In light of the economic crisis, has it become more or less difficult to become an entrepreneur in America? TOTAL 71% 50% 21% 6% 10% 9% 19% 5% 11.

MORE A LOT MORE A LITTLE MORE NO CHANGE A LITTLE LESS A LOT LESS LESS DON’T KNOW/REFUSED

(SPLIT SAMPLE) And hypothetically, if you had to choose, would you prefer to be…? TOTAL 80% 14% 6%

12.

(SPLIT SAMPLE) What do you consider to be a safer path to financial security? TOTAL 46% 36% 18%

13.

THE OWNER OF A SUCCESSFUL SMALL BUSINESS YOU STARTED THAT EMPLOYS 100 PEOPLE THE CEO OF A FORTUNE 500 COMPANY THAT EMPLOYS MORE THAN 10,000 PEOPLE DON’T KNOW/REFUSED

WORKING FOR MYSELF WORKING FOR AN AMERICAN CORPORATION DON’T KNOW/REFUSED

(SPLIT SAMPLE) In light of the current economic crisis which of the following is the most important role and mission of AMERICAN BUSINESSES? TOTAL 37% 15% 13% 12% 11% 5% 8%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

CREATORS OF JOBS ACCOUNTABLE TO AMERICANS LEADERS IN INNOVATION SOCIALLY RESPONSIBLE ENGINE OF ECONOMIC GROWTH PROVIDERS OF PROSPERITY DON’T KNOW/REFUSED

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14.

(SPLIT SAMPLE) In light of the current economic crisis which of the following is the most important role and mission of ENTREPRENEURS? TOTAL 40% 15% 12% 12% 10% 4% 8%

CREATORS OF JOBS LEADERS IN INNOVATION SOCIALLY RESPONSIBLE ACCOUNTABLE TO AMERICANS ENGINE OF ECONOMIC GROWTH PROVIDERS OF PROSPERITY DON’T KNOW/REFUSED

VULNERABILITY 15.

Changing topics … how closely have you been following the news of the financial troubles on Wall Street and the government’s response? TOTAL 56% 24% 32% 31% 9% 5% 13% -

16.

CLOSELY EXTREMELY CLOSELY VERY CLOSELY SOMEWHAT CLOSELY NOT VERY CLOSELY NOT CLOSELY AT ALL NOT CLOSELY DON’T KNOW/REFUSED

If you had to choose one, who do you think will suffer the most severe consequences and economic pain of this economic crisis? TOTAL 64% 16% 12% 2% 6%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

MAIN STREET WALL STREET BOTH NEITHER DON’T KNOW/REFUSED

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17.

Which do you think is MOST vulnerable to the financial meltdown? If all or none of the following are vulnerable, just say so. TOTAL 28% 11% 10% 7% 7% 34% 2%

18.

What do you predict the ultimate impact of the current economic crisis will be for you personally? TOTAL 26% 13% 13% 61% 33% 28% 7% 2% 4%

19.

YOUR FINANCIAL INVESTMENTS YOUR SAVINGS YOUR JOB YOUR HOME NONE OF THE ABOVE ALL OF THE ABOVE DON’T KNOW/REFUSED

BAD DEVASTATING VERY BAD SOMEWHAT BAD PRETTY BAD NOT SO BAD NO EFFECT AT ALL A POSITIVE EFFECT DON’T KNOW/REFUSED

Please indicate approximately how much money you think the current financial and housing crisis is going to cost you, personally …what do you expect to lose in income and savings because of the current economic crisis? TOTAL 20% 6% 8% 11% 6% 7% 3% 3% 10% 27%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

NOTHING LESS THAN $500 $500-$999 $1,000 TO $4,999 $5,000 TO $9,999 $10,000-$19,999 $20,000 TO $29,999 $30,000-$49,999 $50,000 OR MORE DON’T KNOW/REFUSED

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20.

Which of the following negative economic trends has most affected you the most? You can only choose one. TOTAL 29% 18% 17% 12% 8% 7% 6% 3%

21.

Looking more broadly at the economy in America, which of the following do you believe poses the greatest threat to America’s economy overall? TOTAL 17% 16% 17% 12% 11% 12% 6% 5% 6%

22.

HIGH GAS PRICES LOSS OF INVESTMENT VALUE INCREASED FOOD COST THE WEAK DOLLAR RISING JOBLESSNESS DECLINE IN HOUSING PRICES THE CREDIT CRUNCH DON’T KNOW/REFUSED

HIGHER TAXES CORPORATE FRAUD AND ABUSE THE FEDERAL BUDGET DEFICIT AND DEBT THE HOUSING MARKET COLLAPSE THE LOW VALUE OF THE U.S. DOLLAR ABROAD RECKLESS FINANCIAL SPECULATION EXCESSIVE CORPORATE BORROWING ADDITIONAL GOVERNMENT REGULATION DON’T KNOW/REFUSED

And what would be your second choice? TOTAL 14% 13% 11% 13% 14% 10% 7% 7% 5%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

HIGHER TAXES CORPORATE FRAUD AND ABUSE THE FEDERAL BUDGET DEFICIT AND DEBT THE HOUSING MARKET COLLAPSE THE LOW VALUE OF THE U.S. DOLLAR ABROAD RECKLESS FINANCIAL SPECULATION EXCESSIVE CORPORATE BORROWING ADDITIONAL GOVERNMENT REGULATION DON’T KNOW/REFUSED

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23/24. (COMBINED ANSWERS) Looking more broadly at the economy in America, which of the following do you believe poses the greatest threat to America’s economy overall? And what would be your second choice? TOTAL 31% 29% 28% 25% 25% 22% 13% 12% 11% 25.

And looking at the same list, which do you believe poses the greatest threat to your own economic situation? TOTAL 35% 15% 12% 9% 8% 6% 4% 3% 8%

26.

HIGHER TAXES CORPORATE FRAUD AND ABUSE THE FEDERAL BUDGET DEFICIT AND DEBT THE HOUSING MARKET COLLAPSE THE LOW VALUE OF THE U.S. DOLLAR ABROAD RECKLESS FINANCIAL SPECULATION EXCESSIVE CORPORATE BORROWING ADDITIONAL GOVERNMENT REGULATION DON’T KNOW/REFUSED

HIGHER TAXES THE LOW VALUE OF THE U.S. DOLLAR ABROAD THE HOUSING MARKET COLLAPSE THE FEDERAL BUDGET DEFICIT AND DEBT CORPORATE FRAUD AND ABUSE RECKLESS FINANCIAL SPECULATION ADDITIONAL GOVERNMENT REGULATION EXCESSIVE CORPORATE BORROWING DON’T KNOW/REFUSED

And what would be your second choice? TOTAL 15% 15% 13% 11% 9% 9% 7% 6% 9%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

HIGHER TAXES THE LOW VALUE OF THE U.S. DOLLAR ABROAD THE HOUSING MARKET COLLAPSE THE FEDERAL BUDGET DEFICIT AND DEBT CORPORATE FRAUD AND ABUSE RECKLESS FINANCIAL SPECULATION ADDITIONAL GOVERNMENT REGULATION EXCESSIVE CORPORATE BORROWING DON’T KNOW/REFUSED

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27/28. (COMBINED ANSWERS) And looking at the same list, which do you believe poses the greatest threat to your own economic situation? And what would be your second choice? TOTAL 50% 30% 25% 20% 17% 15% 11% 9% 17% 29.

HIGHER TAXES THE LOW VALUE OF THE U.S. DOLLAR ABROAD THE HOUSING MARKET COLLAPSE THE FEDERAL BUDGET DEFICIT AND DEBT CORPORATE FRAUD AND ABUSE RECKLESS FINANCIAL SPECULATION ADDITIONAL GOVERNMENT REGULATION EXCESSIVE CORPORATE BORROWING DON’T KNOW/REFUSED

If Congress approves the proposed $700 billion bailout for the financial sector and mortgage firms, what do you believe will happen next? TOTAL 52%

25% 16% 7% 30.

THE BAILOUT WILL ONLY LEAD TO MORE EXPENSIVE BAILOUTS OVER THE COMING MONTHS AND YEARS THE BAILOUT WILL LARGELY SOLVE THE PROBLEM AND GET THE ECONOMY GOING AGAIN THE BAILOUT WILL HAVE NO MEASURABLE IMPACT ON THE ECONOMY DON’T KNOW/REFUSED

How would you say the recent events in our economy have impacted your willingness to stop working for someone else and start your own business? TOTAL 24% 12% 12% 14% 20% 33% 11% 23% 10%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

INCREASED STRONGLY INCREASED SOMEWHAT INCREASED SOMEWHAT DECREASED STRONGLY DECREASED DECREASED DO YOU ALREADY HAVE A BUSINESS HAVE YOU ALREADY RETIRED DON’T KNOW/REFUSED

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FREE MARKET VS. REGULATION 31.

What is the best response to the current economic troubles? TOTAL 59%

25% 17% 32.

THE FREE MARKET SHOULD DECIDE WHICH FIRMS SURVIVE AND WHICH FIRMS FAIL THE GOVERNMENT SHOULD BAIL OUT THE LARGEST FIRMS THAT COULD HAVE A NEGATIVE IMPACT ON THE ECONOMY IF THEY FAIL DON’T KNOW/REFUSED

And do you … the federal government increasing its regulation of the financial markets. TOTAL 59% 35% 24% 17% 18% 35% 7%

SUPPORT STRONGLY SUPPORT SOMEWHAT SUPPORT SOMEWHAT OPPOSE STRONGLY OPPOSE OPPOSE DON’T KNOW/REFUSED

BLAME 33.

In the housing crisis that triggered this broader economic crisis, who do you blame more? TOTAL 53% 20% 22% 5%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

THE LENDERS WHO EXTENDED THE LOANS THOSE WHO TOOK HOME LOANS THEY KNEW THEY COULDN’T AFFORD BOTH EQUALLY DON’T KNOW/REFUSED

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34.

Who do you think would ultimately benefit MOST from a $700 billion bailout designed to contain the economic fallout from the problems on Wall Street? TOTAL 41% 10% 10% 13% 6% 6% 6% 2% 5%

35.

WALL STREET FIRMS THE GOVERNMENT NOBODY EVERYONE HOMEOWNERS THE MIDDLE CLASS TAXPAYERS SMALL BUSINESSES DON’T KNOW/REFUSED

And the next most? TOTAL 15% 17% 12% 7% 11% 8% 8% 8% 11%

WALL STREET FIRMS THE GOVERNMENT NOBODY EVERYONE HOMEOWNERS THE MIDDLE CLASS TAXPAYERS SMALL BUSINESSES DON’T KNOW/REFUSED

36/37. (COMBINED ANSWERS) Who do you think would ultimately benefit MOST from a $700 billion bailout designed to contain the economic fallout from the problems on Wall Street? and the next most? TOTAL 56% 27% 22% 20% 17% 14% 14% 10% 16%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

WALL STREET FIRMS THE GOVERNMENT NOBODY EVERYONE HOMEOWNERS THE MIDDLE CLASS TAXPAYERS SMALL BUSINESSES DON’T KNOW/REFUSED

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TRUST 38.

(SPLIT SAMPLE) Who do you have more FAITH and CONFIDENCE in to guide the U.S. economy—CEOs from Fortune 500 companies, owners of successful small business, or members of Congress? TOTAL 56% 14% 14% 16%

39.

(SPLIT SAMPLE) In an economic crisis, who do you honestly believe is better equipped to guide the country? TOTAL 53% 29% 18%

40.

THE OWNER OF A SUCCESSFUL SMALL BUSINESS THE CEO OF A FORTUNE 500 COMPANY A MEMBER OF CONGRESS DON’T KNOW/REFUSED

BUSINESS LEADERS CONGRESSIONAL LEADERS DON’T KNOW/REFUSED

Now I’m going to read a list I want you to tell me which you have the most FAITH and CONFIDENCE in when it comes to guiding the economy. TOTAL 25% 10% 11% 14% 3% 5% 7% 7% 4% 3% 2% 8%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

THE AMERICAN PEOPLE A SMALL BUSINESS OWNER THE AMERICAN BUSINESS COMMUNITY THE FREE MARKET SYSTEM THE U.S. CHAMBER OF COMMERCE AN ENTREPRENEUR THE GOVERNMENT IN WASHINGTON THE PRIVATE SECTOR THE CEO OF A LARGE CORPORATION WALL STREET A LARGE CORPORATION DON’T KNOW/REFUSED

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41.

And what is your second choice? TOTAL 15% 14% 9% 5% 11% 9% 7% 4% 3% 2% 2% 12%

THE AMERICAN PEOPLE A SMALL BUSINESS OWNER THE AMERICAN BUSINESS COMMUNITY THE FREE MARKET SYSTEM THE U.S. CHAMBER OF COMMERCE AN ENTREPRENEUR THE GOVERNMENT IN WASHINGTON THE PRIVATE SECTOR THE CEO OF A LARGE CORPORATION WALL STREET A LARGE CORPORATION DON’T KNOW/REFUSED

42/43. (COMBINED ANSWERS) Now I’m going to read a list I want you to tell me which you have the most FAITH and CONFIDENCE in when it comes to guiding the economy. And what is your second choice? TOTAL 40% 24% 20% 19% 14% 14% 14% 11% 7% 5% 4% 20% 44.

THE AMERICAN PEOPLE A SMALL BUSINESS OWNER THE AMERICAN BUSINESS COMMUNITY THE FREE MARKET SYSTEM THE U.S. CHAMBER OF COMMERCE AN ENTREPRENEUR THE GOVERNMENT IN WASHINGTON THE PRIVATE SECTOR THE CEO OF A LARGE CORPORATION WALL STREET A LARGE CORPORATION DON’T KNOW/REFUSED

In the midst of this financial crisis, what do you most want from the economy? TOTAL 20% 18% 12% 14% 8% 8% 5% 7% 3% 5%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

ACCOUNTABILITY STABILITY SECURITY RECOVERY PROSPERITY GROWTH PROGRESS FREE MARKET SOLUTIONS TRANSPARENCY DON’T KNOW/REFUSED

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45.

And what is your second choice? TOTAL 16% 17% 13% 8% 11% 10% 6% 3% 5% 5%

ACCOUNTABILITY STABILITY SECURITY RECOVERY PROSPERITY GROWTH PROGRESS FREE MARKET SOLUTIONS TRANSPARENCY DON’T KNOW/REFUSED

46/47. (COMBINED ANSWERS) In the midst of this financial crisis, what do you most want from the economy? And what is your second choice? TOTAL 36% 35% 25% 22% 19% 18% 11% 10% 8% 10%

ACCOUNTABILITY STABILITY SECURITY RECOVERY PROSPERITY GROWTH PROGRESS FREE MARKET SOLUTIONS TRANSPARENCY DON’T KNOW/REFUSED

FUTURE 48.

(SPLIT SAMPLE) Over the next two years, do you think THE AMERICAN ECONOMY is likely to get …? TOTAL 51% 14% 37% 17% 17% 22% 39% 4%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

BETTER MUCH BETTER SOMEWHAT BETTER STAY ABOUT THE SAME SOMEWHAT WORSE MUCH WORSE WORSE DON’T KNOW/REFUSED

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49.

(SPLIT SAMPLE) Over the next two years, do you think ECONOMIC CONDITIONS FOR PEOPLE LIKE YOU are likely to get …? TOTAL 33% 15% 18% 27% 24% 11% 35% 5%

50.

In the midst of this crisis, which do you think is in greater jeopardy? TOTAL 78% 14% 8%

51.

THE FUTURE OF AMERICA YOUR OWN FUTURE DON’T KNOW/REFUSED

How long do you think it will take to FULLY recover from these economic troubles? TOTAL 5% 4% 8% 45% 25% 11% 2%

52.

BETTER MUCH BETTER SOMEWHAT BETTER STAY ABOUT THE SAME SOMEWHAT WORSE MUCH WORSE WORSE DON’T KNOW/REFUSED

DAYS WEEKS MONTHS A YEAR A FEW YEARS A DECADE WE’LL NEVER FULLY RECOVER DON’T KNOW/REFUSED

And when you think about Washington’s efforts to help the financial markets, which of the following terms would you support the most? TOTAL 49% 22% 18% 12%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

ECONOMIC ASSISTANCE ECONOMIC RESCUE ECONOMIC LIFELINE DON’T KNOW/REFUSED

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NEW REGULATION 53.

(SPLIT SAMPLE) As Congress moves forward to deal with the current financial crisis, do you feel that they will create… TOTAL 38% 35% 20% 7%

54.

NOT ENOUGH REGULATION TOO MUCH REGULATION THE RIGHT AMOUNT OF REGULATION DON’T KNOW/REFUSED

(SPLIT SAMPLE) Do you believe the current financial crisis is the result of ___ government regulation? TOTAL 49% 25% 19% 7%

NOT ENOUGH TOO MUCH GOVERNMENT REGULATION WAS NOT A FACTOR DON’T KNOW/REFUSED

DEMOGRAPHICS 55.

And are you currently employed full time, part-time or not at all? TOTAL 48% 15% 35% 1%

56.

FULL TIME PART-TIME NOT AT ALL DON’T KNOW/REFUSED

And which of the following best describes your housing situation? TOTAL 30% 56% 12% 2%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

I RENT MY HOME I OWN MY HOME I OWN MY HOME AND AT LEAST ONE ADDITIONAL PROPERTY DON’T KNOW/REFUSED

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57.

What is the highest level of education you have completed? TOTAL 34% 34% 20% 12% -

58.

59.

60.

HIGH SCHOOL OR LESS SOME COLLEGE COLLEGE GRADUATE POST-COLLEGE/GRADUATE SCHOOL DON’T KNOW/REFUSED

And now a very simple income question. Is your total annual household family income before taxes less than $50,000, between $50,000 and $75,000, or above $75,000? TOTAL 45% 23% 25% 7%

LESS THAN $50,000 $50,000-$75,000 MORE THAN $75,000 DON’T KNOW/REFUSED

TOTAL 48% 52%

MALE FEMALE

TOTAL 17% 20% 17% 30% 17%

Northeast Industrial Midwest Midwest South Pacific

Gender

State/Region

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

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SCREENER A.

First, are you currently registered to vote in the US? TOTAL 100% -

B.

YES NO DON’T KNOW

And to make sure we have the right demographic mix, in which age category are you? TOTAL 20% 16% 18% 18% 6% 22%

The Kauffman Foundation Econ Crisis Survey, September 2008 Luntz, Maslansky Strategic Research

Under 18 18-29 30-39 40-49 50-59 60-64 65 AND OLDER

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