Thirty-eight percent (38%) of voters nationwide believe the $787-billion stimulus plan passed by Congress will help the economy. The latest Rasmussen Reports national telephone survey found that 29% believe the plan will hurt and 24% believe it will have little impact.

Middle-income Americans are more likely to believe the bill will hurt rather than help. Those with incomes below $40,000 or above $100,000 are more optimistic.

By a 49% to 24% margin, government employees believe the stimulus plan will help the economy. Private sector workers are evenly divided. Investors are less optimistic than non-investors.

Fifty percent (50%) of voters believe the bill consists primarily of new government spending while 31% believe it is primarily a mix of new spending and tax cuts. Only eight percent (8%) think the legislation consists primarily of tax cuts. According to news reports, the stimulus plan is made up of $281 billion in tax cuts for individuals and businesses and over $500 billion in new government spending.

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As for the political implications, 78% recognize that almost all Democrats in Congress voted for the bill and almost all Republicans voted against it. No Republicans in the House of Representatives voted for the stimulus plan. Prior to passage of the legislation, polls showed that support for the stimulus was tied strongly to support for President Obama.

Thirty-two percent (32%) say they’re more likely to vote for someone who supported the bill in Congress while 35% said they’re less likely to vote for someone who supported it. Pennsylvania Senator Arlen Specter, one of three Republicans who voted for the stimulus in the Senate, has been hurt politically for his decision.

Sixty-six percent (66%) of Democrats say the plan will help the economy, and only 10% believe it will hurt. Among Republicans, 49% say it will hurt, and 30% say it will have little impact. Among those not affiliated with either major party, 27% say it will help, and 34% think it will hurt the economy.

Following passage of the stimulus bill, consumer confidence fell to a record low. It has been falling to new lows will regularity since early 2008. Confidence in the nation’s banking system also has plummeted.

President’s Obama’s overall approval ratings have remained steady and high since his inauguration. However, Republicans have gained ground on Democrats in Generic Congressional Ballot polling.

Most Americans believe tax cuts are good for the economy, and half (48%) say that more government spending is bad for the economy.

Polling last week showed that 67% of Americans trust their own judgment on economic matters more than the trust the average member of Congress. Forty-nine percent (49%) trust their own judgment more than the president’s.

Although Obama is not planning to sign the stimulus bill into law until Tuesday, Democratic congressional leaders rushed through votes in both the House and Senate on Friday, just hours after a compromise measure had been agreed upon. Members of both parties complained that no members of Congress had a chance to read the mega-stimulus package before the votes, but 58% of U.S. voters predicted several days earlier that most members of Congress will not understand what is in the plan before they vote on it.

By a 2-to-1 margin Americans believe that no matter how bad things are, Congress can make them worse.

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