the staff of the Ridgewood blog
Ridgewood NJ, while administration officials insist the rescue of Silicon Valley Bank is not a “bailout,” most voters think taxpayers will be on the hook and wealthy investors will benefit.
The latest Rasmussen Reports national telephone and online survey finds that 47% of Likely U.S. voters approve of the federal government’s takeover of Silicon Valley Bank (SVB), including 22% who Strongly Approve. Forty percent (40%) disapprove, including 24% who Strongly Disapprove of the SVB takeover. Another 13% are not sure. (To see survey question wording, click here.)
In announcing the federal rescue of SVB, officials said it was not a “bailout” and taxpayers would not pay for it.
Sixty-seven percent (67%) believe it’s likely that the SVB takeover will result in taxpayer money being used to bail out wealthy investors, including 43% who say it’s Very Likely. Twenty-three percent (23%) don’t think it’s likely taxpayer money will be used to bail out SVB’s wealthy investors.
Sixty-six percent (66%) believe it’s likely that political considerations influenced the Biden administration’s decision-making in regard to Silicon Valley Bank, including 45% who say it’s Very Likely. Twenty-four percent (24%) don’t think politics influenced the administration’s SVB decision-making, and another 11% are not sure.
The survey of 972 U.S. Likely Voters was conducted on March 14-16, 2023 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.
While 67% of Democrats at least somewhat approve of the federal government’s takeover of Silicon Valley Bank, that opinion is shared by only 35% of Republicans and 37% of voters not affiliated with either major party. A majority (52%) of Republicans disapprove of the SVB takeover, as do 23% of Democrats and 47% of unaffiliated voters.
Seventy-five percent (75%) of Republicans, 62% of Democrats and 66% of unaffiliated voters think it is at least somewhat likely that the SVB takeover will result in taxpayer money being used to bail out wealthy investors.
Fifty-five percent (55%) of Republicans believe it’s Very Likely that political considerations influenced the Biden administration’s decision-making in regard to Silicon Valley Bank, an opinion shared by 35% of Democrats and 44% of unaffiliated voters.
More men (70%) than women voters (62%) say it’s at least somewhat likely the administration’s decisions about SVB were influenced by politics.
Forty-eight percent (48%) of whites, 39% of black voters and 51% of other minorities at least somewhat approve of the federal takeover of SVB. Majorities of every racial group – 67% of whites, 65% of black voters and 72% of other minorities – believe it is at least somewhat likely that the SVB takeover will result in taxpayer money being used to bail out wealthy investors.
Voters under 40 are less likely than their elders to think it’s Very Likely taxpayers will be on the hook for the SVB takeover.
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Breaking down the electorate by income categories, those in the highest bracket – earning more than $200,000 a year – are most likely to approve of the federal government taking over SBV.
President Joe Biden’s strongest supporters are most in favor of the federal government decision to rescue Silicon Valley Bank. Among voters who Strongly Approve of Biden’s job performance as president, 58% Strongly Approve of the SVB takeover. By contrast, among those who Strongly Disapprove of Biden’s performance, only four percent (4%) Strongly Approve of the SVB takeover.
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