Republican Confidence in Big Business Remains Scarce

WASHINGTON, D.C. -- After nearly a half century when Republicans routinely viewed big business in a more positive than negative light, their perspective shifted to being more skeptical of it in 2021 and remains that way in 2023.

A record-low 18% of Republicans now say they have a “great deal” or “quite a lot” of confidence in big business, whereas nearly twice as many -- 35% -- report having “very little” or no confidence in it. Another 45% offer restrained support, expressing “some” confidence.

These ratings represent a slight deterioration of Republicans’ views on big business since last year but roughly match those recorded in 2021.

From 1973 to 2020, an average 33% of Republicans reported having high confidence in big business versus 21% low confidence, for a +12 net confidence score during this period overall. That compares with -18 net confidence in 2021, -9 in 2022 and -17 net confidence today.

Before 2021, the only other years that Republicans’ assessments of big business tilted clearly negative were 1981 (-11) and 2009 (-12), amid two of the worst recessions the U.S. has experienced since Gallup began tracking Americans’ confidence in institutions in 1973.

Drop in GOP Esteem for Big Business in Step With Decline for Military

The recent high point of GOP confidence in big business came in 2018, when 39% had a great deal or quite a lot of confidence in it, and only 16% had little or no confidence. Since then, the percentage of Republicans confident in big business has dropped by 21 percentage points, among the largest for any institution in this party group. The military has seen a comparable 22-point drop in its high ratings from Republicans, while the police, public schools and banks have all suffered 15-point declines.

The only institution for which Republican confidence has fallen more than the military and big business over the past five years is the presidency, but that is explained by the change from a Republican president (Donald Trump) in 2018 to a Democratic president (Joe Biden).

Gallup measures public confidence in big business as part of its broader Confidence in Institutions poll. The 2023 update, conducted June 1-22, found big business tied with television news as the second-worst institution rated, ahead of only Congress. Overall, 14% of Americans today express a great deal or quite a lot of confidence in big business, tying 2022 for the record low.

Confidence in Big Business Lacking Among All Partisan Groups

Although Republicans’ net confidence in big business now tilts negative, at -17, the rating is even lower among the other party groups, including -33 among independents and -32 among Democrats.

The current net confidence ratings for big business among independents and Democrats are below their long-term averages of -13 and -15, respectively. However, in contrast to Republicans, the major declines in those party groups’ ratings occurred about two decades ago, between 1998 and 2008. Since then, net confidence in big business has remained low among both groups.

Meanwhile, Republican Skepticism of Big Tech Eases Slightly

Republicans are also more skeptical than not of large technology companies, with 37% today saying they have little or no confidence in them versus 22% having a great deal or lot of confidence. However, these ratings are slightly better than Gallup recorded in 2021, after Republicans’ negative views of Big Tech shot up from the initial 2020 reading, mirroring their souring on big business at the same time.

Republicans’ views of large technology companies had already improved slightly by last year, and they remain at about the same level today.

Over the same period, Democrats’ net confidence in large technology companies has declined from positive to neutral, without any rebound, while confidence among independents has been steady at a neutral level.

Bottom Line

Big business has historically ranked among the least-respected U.S. institutions on Gallup’s Confidence in Institutions list. But the higher ratings it typically received from Republicans than independents and Democrats at least kept its confidence score away from single digits. However, with Republicans turning more skeptical of big business since 2020, national confidence in it is now precariously close to that unenviable level, heretofore achieved only by Congress.

Gallup hasn’t explored the specific reasons for Republicans’ newfound distrust of corporate America. However, the timing -- with the initial shift occurring between mid-2020 and mid-2021 -- spans several events that could be operative: business policies on COVID-19 vaccinations, widespread corporate support for racial justice initiatives after the death of George Floyd, and decisions by some social media platforms in January 2021 to block then-President Donald Trump over his claims about the 2020 election. To the extent Republicans’ concerns about any of these issues have subsided, more recent battles between certain Republican leaders and companies over LGBTQ+ issues may partly explain why Republican skepticism of big business persists, as could inflation.

Meanwhile, after initially mirroring the decline in Republicans’ confidence in big business, Republicans’ confidence in large technology companies per se has partially rebounded. Whether this stems from Trump’s accounts being restored on some social media platforms, from broader perceptions of the technology industry amid new advancements in AI, or from something else, isn’t clear.

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