In arguing for the ratification of the U.S. Constitution, James Madison wrote in the Federalist Papers that “the most common and durable source of factions has been the various and unequal distribution of property.” Because the study of public opinion is often the study of the political factions in society, polls need to be able to measure the economic circumstances of individuals who directly experience “the various and unequal distribution of property.”
No single measure of a person’s economic situation is wholly adequate for this purpose. We can – and do – ask if respondents own the home they live in, and occasionally we ask if they have money in investments like stocks or mutual funds. It takes time to ask deeper questions, and some people find them intrusive. Instead, personal, family or household annual income is often used as a shorthand – if imperfect – indicator of Americans’ financial circumstances.
“…asking deeper questions about property and wealth takes time, and many find such questions intrusive. Instead, personal, family or household annual income is often used as a shorthand – if imperfect – indicator…
