The average person tuning into the mainstream media might conclude that America, the country whose business is business, does not hold its trademark institution in high esteem. The press certainly thinks the public is fed up: Los Angeles Times reporter Joe Menn, in a typical piece last year, wrote that there has been “a sea change in public opinion toward business” and that “as many people in the U.S. had a generally negative view of corporations as had a positive view.”

But the Times jumped the gun. The data show that Americans continue to have the remarkably pro-business attitudes for which they have been known in years past. While the public does have concerns about big business and Wall Street, its attitude toward even those institutions is positive when one looks past the noise. The latest and best data come from the Pew Research Center’s comprehensive study on Trends in Political Values and Core Attitudes—which Pew has conducted since the 1980s and updated last month.

Interestingly, the number the Times quoted was from Pew. The Times reported accurately that in late 2005 the country was split with 45 percent of Americans telling Pew pollsters that they had favorable attitudes toward business corporations and 45 percent said they had unfavorable opinions of business. But what the Times saw as a true shift in attitudes was actually just a blip—Pew shows that attitudes toward business have become favorable again.

By overwhelming majorities (72 percent in Pew’s latest asking) Americans say that the strength of this country is mostly based on the success of American business.

Pew has polled Americans nineteen times on this topic over two decades. In that period, the late 2005 sample was the only time where Americans had even come close to holding a negative view of business. Business has averaged a favorability rating of 61 percent in Pew’s polling. In the latest asking, 57 percent of respondents, including majorities of Republicans and Democrats, characterized their overall opinion of business corporations as “very” or “mostly” favorable—only one point lower than when Pew first asked in 1985. In short, business quickly bounced back.

Small business fares even better with the public. According to Harris Interactive’s March 2007 survey, small business was the mostly favorably-viewed institution in the country. It beat out every other institution named including the military, universities, and religion. Why do Americans hold such favorable opinions of business, especially when compared to politicians? The answer is simple. By overwhelming majorities (72 percent in Pew’s latest asking) Americans say that the strength of this country is mostly based on the success of American business. This is a vote of confidence most politicians and political parties could only dream of.

Critics of business might draw special attention to “big” business, but even there the numbers don’t match the rhetoric. Americans are skeptical of big business and Wall Street, but their doubts must be put in context. First, although big business and Wall Street do have lower ratings than business corporations in general, Americans still view big business and Wall Street as necessary and positive forces. When asked if Wall Street benefits the country or harms it, 73 percent told Harris pollsters in 2006 that Wall Street benefits the country. Why? Over 70 percent of respondents pointed to business’s role in promoting investment and economic growth. This sentiment goes beyond mere words. Americans put their money where their mouths are. Nearly 60 percent of Americans say they have money in the stock market according to Gallup/USA Today’s March 2007 numbers. Would you trust your future to somebody you hate? Not likely.

The most underreported story, though, is the high esteem in which individual companies are held. Take a random walk down Wall Street and look at the biggest companies on any exchange and almost all will have favorable ratings from the public. In Pew’s survey, tech companies tended to fare the best: Google (73 percent favorable), Dell (77 percent), and Apple (71 percent). But more traditional companies also get excellent ratings: Johnson and Johnson (84 percent), General Motors (74 percent), American Express (66 percent) to name but a few. Even companies which are constantly vilified get positive ratings. Wal-Mart had a favorability rating of 68 percent for example. A plurality of people even liked ExxonMobil (44 percent).

So the next time you hear an offhand remark about America’s supposedly negative attitude toward business, remember—in polling, just like in business itself—it pays to look at the numbers.

Adam Foster is a Research Assistant at the American Enterprise Institute.

Image credit: Photo by Manuel Bartual