A new online national political survey of Americans over 50 finds a plummeting decline in confidence in the economy, the markets andWashington, particularly over the recent increase in the national debt ceiling.

Generation America, a national membership organization for conservative Americans over 50 years of age, sponsored an online survey of its membership in all 50 states conducted byParker Media, its publishing and research partner. More than 3,300 members responded to the survey, providing opinions on the economy, markets and fiscal policy being set inWashington, D.C.

In general, the survey found a powerful decline in confidence among respondents. Nearly universally, respondents had a pessimistic outlook for the economy and job creation. Most thought that current turmoil in financial markets would impact them personally. And approximately three in five respondents said they disapproved of the Budget Control Act of 2011. Just two percent said the new super committee would make spending reductions.

"Over the last two years, we have seen a gradual decline in economic and political confidence on the part of our members. What is striking about this survey is that we are seeing a sharp downturn from members who come from all walks of life, from the hills ofKentuckyto the streets ofLos Angeles," saidPatrick Boykin, CEO of Generation America. "We think this widespread dissatisfaction will lead to dramatic changes in the political leadership in 2012."

Below are some key findings:

• Respondents' outlook for the economy and job creation was almost entirely negative, with 95 percent saying they were pessimistic about the overall economic picture and job creation.
• Eighty-nine percent said they believed that current turmoil in the stock markets would directly affect them as individuals.
• People who took the survey were about evenly divided as to whether they have enough savings in case the economic crisis turns into a household crisis.
• Most people who have jobs said they are confident they will keep them in the short-term. But people who are unemployed are increasingly despairing of finding additional work.

The collapse of confidence in economic prospects is mirrored in a collapse of confidence inWashington. Nearly all members of Generation America self-identify as politically conservative, but there was widespread disapproval of the recent Budget Control Act of 2011, which lifted the debt ceiling in exchange for reductions in projected spending over the next 10 years.

• Approximately 61 percent said they strongly disapproved of the new law and 28 percent said they were opposed.
• Only 2 percent of respondents reported having any faith in the new Congressional super committee to make cuts in spending going forward.