Public sentiment and opinion regarding the CARES Act

Area of Science:

• Economics
• Public Policy
• Data Science

Background:

• The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a significant economic stimulus package in US history.
• Understanding public reaction to large-scale economic policies is crucial for effective governance.

Purpose of the Study:

• To analyze public sentiment and opinion regarding the CARES Act.
• To determine the impact of the CARES Act on public sentiment over time.

Main Methods:

• Utilized Latent Dirichlet Allocation (LDA) model for topic modeling.
• Conducted sentiment analysis on public discourse related to the CARES Act.

Main Results:

• Sentiment analysis showed a significant initial improvement in public sentiment post-CARES Act announcement.
• Public sentiment temporarily declined but saw another increase as stimulus checks neared.
• Topic modeling identified public support for specific CARES Act programs alongside notable criticisms.

Conclusions:

• The CARES Act initially boosted public sentiment, with fluctuations tied to policy implementation.
• Public opinion on the CARES Act was nuanced, encompassing both support and criticism of its components.