Majority of Americans wrongly believe US is in recession – and most blame Biden
Nearly three in five Americans wrongly believe the US is in an economic recession,
and the majority blame the Biden administration,
according to a Harris poll conducted exclusively for the Guardian.
The survey found
persistent pessimism about the economy as election day draws closer.
The poll highlighted many #misconceptions people have about the economy, including:
55% believe the economy is shrinking, and 56% think the US is experiencing a recession, -- though the broadest measure of the economy, gross domestic product (GDP), has been growing.
49% believe the S&P 500 stock market index is down for the year, -- though the index went up about 24% in 2023 and is up more than 12% this year.
49% believe that unemployment is at a 50-year high, -- though the unemployment rate has been under 4%, a near 50-year low.
Many Americans put the blame on Biden for the state of the economy, with
️58% of those polled saying the economy is worsening due to mismanagement from the presidential administration.
The poll underscored people’s complicated emotions around inflation.
The vast majority of respondents, 72%, indicated they think inflation is increasing.
In reality, the rate of inflation has fallen sharply from its post-Covid peak of 9.1% and has been fluctuating between 3% and 4% a year.
https://www.theguardian.com/us-news/article/2024/may/22/poll-economy-recession-biden?CMP=Share_iOSApp_Other