Half of Americans Think US In Recession When It’s Not

(StraightNews.org) – Most Americans believe the nation is in recession, even though figures show the economy has improved. According to a Harris poll for the Guardian newspaper, 56% believe the Biden administration has provoked a recession that is still at its peak, despite reports that GDP is increasing. Analysts suggest that voters have confused recession with inflationary concerns and believe this will present significant problems to President Biden as he embarks on the later stages of his White House campaign.

Recession, usually predicted or confirmed by the National Bureau of Economic Research, indicates that an economy is shrinking, and the majority of voters believe this to be the case.

Significantly, the survey furthermore revealed that 65% of Democrats are under personal financial strain and tend to disbelieve positive news about the country’s economic standing.

Additionally, 70% of voters cited the cost of living as their primary concern, which will help inform how they cast their ballot in November.

President Biden routinely emphasizes the health of America’s economy as part of his election campaigning. He said the US is the world’s fastest-growing economy, but analysts assert that Americans are experiencing substantial price increases that seem to contradict that message.

The President boasts 8.6 million new jobs since he entered the White House, but polling shows that voters are focused on high prices, lessening the impact of positive news.

The cost of fuel, housing, and clothing sent inflation up 3.5% between March 2023 and March 2024, but the overall figure was down from its 9.1% peak in 2022.

In mid-May, the White House issued a statement saying tackling inflation is the President’s primary objective and will be his number one priority if he wins a second term. He promises to build millions of homes to bring housing costs down and call upon major food retailers to reduce their prices amid record profits. The President furthermore pledged to bring drug costs down by “taking on Big Pharma.”