Majority of Americans incorrectly believe U.S. is in a recession
PoliticsPA: A recent Harris survey conducted for the Guardian reveals that nearly three in five Americans incorrectly believe the U.S. is in a recession, blaming President Joe Biden for the economic situation but here are the key findings:
Recession Misconception: 56% believe the U.S. is in a recession. Fact: GDP grew 3.4% in Q4 2023 and 1.6% in Q1 2024.
Stock Market Misunderstanding: 49% think the S&P 500 is down. Fact: The S&P is above 5,300, up over 12% this year.
Unemployment Error: 49% believe unemployment is at a 50-year high. Fact: The rate is near a 50-year low at 3.9%.
Inflation Concerns: 72% say inflation is increasing. Fact: Inflation fell from a 9.1% peak in June 2022 to 3.4% in April, boosting the Dow Jones to near 40,000.
Bright Spots for Biden:
40% of Republicans believe 'Bidenomics' will have a positive impact, up 11 points since September.
81% of Democrats agree.
Three-fourths support Biden's economic initiatives in infrastructure, high-tech manufacturing, clean energy, and union jobs.
Expert Opinions:
“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live,’” said John Gerzema, CEO of the Harris Poll. “Unwinding four years of uncertainty takes time. Leaders have to understand this and bring the public along.”
58% attribute economic woes to Biden’s mismanagement, but Robert Reich, former U.S. Secretary of Labor states that he thinks that Americans are having difficulty separating economic news from everything else, leading to the challenge facing the Biden administration – how to get across its message?
“The media lives off conflict. And Trump is nothing but conflict,” Reich wrote in an editorial for the Guardian. “He bloviates, lies, exaggerates, takes credit, avoids blame, and belittles and excoriates opponents. So, he gets a lot of airtime.
“Biden does the hard work of getting stuff done. But editors and publishers don’t find this particularly exciting. So, few people know what Biden is doing or has accomplished.”
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