Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

cross-posted from: https://lemmy.world/post/15676201

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.

  • Curious CanidEnglish
    271·
    30 days ago

    Recession, as we define it, is only really meaningful to those of at least moderate wealth. That line used to be low enough that it included the majority of the population. Extreme wealth inequality has changed that. The majority are now below that line. Recession has become a concern for the rich. The rest of us suffer from wage stagnation and inflation to support ever increasing corporate profits, but that problem doesn’t have a simple name and is rarely part of the economic debate. “The Economy” is doing fine, but most of us who have to participate in it are not.