Monday, June 17, 2024

Majority of Americans believe US is currently in a recession

Majority of Americans Believe the US is in a Recession, But the Facts Say Otherwise

Title: Americans believe US is in a recession despite GDP growth, poll reveals

According to a recent Guardian/Harris poll, more than half of Americans believe that the United States is currently in an economic recession, with a majority attributing the situation to President Joe Biden.

The poll found that 56% of respondents think the country is in a recession, despite data showing that the gross domestic product (GDP) has been steadily increasing. In fact, in the first quarter of 2024, GDP grew by 1.6%, although it was a slight deceleration from the previous quarter.

President Biden has been vocal about the strength of the US economy, stating in an interview with NBC that “America has the best economy in the world.”

One of the key factors influencing Americans’ perception of a recession is inflation and the rising cost of living. The poll revealed that 70% of Americans are most concerned about the cost of living, followed by inflation at 68%.

Despite positive economic indicators showing recovery from pandemic-induced disruptions, consumer attitudes remain pessimistic. The poll also highlighted a perception gap among Americans when it comes to the economy, with 64% saying they do not know whom to trust for accurate information.

The findings of the poll come less than six months before the November election, where President Biden will face former President Donald Trump. The Biden campaign is working to persuade voters of the president’s economic achievements and to shift public perception to recognize the progress made since the pandemic.

Overall, the poll sheds light on the disconnect between positive economic indicators and public perception, highlighting the challenges of bridging the gap between reality and perception in the current economic landscape.

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