Most Americans think the economy is stumbling, defying attempts by the Biden administration to portray it as strong.
The recent poll from Economist and YouGov showed that 78 percent of adult Americans rate the economy are only fair or poor. Thirty one percent rate the economy as fair and 48 percent rate it as poor.
Just three percent say the economy is excellent and 15 percent rate the economy as good.
Brian Deese, the director of the White House’s National Economic Council, told the Financial Times that the U.S. economy has the “strength and resilience” to shield it from a recession. President Joe Biden recently described the economy as being “strong as hell.” In a speech last week, Biden insisted the economy is stronger than it was before the pandemic, highlighting the gulf between the public’s perception and the Biden administration’s economic rhetoric.
Fifty nine percent of the public think the economy is in a recession now. Another 23 percent say the economy is very likely or somewhat likely to be in a recession in the next 12 months. Seven percent say a recession is not very likely and just one percent have confidence that a recession is not at all likely.
The public does not have a lot of confidence that inflation will come down over the next six months. The poll shows 42 percent expect a higher rate of inflation six months from now and 24 percent expect inflation to remain the same, which would me a continuation of inflation at the worst rate in four decades. Only 15 percent say inflation will be lower in six months.
Half of adults say they have felt “a lot” of impact from high inflation in their own lives. Forty-three percent say it has had only “a little” impact. Seven percent say they have felt no impact from inflation.