Most Americans say the U.S. is currently in an economic recession and the majority blames mismanagement by President Joe Biden.
Released on Wednesday, a Harris poll conducted for the Guardian newspaper indicates that nearly three in five Americans believe the U.S. is currently in an economic recession. A majority of respondents, 58 percent, attribute the perceived economic issues to what they see as mismanagement by the Biden administration.
Fifty-five percent of respondents think the economy is shrinking, and 56 percent believe the U.S. is in a recession, despite government reports that the economy has been growing since the second half of 2022.
The results are not just a reflection of political partisanship. While Republicans are more likely to say we’re in a recession, nearly half of Democrats also say we’re in a recession. The poll found that 67 percent of Republicans say the U.S. is in a recession, as do 49 percent of Democrats and 53 percent of independents.
The poll also highlights significant concern about inflation, with 72 percent of respondents indicating that rising prices are a major worry. And the concerns cross party lines. Eighty percent of Republicans say inflation is rising, as do 74 percent of independents and 60 percent of Democrats.
“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live.’ Unwinding four years of uncertainty takes time. Leaders have to understand this and bring the public along,” John Gerzema, CEO of the Harris Poll, told the Guardian.
The Biden economy has been marked by persistent inflation and the Federal Reserve’s efforts to control it through interest rates hikes. Although inflation has declined from the peak of nine percent in 2022, it began rising again in the first three months of this year. A small dip in inflation in April, however, revived hopes that the Fed will cut interest rates this year, giving a boost to stock prices.
Nonetheless, consumer confidence fell to a six-month low in May, reflecting ongoing uncertainty about the economic future.
Seventy percent of Americans said their biggest economic concern is the cost of living, according to the Guardian poll. Sixty-eight percent said inflation is their top concern.
The Guardian’s poll indicated that Americans are finding it difficult to be cheered by good economic news about low unemployment or economic growth. A super-majority agreed with the statement that “it’s difficult to be happy about positive economic news when I feel financially squeezed each month” and said that the economy is worse than the media reports depict. Sixty percent of the public say they are skeptical about economic news from the media.
Despite efforts to promote “Bidenomics,” many Americans believe that Biden’s policies are hurting the economy. Seventy-percent of Republicans and 39 percent of Democrats say Biden’s policies are making things worse, the Guardian reports.