As the 2024 November election draws closer, a new Harris poll shows that a majority of Americans have a negative view of the U.S. economy.
Three in five Americans believe the U.S. economy is currently in recession — with the majority blaming President Joe Biden’s White House, according to a new Harris poll. It is factually incorrect that the U.S. economy is in a recession. The GDP must fall for two consecutive quarters in order to meet the definition of a recession. According to the U.S. Bureau of Economic Analysis, GDP has gone up from 1-5% for six consecutive quarters.
In all, 55% of the survey respondents say the economy is getting smaller, while 56% believe that it is currently going through a recession. However, most economic data points to positive trends.
Almost half of respondents, 49%, believe the S&P 500 stock market index is down overall for 2024. But in reality, the index is up more than 12% so far this year. Although the unemployment rate is almost at a 50-year
low, under 4%, nearly half of those surveyed think the unemployment rate is at a 50-year high.
According to Bureau of Labor Statistics, inflation, which is measured by the Consumer Price Index measuring the price of goods and services purchased by American households, has fallen between 3-4% from its peak during the pandemic, 9.1%. However, 72% of respondents reported that they believe inflation is rising.
In June 2022, the inflation rate fell so far that the Dow Jones index rose to a record high. A recession is classified as an economic decline over two consecutive quarters during the year; however, the U.S. GDP has been growing for the past two years.
Significantly, 58% of Americans attribute the apparent declining conditions of the U.S. economy to Biden. This poll underscores the influence of public opinion on economic trends, highlighting the gap between the reality presented by economic data and the emotional reality over how Americans feel about the economy’s health.
