A new poll has revealed that the majority of Americans believe the economy under Democrat President Joe Biden is currently in a recession.
According to research firm The Harris Poll, most Americans blame the Biden administration for harsh economic conditions.
Around 56% of people surveyed thought that the U.S. economy was in recession, according to the poll conducted for The Guardian.
55% thought that the economy was shrinking.
U.S. gross domestic product rose just 1.6% in the first quarter of 2024.
This was down substantially from the 3.4% and 4.9% growth rates seen in the fourth and third quarters of 2023, respectively.
John Gerzema, CEO of the Harris Poll, told The Guardian:
“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.”
According to the survey, almost three-fifths of those polled blamed mismanagement from the Biden admin for the current poor state of the economy.
Around 72% think that inflation is increasing.
The rate of inflation decreased slightly to 3.4% in April from 3.5% in the previous month.
However, it is still far higher than the Federal Reserve’s target of 2%.
Prices have risen a total of 19.3% since Biden first took office in January 2021.
According to the Quarterly Census of Employment and Wages, job growth in '23 was 1.5%, not the 2.0% previously published by BLS – that means the monthly job reports overestimated nonfarm payroll growth by over 770k last year, and that's on top of the downward revisions… pic.twitter.com/hxeCpqF7NG
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 23, 2024
Around 49% of those surveyed responded that they thought unemployment was at a 50-year high, according to the poll.
However, the official unemployment rate remains below 4%.
Despite the low unemployment rate, job gains over the past year have been propelled by additions in government employment, part-time positions, and foreign-born populations, boosting employment counts.
Meanwhile, Biden has sought to deflect blame for rising inflation away from his administration.
The president and the Democrats argue that it is actually “corporate greed” that is hiking prices.
The Federal Reserve Board of San Francisco disproved this claim by pointing out that corporate markups are not greater than during other economic recoveries where huge surges of inflation were not present.
Many economists point to huge levels of government deficit spending for the persistent inflation that has tainted Americans’ views of the economy.
Under Biden, the national debt has risen to nearly $34.6 trillion, according to the Treasury Department.
The poll collected responses from 2,119 adults between May 10 and 12.
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