Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

cross-posted from: https://lemmy.world/post/15676201

Nearly three in five Americans wrongly believe the US is in an economic recession, and the majority blame the Biden administration, according to a Harris poll conducted exclusively for the Guardian. The survey found persistent pessimism about the economy as election day draws closer.

The poll highlighted many misconceptions people have about the economy, including:

  • 55% believe the economy is shrinking, and 56% think the US is experiencing a recession, though the broadest measure of the economy, gross domestic product (GDP), has been growing.

  • 49% believe the S&P 500 stock market index is down for the year, though the index went up about 24% in 2023 and is up more than 12% this year.

  • 49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.

  • @jballsEnglish
    5•1 month ago

    Yeah, the stock market is doing great. Companies are making money hand over fist. Meanwhile, I got a 1% raise this year, but my cost of living expenses have ballooned, especially for things I have no control over.

    My mortgage escrow payment just went up $300 a month, but I consider myself fortunate since my brother’s went up $900. My health insurance premiums are up. My grocery bill is eye popping. I’ve drastically cut back on eating out because it costs me an arm and a leg to get decent fast food. My kids are still a ways out from college, but I looked at tuition trends recently and nearly had a heart attack.

    And I want to be clear, I am 100% voting for Biden because I have more than 2 braincells to rub together and understand that this isn’t his fault and a Trump administration would be disastrous. But the phrase “It’s the economy, stupid” will always ring true. And while technically the “economy” is great for rich people, it fucking sucks for the rest of us right now.