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.

  • spriteblood@kbin.social
    112·
    1 month ago

    The issue is voters talk about how regular people are doing, while politicians talk about “the economy” which is rich people and business…

    This, 100%.

    Ask some person on the street how their stock portfolio is looking, and they’ll probably be like “The F are you talking about???”

    Ask the same person about the cost of groceries, and they’ll have a rant locked and loaded about why a 12 pack of soda costs $10 now.

    When people respond to these surveys, they are taking their experiences with them, and most of us are seeing expensive gas, expensive groceries, expensive housing, and jobs that don’t pay enough to live. People couldn’t afford to live on $8 an hour a decade ago, and now everything costs more.

    This has downstream effects in that it makes it harder to switch jobs because you cant wait two weeks for your new job to kick in - much less afford to take off work to go to an interview. You can’t move to a city with more opportunities because cities are more expensive and you can’t even afford to save up enough to make the move because you’re paycheck to paycheck. Jobs paying “market rate” for wages which is dragged down because the system keeps people desperate enough to work for cheap.

    These are people who have had to live with the boot of the economy on their necks for a long time. And while politicians can talk about all the great jobs out there and how amazing the economy is, for real people that boot is just stepping down harder. It’s no wonder they blame leadership when this is their experience with this economy.