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submitted 6 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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.

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[-] autotldr@lemmings.world 2 points 6 months ago

This is the best summary I could come up with:


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.

But the road to recovery has been bumpy, largely because of inflation and the Federal Reserve raising interest rates to tamp down high prices.

A similar percentage of respondents agreed “it’s difficult to be happy about positive economic news when I feel financially squeezed each month” and that the economy was worse than the media made it out to be.

Another thing that hasn’t changed: views on the economy largely depend on which political party people belong to.

And three-quarters of everyone polled said they support at least one of the key pillars of Bidenomics, which include investments in infrastructure, hi-tech electronics manufacturing, clean-energy facilities and more union jobs.

“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live,’” said John Gerzema, CEO of the Harris Poll.


The original article contains 928 words, the summary contains 171 words. Saved 82%. I'm a bot and I'm open source!

[-] CharlesDarwin@lemmy.world 2 points 6 months ago

And just wait until AI really gets going...I've been saying this kind of thing for years online and off, and was mostly mocked and dismissed. Of course, there seem to be few politicians that had the foresight to want to do anything about automation, other than silly mantras about "retraining".

As a for instance: I remember trying to tell the maqa types, when they were screaming about coal that the very coal companies they claim care so much about "American jobs" are actively seeking ways to automate the entire thing - all of it.

[-] riodoro1@lemmy.world 1 points 6 months ago

The GDP says you’re doing fine. Stop complaining that you have to live with you're parents.

[-] Today@lemmy.world -1 points 6 months ago

I have a friend with whom i disagree on most issues. They were recently complaining about how bad the economy is, how expensive food is, and that their family can't afford to eat beef. They have a large house, they've been paying an extra $1000-2000 per month on their mortgage for the last two years, and they invited 2 adult children to move home so the kids could save money for houses. They watch Fox News (or worse) and believe they're struggling. I pointed out some cheap chicken and other items in a grocery ad and the response was, "but those are just the things that are on sale; everything else is expensive." I was stunned - almost everything i buy is on sale. Yes....you're right...the wagyu costs more than it used to.

My kids also complain, "Our grocery bill is twice what it was two years ago!" Maybe because you're now spending $75/wk in protein shakes and supplements?

I'm not saying that people aren't struggling or that they shouldn't be able to buy things they want, but the people who complain the loudest (in my experience) are not the ones who are in the most difficult situations.

[-] AA5B@lemmy.world 2 points 6 months ago* (last edited 6 months ago)

My kids also complain ….

Yeah, I really feel this. My kids are teens and one is actively lifting/bulking, so food goes so much faster now, and foods with lean protein (so much chicken) are much more expensive than a reasonable amount of veggies and carbs to help fill up

A decade or two ago I would really tease a couple friend of ours for preparing meals like “steak on a plate” instead of something more nutritionally balanced and with healthier fat choices. Now my one kid wants “chicken on a plate”, twice as much chicken and nothing else

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[-] shortwavesurfer@monero.town -4 points 6 months ago

The big problem is that people are thinking in the wrong monetary units. While you're getting paid in a constantly depreciating fiat currency, gold has been perfectly stable, and one ounce of gold still equals one ounce of gold. And so the crazy people in Washington can't inflate it away.

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this post was submitted on 22 May 2024
289 points (88.9% liked)

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