Most Americans think the U.S. economy is in a recession, even though it is not, according to a new poll released Wednesday. A new Guardian/Harris poll found that 56% of respondents said the economy is in a recession, while 55% said the economy is shrinking. In fact, gross domestic product has been growing for several years.
Other surprising results include misperceptions about employment and the stock market. Forty-nine percent of respondents said they think the S&P 500 is down for the year, though the market is up about 12% in 2024, following a 23% gain in 2023. And 49% said they think unemployment is at a 50-year high, even though the unemployment rate has been under 4% for the longest stretch since the Vietnam War.
The results are probably bad news for President Joe Biden, who has been touting the remarkable strength of the U.S. economy – a strength that is reflected in statistics such as the unemployment rate and GDP growth, but not necessarily felt in people’s everyday lives. Even worse for Biden, 58% of respondents blame him for the non-existent recession.
