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.

  • shani66@ani.social
    111·
    7 months ago

    People believe those things because the economy is bad and we use worthless measurements (like, say, GDP) to plaster over that fact. If children are only ever taught one way to look at something they’ll force it to conform with the obvious reality once it’s undeniable.

    • jonne@infosec.pub
      4·
      7 months ago

      Yep, who cares if the stock market is going up, people look at their stagnant pay and ever increasing prices for rent, groceries and insurance. Sure, that doesn’t technically mean a recession, but it still sucks.

      And democrats running on ‘bidenomics’ just seems ridiculously out of touch in that context (even if there’s objectively good stuff in the IRA and similar bills, it’s just not enough for people to notice).