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

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.

  • Aermis@lemmy.world
    91·
    5 months ago

    How did that impact you? For me as a union electrician that meant members sitting for upwards of 2 years, with over 1500 people unemployed on the books in my local hall.

    Right now there’s 800, most since 2008 recession, never going above 300 or so since then. I don’t know what a recession means for anyone else, but for me it’s not having a job and income. But this one is worse, because while the pay is more since 2008, everything costs triple since then.