As the 2024 November election approaches, a new Harris survey reveals that the majority of Americans have a poor opinion of the US economy.
According to a new Harris poll, three out of every five Americans believe the US economy is currently in recession, with the majority blaming President Joe Biden’s White House. It is erroneous to state that the US economy is in a recession. To be considered a recession, the GDP must decline for two consecutive quarters. According to the Bureau of Economic Analysis, GDP has increased by 1-5% for six consecutive quarters.
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Overall, 55% of survey respondents feel the economy is contracting, while 56% believe it is currently experiencing a recession. However, the majority of economic data indicates a favorable trajectory.
Almost half of respondents (49%) expect the S&P 500 stock market index to fall overall in 2024. However, the index has increased by more than 12% this year. Although the unemployment rate is nearing a 50-year low of around 4%, nearly half of those polled believe it is at a 50-year high.
According to the Bureau of Labor Statistics, inflation, as measured by the Consumer Price Index, which measures the price of goods and services purchased by American households, has decreased by 3–4% since its peak of 9.1% during the pandemic. However, 72% of respondents said they believe inflation is increasing.
In June 2022, the inflation rate plummeted so dramatically that the Dow Jones index reached a new high. A recession is defined as an economic drop spanning two consecutive quarters of the year; yet, the US GDP has been expanding for the past two years.
Notably, 58% of Americans blame Biden for the apparent decline in the United States economy. This poll emphasizes the impact of public opinion on economic developments, demonstrating the disparity between the truth portrayed by economic data and the emotional reality of how Americans perceive the economy’s health.
