The “Fearless Girl,” a bronze sculpture by Kristen Visbal, stands in front of the New York Stock Exchange building on May 31, 2023 in New York City.
Timothy A. Clary | AFP | Getty Images
More than half of Americans believe the United States is in an economic recession, even though gross domestic product has increased in recent years.
According to a new Guardian/Harris poll, 56% of respondents said they believe the US is in a recession and 58% said President Joe Biden is responsible for what they believe is an economic downturn.
A recession is a prolonged period of economic decline that typically occurs when GDP has fallen in two or more consecutive financial quarters.
Under these conditions, the US is definitely not in a recession.
GDP grew by 1.6% in the first quarter of 2024. While this is a slowing growth rate from the 3.3% in the fourth quarter of 2023, it is not a recession. U.S. GDP growth is outpacing that of other industrialized nations.
“America has the best economy in the world,” Biden told NBC’s “TODAY” in April.
The Guardian/Harris poll is another example of the persistent gap between economic data and economic sentiment that has plagued the Biden administration in recent months.
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Despite some positive signs that the economy is recovering from the pandemic chaos that has disrupted supply chains and skyrocketed inflation, consumer attitudes are lagging, often due to the high costs of daily life caused by the stubbornly high inflation can be caused.
The Guardian/Harris poll comes less than six months before the November election, in which Biden will face former President Donald Trump. The Biden campaign is struggling to sell voters on the president’s economic record and shift sentiment to recognize the economic progress the country has made since the pandemic.
“We know our work is not done,” White House press secretary Karine Jean-Pierre said at a briefing in January, citing the gap between how the U.S. economy is performing in terms of sales and the mood of Americans .
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2024-05-22 19:49:45
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