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.

  • @Today
    -1•25 days ago

    I have a friend with whom i disagree on most issues. They were recently complaining about how bad the economy is, how expensive food is, and that their family can’t afford to eat beef. They have a large house, they’ve been paying an extra $1000-2000 per month on their mortgage for the last two years, and they invited 2 adult children to move home so the kids could save money for houses. They watch Fox News (or worse) and believe they’re struggling. I pointed out some cheap chicken and other items in a grocery ad and the response was, “but those are just the things that are on sale; everything else is expensive.” I was stunned - almost everything i buy is on sale. Yes…you’re right…the wagyu costs more than it used to.

    My kids also complain, “Our grocery bill is twice what it was two years ago!” Maybe because you’re now spending $75/wk in protein shakes and supplements?

    I’m not saying that people aren’t struggling or that they shouldn’t be able to buy things they want, but the people who complain the loudest (in my experience) are not the ones who are in the most difficult situations.

    • @iamdisillusioned
      4•25 days ago

      My conservative parents have also been complaining about the economy and their financial situation. In April they spent 4k to get a box at a baseball game and asked me for money to pay for it, citing that its a special spend to celebrate my dad’s 60th birthday. Then last week I found out that they are going on a 16k eastern European river cruise this summer. Talk about temporarily embarrassed millionaires.

    • @AA5B
      2•25 days ago

      My kids also complain ….

      Yeah, I really feel this. My kids are teens and one is actively lifting/bulking, so food goes so much faster now, and foods with lean protein (so much chicken) are much more expensive than a reasonable amount of veggies and carbs to help fill up

      A decade or two ago I would really tease a couple friend of ours for preparing meals like “steak on a plate” instead of something more nutritionally balanced and with healthier fat choices. Now my one kid wants “chicken on a plate”, twice as much chicken and nothing else