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:
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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.
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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.
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49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.
Having lived through 2008, you keep that wish to yourself.
I bought my first house in 2009 - $125,000 on an income of $45,000. I even got a first time homebuyer credit of ~$8,000 to help make the purchase easier.
I make a little over $200,000 today, and I’m completely priced out of the market. I doubt I’ll ever own a home again and am currently living in a rundown old sailboat.
I’d take 2008 over this economy any day of the week!
Good for you. In 2008 I went from having standing offers for paid internships at a half-dozen architecture firms to not knowing of a single open entry-level position in a 500 mile radius, and it stayed that way for almost three years. I graduated in 2010 and spent the next year mostly-unemployed in my parents’ spare bedroom, applying to every listing for a fresh-out position nationwide and not getting so much an automated courtesy email to let me know my resume didn’t make it the top of the pile of hundreds of others doing the exact same thing. I spent a year working for less than minimum wage as an illegally-misclassified “contractor” sorting mail and running errands, just to get an architecture firm on my resume. My best friend from architecture school became a barista and joined the National Guard to cover his student loan payments, and didn’t land a job in the field he spent five years training to enter for another five years.
Inflation sucks right now, but this is a fucking cakewalk compared to the Great Recession. Lucky for you that you were in a position to capitalize on the misfortune of others, but don’t forget for a second that millions of us went through years of misery.
Do you live in the Bay area? I’m guessing you’ve ruled out small condos/townhomes? Why did you sell your original house and not buy a new one?
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.