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.

  • @Psychodelic
    3•7 months ago

    Isn’t that just showing an increase in income that’s like a tiny percentage? Didn’t that “raise” come during a period when inflation increased significantly and cancelled it all out?

    Honestly, it’s super annoying that you replied all defensive as if anyone was attacking Biden. It’s hard to take anything you say seriously now. I’m voting for the piece of shit but it seems insane to pretend he’s actually trying to help poor Americans at the expense of corporations and their shareholders.

    There’s an ongoing class war and there’s bipartisan support for the rich in all three branches of gov.

    • mozz
      -2•7 months ago

      Those are already inflation adjusted dollars - gains on the chart represent gains above inflation. The source is here with more explanation, and looking over it actually will show some important / upsetting caveats to what I said - just bear in mind that for some confusing reason, it is showing percentage change in a lot of its charts, instead of the raw underlying number.

      And yeah I get that - I feel like I am becoming humorless and just yelling at people all the time good things about Biden. My feeling on it is more or less, why are you guys making me stick up for the Democrats I don’t even particularly like them. But it seems to me like people are spreading very specific malicious bullshit about them in this election, which is upsetting to me (because of the “bullshit” part and its potential impact on the US and the world if it swings the election, not because of the “Biden” part, if that makes sense).