A Harris-Guardian Poll in May 2024, (1) shows that the majority of Americans believe, incorrectly, that the U.S. is in recession (and blame Joe Biden).
Beliefs:
1. 55% think the economy is shrinking and 56% believe the country is in a recession.
2. 49% believe the stock market, particularly the S&P 500 is down for the year.
3. 49% believe that unemployment has hit a 50-year high.
4. 72% think that the rate of inflation is increasing.
5. 55% say that the economy is “only getting worse.”
Facts:
1. 2023 GDP for the U.S. grew by 2.5%, (2) real disposable income increased by 4.3%, savings rate increased by 4.5%. (3) GDP growth continued in the first quarter of 2024. The last recession was in 2020, at the height of the pandemic.
2. The S&P was up 24% in 2023, is up 12% so far this year, and this month the DOW hit its highest level ever, over 40,000.
3. Unemployment is at a 50 year low, consistently hovering below 4%.
4. The rate of inflation is decreasing from its post-pandemic high of 9% plus, and is now around 3.4% (above the target rate of 2%, but still decreasing toward the goal).
5. The economy has improved continuously since the pandemic low (of 128 million jobs in the economy). Since April, 2020, not only did those jobs recover to the pre-pandemic 150 million job level, but we are now at 158 million jobs and disposable income is rising above the inflation rate.
It makes ya think. All this information is commonly available on regular mainstream news sources – although not on Fox “News,” of course, where such content is suppressed.
I’m confused. Are we still considered to be in the “information age?”
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1. Aratani, Lauren. Majority of Americans wrongly believe US is in recession – and most blame Biden. The Guardian, May 22, 2024. Retrieved from: https://www.theguardian.com/us-news/ article/2024/may/22/poll-economy-recession-biden.
2. Gross Domestic Product, Fourth Quarter and Year 2023 (Advance Estimate). U. S. Bureau of Economic Analysis, January 25, 2024. Retrieved from: https://www.bea.gov/news/2024/ ross-domestic-product-fourth-quarter-and-year-2023-advance-estimate.
3. By the Numbers: U.S. Economy Grows Faster than Expected for Year and Final Quarter of 2023. U.S. Department of Commerce, January 26, 2024. Retrieved from: https://www.commerce. gov/news/blog/2024/01/numbers-us-economy-grows-faster-expected-year-and-final-quarter-2023.