Bidenomics’ “middle-out” policy is not working, as many Americans blame Joe Biden for their economic woes.
A recent poll by Harris for the Guardian found “persistent pessimism about the economy” as Election Day draws near.
Among the results, at least 55 percent of the respondents believe the economy is shrinking, while 56 percent think the US is in recession. However, data indicators, the gross domestic product, showed that the economy is steadily growing.
Additionally, the survey found that 67 percent of Republicans and 53 percent of independents were the ones who likely think that the country is experiencing recession, while the Democrats were at 49 percent.
At least 58 percent of the respondents blamed Biden for the economy and highlighted his administration’s “mismanagement.”
Meanwhile, 49 percent of those surveyed strongly believe the unemployment rate is at a “50-year high.”
The poll also stressed the effects of inflation on people’s perceptions. The majority of the respondents think that inflation is skyrocketing.
However, the study also revealed that the only recession occurred was when the global economy closed down because of the Covid-19 pandemic.
Despite this, the US economy is barely recovering because of inflation and the Federal Reserve’s continued raise of interest rates to manage high prices.
The Fed had earlier remarked that they could start reducing rates this year, but officials backtracked and indicated that it will remain elevated until the near future.
Consumer confidence also dropped to a six-month low this month.
This explains why economic data, such as the GDP, is far from emotional reality for many Americans about the economy.
The poll found that 55 percent think the economy will only get worse.
This widespread pessimism about the economy, which contradicts government economic data, was dubbed as “vibecession,” first coined by an economics writer, Kyla Scanlon.
Despite a slowdown in inflation, prices of goods remain high compared to years ago, and the capacity of consumers to purchase continues to drop.
The survey gathered that at least 70 percent of the respondents shared that their biggest economic issue is the cost of living, while 68 percent answered inflation.
Harris conducted a similar poll in September last year, and the results showed that there had been little change in Americans’ economic point of view.
A similar number of respondents answered, “It’s difficult to be happy about positive economic news when I feel financially squeezed each month” and that the economy was far worse and the media was downplaying the effects.
