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Voters are not buying President Joe Biden’s excuses, the majority of registered voters say they believe the economy has entered a recession and that the newly minted Inflation Reduction Act will not help combat inflation, a new poll shows.
According to the poll conducted for NBC News, 68 percent of voters say the economy is in a recession while just 27 percent say it isn’t.
In July, Biden said the United States was not in a recession.
“Both Chairman Powell and many of the significant banking personnel and economists say we’re not in recession,” he said.
On top of it all, the Consumer Price Index shows that inflation hit a 40-year high of 9.1 percent in June before receding to 8.5 percent in July.
The Post Millenial reported:
Biden’s Inflation Reduction Act hasn’t convinced voters that the future will look much better, with the bill even upsetting the public after it was discovered that the IRS would receive $80 billion to fund the hiring of approximately 87,000 new agents.
Registered voters were nearly evenly split when asked about the new Act, with 35 percent saying that it would have a negative impact on them, and 36 percent saying that it would have no effect.
The poll also showed that Americans were evenly split when asked on the generic ballot for midterm elections. 47 percent prefer a Republican candidate for Congress, while 45 percent say they will vote Democrat this fall.
The poll also showed that 58 percent of voters say that America’s best years are behind it, while just 35 percent say the best is yet to come.
The NBC News survey was conducted from August 12-16, 2022.
The Free Beacon reported:
Voters don’t agree with Biden’s rosy rhetoric, the NBC poll found. Nearly three-quarters of respondents—74 percent—said the United States is “on the wrong track.” A record 58 percent said, “America’s best years may already be behind us.” The poll found Biden’s approval rating mired in the low 40s, in line with previous NBC polls.
The poll also found that voters support Republicans over Democrats, 47 percent to 45 percent, when asked which party they want to take control of Congress. A plurality of respondents said they want Congress either controlled by Republicans or leaning Republican, with 38 percent saying they want a “strongly Republican-controlled Congress.”
In a blog post on July 21 by the White House Council of Economic Advisers attempted to change the definition of a recession, saying that two consecutive quarters of falling GDP doesn’t mean the country is in a recession.
“What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the blog post states.
The NBER relies on more data than GDP in determining whether there’s a recession. They take into consideration unemployment and consumer spending, and the depth of any economic activity.
