People walk past a homeless man outside the New York Stock Exchange (NYSE) on Wall Street on January 18, 2023 in New York City.
Angela Weiss | AFP | Getty Images
More than half of Americans believe the United States is in an economic recession, even though GDP has been increasing for the past several years.
According to new The Guardian/Harris Poll56% of respondents said they believe the United States is in a recession, and 58% said President Joe Biden is responsible for what they see as an economic slowdown.
A recession is an extended period of economic decline, usually defined when GDP declines for two or more consecutive fiscal quarters.
Under these terms, the United States is certainly not in a recession.
GDP grew by 1.6% in the first quarter of 2024. This is a slower rate than the 3.3% growth in the fourth quarter of 2023, but it is not a recession. US GDP growth has outpaced that of other developed countries.
“America has the best economy in the world,” Biden said. Tell NBC’s “TODAY” show in April.
The Guardian/Harris poll is another example of the persistent gap between economic data and economic sentiment that has troubled the Biden administration in recent months.
Despite some positive signs that the economy is recovering from the pandemic chaos that disrupted supply chains and sent inflation rates skyrocketing, consumer attitudes have lagged, often driven by higher costs of daily living caused by stubbornly high inflation.
The Guardian/Harris poll comes less than six months away from the November election, where Biden will face former President Donald Trump. The Biden campaign is struggling to convince voters of the president’s economic record and change the mood to recognize the economic gains the country has made since the pandemic.
“We know our work is not done yet,” White House press secretary Karine Jean-Pierre said at a January briefing, noting the gap between how the U.S. economy is doing by the top numbers and how Americans feel about it.