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:
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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.
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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.
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49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.
Nice, I like that Time article better. It reinforces the GINI articles analysis: middle class folks wages didn’t go up with lower class wages. I think that’s sorta a good thing? Ideally the top 10% would not grow, but the bottom 90% would. But help getting to the bottom 50% is definitely not a bad thing.
Also, I never said the income inequality growth is Biden’s fault. But more that it’s the reason all these articles about how good the “economy” is doing might not be seen in the same light by people who are still struggling.
We can do better, and I think closing that gap is everyone’s goal, but the methods to achieve it can vary wildly.
Yeah, makes sense. I do understand how “naw you’re wrong the economy’s actually getting better yay Biden” could lead to a pretty violently disagreeable reaction.
Because the truth is that people have always been poor in America. We are just more advertised to than ever before and feel like we are temporarily embarrassed millionaires. There have been decades of romanticizing individual success with less emphasis on systems and social contract. There was an attack on unions. We had a shift from a war on poverty to a war on welfare. These decades long decisions will take a lot of time to change but Biden is starting. He can’t say that the America we grew up in was a bad deal so he has to stay positive yet tactful in continuing to support unions, education funding, housing programs, childcare, healthcare, and so many things that we should have as an advanced economy.
And the efforts will take time. Maybe a generation. We’ve had right wing economic environment since Reagan and are slowly shifting back to pro-labor and pro-union environment with Biden. If we lose the momentum from the past 4 years we will certainly be worse off. I would encourage everyone to read history of labor movements in the US. They take years, decades even. But they do have lasting impacts that we often take for granted, like safer working conditions, days off, reduced child labor practices… I know it sucks for things to be more expensive right now, especially with corporate profits at all time highs, but throwing away this progress would be a huge loss for all workers in America.
Agreed. Changes this large for society will always take time. That’s why it’s important to not burn yourself out on one issue, or one fight. You gotta buckle in the for the long run. But keep fighting for change in a way that allows you to keep fighting. I feel guilty sometimes for not getting more involved in issues or causes that I think need support, but I have to remind myself that no one person can fight every battle. Forgive yourself from time to time for “not doing enough”. So long as you keep coming back to the table when your pace allows it.