this post was submitted on 22 May 2024
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politics

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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:

  • 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.

  • 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.

  • 49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.

(page 2) 50 comments
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[–] anticolonialist@lemmy.world 7 points 6 months ago

'Wrongly believe' is the weakest attempt at gaslighting I've seen today.

[–] IsThisAnAI@lemmy.world 7 points 6 months ago (1 children)

The US has done quite well weathering the last few years but everyone is still pissed off and blaming Biden.

[–] mozz@mbin.grits.dev 7 points 6 months ago* (last edited 6 months ago)

I think the media has a huge amount to do with that.

This story is exactly the same headline we've been seeing pretty consistently for quite a while... except, they threw in that one word "wrongly" and then gave some objective data to back it up. And yet, that one little change makes it so out of step with the rest of the coverage (which just reports the polls, somehow not factoring in that roughly 50% of the country watches "conservative" media which is openly and explicitly a propaganda operation against all Democrats no matter what at all times).

And so, cognitive dissonance takes over, and this whole comments section is full of people freaking out about how dare they try to say with numbers that our corporate hellscape of an economy is actually moving in the right direction for the first time in God knows how long, and demanding instead to see inaccurate stories about how it's all getting worse.

[–] OpenStars@discuss.online 7 points 6 months ago

I find it so sad to see The Guardian of all news organizations join in on this bUt ThE eCoNoMy ThO bullshit. Fortunately it looks simply like a poorly written article, but that's little comfort for the damaging effects it will have regardless, e.g. in my trust of The Guardian articles henceforth.

Also, it's not just that, when it combines clickbait headlines with the first half of the article working to obfuscate the Truth with correct but irrelevant facts - beatings will continue until moral improves - even if the second half tries to sound more balanced. Is Fox News going to be the goal now, even if only for the first half of every article, going forward?

Average people, who don't own stock (or if they do, don't rely on it as their primary source of income) could care less about bUt ThE eCoNoMy ThO or even the theoretical underpinnings of inflation, and care far more about their current job security and cost of actual food. Whether the proper term of "recession" applies or if it instead is some other word that should be used to describe it, either way the economy is "not good", so hyper-focusing on uneducated people not knowing the technical definition of "recession" doesn't seem to be helping the situation any? Even if it sells advertising space for this article:-(.

The AutoTL;DR summary, with no title and much of the rage-baiting removed, is much better than the actual article.

[–] deft@lemmy.wtf 5 points 6 months ago

Lol people are feeling the recession regardless of what your numbers say.

[–] HubertManne@kbin.social 3 points 6 months ago

We are obviously not currently in a recession but the economy is not great for regular folks, however it has not been since like the 90's.

[–] Semi-Hemi-Demigod@kbin.social 3 points 6 months ago

Since this is a problem of perception the question becomes what do people think the economy would look like if it was doing well? What hasn't changed in their lives that they expected to when the economy started doing better?

[–] CharlesDarwin@lemmy.world 2 points 6 months ago

And just wait until AI really gets going...I've been saying this kind of thing for years online and off, and was mostly mocked and dismissed. Of course, there seem to be few politicians that had the foresight to want to do anything about automation, other than silly mantras about "retraining".

As a for instance: I remember trying to tell the maqa types, when they were screaming about coal that the very coal companies they claim care so much about "American jobs" are actively seeking ways to automate the entire thing - all of it.

[–] autotldr@lemmings.world 2 points 6 months ago

This is the best summary I could come up with:


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.

But the road to recovery has been bumpy, largely because of inflation and the Federal Reserve raising interest rates to tamp down high prices.

A similar percentage of respondents agreed “it’s difficult to be happy about positive economic news when I feel financially squeezed each month” and that the economy was worse than the media made it out to be.

Another thing that hasn’t changed: views on the economy largely depend on which political party people belong to.

And three-quarters of everyone polled said they support at least one of the key pillars of Bidenomics, which include investments in infrastructure, hi-tech electronics manufacturing, clean-energy facilities and more union jobs.

“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live,’” said John Gerzema, CEO of the Harris Poll.


The original article contains 928 words, the summary contains 171 words. Saved 82%. I'm a bot and I'm open source!

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