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Nearly 3 in 5 incorrectly believe US is in economic recession (fox59.com)

submitted 11 months ago by [email protected] to c/[email protected]

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Fascinating little window

Almost 60% of respondents wrongly believe that the country is in a recession (it hasn’t been since 2020)
55% believe the economy is shrinking (it is growing)
49% say unemployment is at a 50-year high (it’s close to a 50-year low)
58% said the reason the economy is worsening is due to Biden’s mismanagement

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[–] [email protected] 35 points 11 months ago (12 children)

People will stop believing a country is in recession when it starts to feel like they can actually afford to do the things they want to do, like live in a home and eat food once in a while. They are incorrect to believe that it's a recession causing their current dire circumstances, but they're entirely correct to believe that something is amiss when they're just barely keeping themselves alive. It appears to be due to Biden's mismanagement only insofar as Biden has opted for largely continuity neoliberalism, which is how things have been mismanaged for the last 40 years or so.

[–] [email protected] 15 points 11 months ago (1 children)

Economists don't call something a recession until rich people start feeling the squeeze. The definition of a recession, while vague, is really designed around that fact. So even if they're not doing it on purpose, their analytical blinders prevent them from recognizing other conditions that are at least as meaningful to many more people.

[–] [email protected] 8 points 11 months ago

Yep. An awful lot has to go badly wrong in an economy before rich people start feeling it, and that's the only point they start caring.

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