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Majority of Americans wrongly believe US is in recession – and most blame Biden

www.theguardian.com Majority of Americans wrongly believe US is in recession – and most blame Biden

Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

Majority of Americans wrongly believe US is in recession – and most blame Biden

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.

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  • This really misses the big problem. For many people, the costs that are most inelastic (like food and housing) are the ones with the most inflation. For people in financial situations that aren't great, there aren't easy ways to lower costs.

    Inflation statistics like the CPI also grossly inaccurately measure what an accurate basket of good is by including many things that are frivolous and so it totally misses how people are feeling. Did the price of a large television go down slightly decreasing the overall inflation a bit? Yes, but I still need to buy incredibly expensive food. I don't need to buy a TV. That makes me worried. I can't cut down on food.

    This leads to having to consider things like: should I try to move to an even smaller place (since my tiny place is incredibly expensive), which results in moving costs? Should I look for a better paying job and is it likely I will find that and what happens if my employer finds out and fires me because I am searching for a new job?

    There are also large feelings of uncertainty about the economy and about inflation. For those who own property and purchased it a lower cost than the market rate, things are fine. For everyone else, it's terrible.

    Biden is doing a horrible job of being realistic about how people feel about these things. He is looking at ivory tower economic statistics and either he doesn't get it or isn't acknowledge it. The message from him is that he's doing a good job and things are improving. That isn't reassuring. It feels like a "let them eat cake" mentality. I'd much rather have him say "yes, certain things in the economy are problematic" and then either say how they will be improved or just bluntly say the best option is to not do anything because doing things (like market interference) is potentially worse.

    I support the rights of trans people, and I like some of Biden's ideas, however for most lower middle class people who are completely stressed out, Biden seems like a terrible option. Even for lower middle class people who dislike Trump, they at least view him as a realist. I am left not knowing if Biden is ignorant of how people who don't own homes are feeling or if Biden is being so defensive with his record that he seems out of touch, but either way, he will definitely lose at his current trajectory.

    He keeps not addressing this problem and it's a big problem for many voters, probably over half of all swing voters are affected by this. I wish I could advise Biden on what to say and do to improve his poll numbers, because many of the problems that bother large segments of the voters are things that could be easily resolved through the executive office without new laws while adhering to classical economic theory, but he's not going to make the needed changes, I have no way of suggesting things except sending a letter that will not be read but instead will just be summarized as a view (like "letter received, opinion is inflation is bad").

    He is going to keep relying on ivory tower economic statistics because fundamentally he's a career politician, he believes his bureaucrats or lacks the ability to understand the real experiences behind the data, and Trump is going to swoop right in and pluck every disaffected swing voter or disaffected Democrat he doesn't reach. The fact that Biden is also doing cool or nice or interesting things in terms of other policy choices doesn't somehow make up for this major weakness in ignoring this.

    The fact that The Guardian is referring to the public's "misconceptions" highlights how journalists and also politicians just regurgitate erudite statistics without reflecting on their real world implication, as though regular voters were just wrong or stupid. This is also a problem of Democrats at large who don't know how to take academic research and information and look to the real-world meaning of it and then communicate effectively with regular people or implement practical policies based on this data.

    So yeah, Biden will definitely lose. Trans people should figure out how to organize now for possible fascism, which sucks. They should figure out how to technologically, emotionally, and organizationally prepare for a worse case scenario. I can't fathom Biden would win.

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