In New York City, the Fearless Girl statue by Kristen Visbal stands proudly in front of the New York Stock Exchange building on May 31, 2023. Despite recent reports that over half of Americans believe the United States is in an economic recession, data shows otherwise. Gross domestic product has been increasing for several years now and the U.S. is not technically in a recession yet.
However, this does not mean that all is well in the American economy. The Guardian/Harris poll reveals that 56% of respondents believe the U.S. is already in a recession and 58% say President Joe Biden is responsible for what they see as an economic downturn. This gap between economic data and feelings has been a challenge for 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 skyrocketing.
Consumer attitudes have lagged behind these positive signals, often driven by high costs of daily living caused by stubbornly high inflation. This comes less than six months before the November election, where President Biden will face former President Donald Trump and his campaign will fight to sell voters on his economic record and shift their perception of how well America’s economy is doing compared to how Americans feel about it. White House press secretary Karine Jean-Pierre acknowledged this chasm at a January briefing when she said “We know our work is not done.”
