The majority of Americans believe that the US is in a recession despite White House officials trying to convince them that there isn’t. A recent survey published by Bankrate found that 59% of Americans believe that the US is in a recession. The survey states that regardless of income, almost all classes of people think that the US economy is already under a recession.
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60% of respondents with the lowest income of $50,000 a year said that they feel the US economy is in a recession. 61% of higher-income households making more than $100,000 a year agreed that the US is in a recession.
In addition, 65% of Gen X said that the US economy is in a recession this year. Followed by 60% of millennials who also agreed to the same. Baby boomers and Gen Z stand at 58% and 55%, respectively.
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US Economy In Recession? But White House Officials Say No
A handful of officials from the White House refute that the US economy is in a recession. The US economy saw two consecutive quarters of negative growth this year making the average Americans worried about their finances. “Americans judge the economy’s strength by their own individual experiences living within it. And nationwide numbers often don’t tell the same story as their finances,” said Bankrate analyst Sarah Foster.
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“Americans seem to be evaluating the economy with different metrics than experts. While economists are watching carefully for broad-based declines in growth, households focus on whether they can afford. Nationwide numbers often don’t tell the same story as their finances.” said Forster.
The development indicates that average Americans and Federal Reserve officials are not on the same page regarding the nation’s finances. While Americans feel the pinch of inflation and job cuts, the White House paints a rosy picture indicating that the US economy is in good shape.