Majority of Americans Say America Is Already in a Recession

Majority of Americans Say America Is Already in a Recession

Majority of Americans Agree on the Concerning State of the Nation

( – The National Bureau of Economics (NBER) hasn’t made the official determination that the US is in a recession — yet. The nonprofit defines a recession as a noticeable reduction in economic activity across the economy, lasting for months. However, that doesn’t matter to a majority of Americans, according to the latest IBD/TIPP poll. Nearly 6 out of 10 respondents believe the United States is already in a recession.

White House Press Secretary Karine Jean-Pierre assured the public the situation isn’t anywhere near that bad, quoting the latest job numbers as proof that the country is definitely not in a recession. Low unemployment numbers weren’t enough to sway the poll. The number of people who feel they’re living in a recession isn’t just high, it’s been climbing for months. The survey shows just over half believed the worst in June, up from just under half the month before.

On top of the sour notes on an economic pullback, only 19% of adults in this country feel wages have kept up with inflation, while 54% believe they have not. Moody Analytics’ Chief Economist Mark Zandi told Newsweek it’s unlikely that an official recession will be the end result of the current round of economic insecurity coursing through American veins. The prospect of gas prices — already on the decline — falling even further brings hope of relief in other sectors heavily reliant on transportation, particularly food.

Jean-Pierre reiterated that sentiment during her remarks, adding the president is focused on battling inflation in every way possible. Does her promise put your mind at ease, or are you also worried about the country slipping into a financial decline?

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