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:
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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.
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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.
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49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.
Want to explain a little more?
Unless you think black Americans make up the entirety of poor people that has nothing to do with high vs low income.
Saying it has “nothing” to do with it is wrong; they’re so deeply connected that you might as well use either or both, since racial disparity is fundamental enough to the American economy that they give the same answer.
But sure, it’s fair to ask for something specifically about income level instead of by race; here’s one by percentiles and here’s the GINI coefficient over time.