A bronze sculpture called the “Fearless Girl” by Kristen Visbal stands in front of the New York Stock Exchange building in New York City as of May 31, 2023. Despite gross domestic product (GDP) experiencing growth for several years, over half of Americans believe that the United States is currently in an economic recession. According to a new Guardian/Harris poll, 56% of respondents think the U.S. is in a recession, and 58% attribute this perceived downturn to President Joe Biden.
A recession is typically defined as an extended period of economic decline, with GDP showing negative growth over two or more consecutive fiscal quarters. However, recent economic data indicates that the U.S. is not in a recession, with GDP growing by 1.6% in the first quarter of 2024. This is lower than the 3.3% growth experienced in the final quarter of 2023, but it is still significant growth, surpassing that of other developed nations.
President Biden has been vocal about the strength of the U.S. economy, stating that America has the best economy in the world. Despite the positive economic indicators and efforts by the Biden administration to showcase the country’s economic gains, there remains a gap between economic data and public perception. Consumer attitudes have been influenced by high inflation, which has raised the cost of living for many Americans.
As the November election approaches, Biden’s camp is working to shift public opinion and showcase the economic progress made during his presidency. The White House acknowledges that there is still work to be done in aligning economic performance with public sentiment. Amid ongoing challenges such as supply chain disruptions and inflation, the Biden administration is striving to demonstrate the resilience and growth of the American economy.