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, 2024. 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.
Despite recent economic data indicating that the U.S. is not in a recession, with GDP growing by 1.6% in the first quarter of 2024, there remains a gap between economic data and public perception. This gap has been influenced by high inflation, which has raised the cost of living for many Americans.
President Biden has been vocal about the strength of the U.S. economy, stating that America has the best economy in the world. However, despite positive economic indicators and efforts by the Biden administration to showcase the country’s economic gains, there remains a disconnect between economic performance and public sentiment. As consumer attitudes have been influenced by high inflation, it is becoming increasingly difficult for President Biden to shift public opinion and showcase his achievements before November election approaches.
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. Amid these challenges, President Biden is striving to demonstrate the resilience and growth of American economy despite doubts from some quarters regarding its current status
