BIDEN ECONOMY: 47% of Americans Expect a Recession Next Year
BIDEN ECONOMY: 47% of Americans Expect a Recession Next Year
By Daniel Greenfield
While Jen Psaki and the Washington Post respond to complaints about the economy by sneering at Americans for being “spoiled”, the polls keep pounding home how out of touch they are and how badly their spin is failing.
Just 41% of the public approve of Biden’s handling of the presidency, compared with 52% who disapprove. The poll of 800 Americans, conducted Oct. 14-17, has a margin of error of 3.5%.
Biden’s negative 11-point net rating compared with a positive 3 points in the July survey, when 48% approved and 45% disapproved.
Behind the decline is a surge in negative views of his handling of the economy, with just 40% approving and 54% disapproving, a 7-point increase from July.
Politics is not just about arguments. When things are bad, people blame the guy in the White House. Now things are bad and people are worried.
Inflation now ties with the coronavirus as the biggest concern for Americans, up 16 points from the prior survey. A plurality of 47% of the public believe there will be a recession in the next year, up 13 points from when the question was last asked in 2019.
That’s bad. People’s beliefs shape their behavior. And that shapes the economy.
Recession worries come with increasingly negative views about the current and future state of the economy: 46% say the economy will get worse in the year ahead, the most in the 13-year history of the poll and 79% judge the economy as just fair or poor, the most since 2014.
While Psaki sneers about people not getting their treadmills, much of the country is facing sticker shock, empty shelves, and buckling down for hard times.
The survey clearly shows Americans noticing the supply and labor shortages that are plaguing businesses. Some 60% of the public say goods that were once easy to buy are in short supply, including food and groceries, paper products, and cleaning products.
Also, 66% appear to have noticed labor shortages, saying they have experienced stores closed on odd days or at strange hours when they normally would be open.
The spin is failing.
Just 31% say now is a good time to invest in stocks, the lowest since 2016.
The consequences of that aren’t hard to predict.
The Biden economy is getting worse while the administration sneers and its party fights. This does not bode well for it in 2022 and 2024.