As Dow Drops 800 Points, Most Americans Already Believe We’re in a Recession According to Damning New Poll – Opinion

A new poll by YouGov/The Economist shows that 56 percent of Americans think the United States is in recession.

If broken down by party: 70% of Republicans believe that the U.S. economy is going through a severe economic slump, while 45 percent of Democrats and 56 percent are in agreement. A poll of 1,500 American adults was conducted from June 11-14. The margin for error is 3.1 per cent.

YouGov/Economist poll results: 56% believe the U.S. is currently in recession

The U.S. is currently in Recession
56% – Overall
70% – Republicans
56% – Independents
45% – Democrats
53% – Black voters
47% – Hispanic voters

06/11-06/14 / 1,500 Adultshttps://t.co/E2Ij2qCroH

— InteractivePolls (@IAPolls2022) June 16, 2022

It’s worth noting that the U.S. is not technically in a recession yet, but it’s highly likely one will happen soon. Bloomberg Economics model predicts that there’s a 74% chance of a recession by 2024. Bloomberg even ran a headline Thursday that said, “US Faces a Fed-Triggered Recession That May Cost Biden a Second Term,” which makes the potential political impact extremely clear. This gives Republicans the opportunity to easily win midterm elections and allows the Republican nominee for 2024 an easy platform if economic conditions worsen. Other issues matter to voters too, except there’s a good chunk of Americans that will feel compelled to vote with their wallets.

But many people believe the current circumstances will make it happen sooner than they expected. Yahoo Finance reported that Wednesday’s Federal Reserve interest rate hike was 0.75 percent in an attempt to curb inflation. It is the highest increase since 1994. The goal of raising interest rates is to slow down the economy by disincentivizing borrowing money, and it’s not foolproof.

“The economy is going to collapse,” Wall Street Michael Novogratz expert said to MarketWatch in an interview on Wednesday. “We are going to go into a really fast recession, and you can see that in lots of ways.”

The Dow Jones Industrial Average, which tracks the stock market, fell below 30000 on Thursday. It was down more than 800 points throughout the day. Although the Dow is not in bear market territory, the S&P 500 continues to tumble and hit a bear market on Monday, CNBC reported.

It’s important that polls like this ask how Americans feel about the economic situation because it’s what ultimately determines the consequences for many policymakers. Americans were told they would be able to “Build Back Better” after the pandemic, at least in President Joe Biden’s words, but instead, they got an over-regulatory federal government that’s punished the oil and gas industry and spent taxpayer dollars out the wazoo.