A recent Harvard-Harris survey found that a majority of voters said their finances were actively “deteriorating” under President Biden.
According to the survey, more than half of the people, Say Under Biden, their finances “got worse” — 56%. In contrast, a year ago in July 2021, 33% said their financial situation was “deteriorating.” In January 2020, the last month of former President Trump’s presidency, 20% said their financial situation was deteriorating, reflecting continued growth during Biden’s tenure.
This coincides with the recent Four in 10 Americans have been forced to cut back on basic items like groceries because of inflation, the Suffolk University/USA TODAY survey found.
The results come as Americans grapple with 41 years of high inflation in Biden’s recession, as the country experienced two consecutive quarters of negative economic growth. Gross domestic product (GDP) shrank by 0.9% in the second quarter of this year:
The economy contracted 1.6% in the first quarter. Many Americans see two consecutive quarters of recession as a sign of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research (NBER) to tell when a recession will begin. The NBER has a more complex and subjective definition of a recession, usually not declaring a recession until several months after it begins.
This is a problem for Democrats as the midterm elections approach, as 34% see rising prices and inflation as the most important issues facing the country today, followed by 29% who see it as an economic and employment issue . In addition, ISurveys show that inflation is the top concern for Americans.
The Rasmussen Report survey, released on Wednesday, created further trouble for Democrats, who most believe the country is in recession. Yes to blame.
The Harvard-Harris survey was conducted July 27-28, 2022 among 1,885 registered voters.