Majority of Americans feel US economy is in recession: survey
Wall Street Journal columnist Bill McGurn and GOP strategist Ford O'Connell discuss the state of the U.S. economy as President Biden touts Bidenomics and his green agenda on ‘The Evening Edit.’
The U.S. economy may not technically be in a recession, but most Americans believe it is.
That's according to a recent survey conducted by Bankrate, which found 59% of U.S. adults feel like the economy is in a recession, defined by two consecutive quarters of negative growth.
A majority of American adults believe the U.S. economy is in a recession, according to a recent Bankrate survey. (REUTERS/Andrew Kelly/File Photo / Reuters Photos)
Regardless of income, households said they are feeling the pressure at about the same amount. Sixty percent of respondents in the lowest-income households, making under $50,000 a year, said the economy feels like it is in a recession. Of those in higher-income households making more than $100,000 annually, 61% agreed.
Gen Xers, ages 43-58, were the age group most likely to say the U.S. is in a recession at 65%, followed by millenials (ages 27-42) at 60%, baby boomers (ages 59-77) at 58%, and Gen Z (ages 18-26) at 55%.
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Households with children younger than 18 were the most likely to say the economy is in a recession at 66%. Sixty-three percent of parents with children aged 18 or older agreed, along with 54% of adults with no kids.
An earlier Bankrate survey gives weight to those feelings, with 50% of Americans saying their overall financial situation has declined since the 2020 presidential election.
President Biden speaks on renewable energy at the Philly Shipyard July 20, 2023, in Philadelphia, (Spencer
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