Forbes on Nostr: No, We're Not In A Recession—But Here's Why Many Americans Feel Like We Are ...
No, We're Not In A Recession—But Here's Why Many Americans Feel Like We Are
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More than half of Americans believe that we are in a recession, according to a survey released Wednesday. However, the U.S. economy has grown in seven consecutive quarters, with gross domestic product growing by 6.3% from 2022 to 2023. The misunderstanding is primarily due to inflation, which rose to a four-decade high of 9.1% in June 2022. Consumer price index has risen by 19.3% since January 2021, while average hourly wages have increased by 16.1%. About three-fifths of respondents to the Harris poll said the Biden Administration is directly responsible for what they viewed as deteriorating economic conditions. Goldman Sachs economists expect U.S. government debt to soar to 135% of the country’s GDP by 2034. The debt-to-GDP ratio is projected to expand to 181% by 2053.
#Recession #UsEconomy #Inflation #Survey #Gdp #ConsumerPriceIndex #Wages #BidenAdministration #GovernmentDebt
https://www.forbes.com/sites/dereksaul/2024/05/22/no-were-not-in-a-recession-but-heres-why-many-americans-feel-like-we-are/
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More than half of Americans believe that we are in a recession, according to a survey released Wednesday. However, the U.S. economy has grown in seven consecutive quarters, with gross domestic product growing by 6.3% from 2022 to 2023. The misunderstanding is primarily due to inflation, which rose to a four-decade high of 9.1% in June 2022. Consumer price index has risen by 19.3% since January 2021, while average hourly wages have increased by 16.1%. About three-fifths of respondents to the Harris poll said the Biden Administration is directly responsible for what they viewed as deteriorating economic conditions. Goldman Sachs economists expect U.S. government debt to soar to 135% of the country’s GDP by 2034. The debt-to-GDP ratio is projected to expand to 181% by 2053.
#Recession #UsEconomy #Inflation #Survey #Gdp #ConsumerPriceIndex #Wages #BidenAdministration #GovernmentDebt
https://www.forbes.com/sites/dereksaul/2024/05/22/no-were-not-in-a-recession-but-heres-why-many-americans-feel-like-we-are/