When Is a Recession Not a Recession? When Joe Biden Says It Isn't
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A recent poll reported that 56 percent of Americans believe the United States is currently in a recession, despite the fact that the U.S. has experienced consistent GDP growth for at least a year and a half. Americans' perception of a recession is based on their financial struggles and the colloquial meaning of the term, rather than its economic definition. Americans compare their lives before and after the COVID-19 pandemic, noting that prices and expenses have increased, making life less affordable. Many Americans believe that inflation is increasing because they see prices going up, even though the rate of inflation is lower than its peak. The media's coverage of the economy has contributed to the public's skepticism, as they have lost trust in the government and media's portrayal of the economy. Until people feel relief from the financial stress of the pandemic and rapid inflation, they will remain pessimistic about the economy. The article suggests reducing burdensome regulations, focusing on reliable and low-emission energy sources, and lowering taxes as ways to alleviate the cost of living for Americans.
#Recession #JoeBiden #Gdp #Inflation #Media #Economy
https://www.newsweek.com/when-recession-not-recession-when-joe-biden-says-it-isnt-opinion-1907673
Newsweek /
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2024-06-03 20:06:44
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2024-06-03 20:06:44Event JSON
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"content": "When Is a Recession Not a Recession? When Joe Biden Says It Isn't\n==========\n\nA recent poll reported that 56 percent of Americans believe the United States is currently in a recession, despite the fact that the U.S. has experienced consistent GDP growth for at least a year and a half. Americans' perception of a recession is based on their financial struggles and the colloquial meaning of the term, rather than its economic definition. Americans compare their lives before and after the COVID-19 pandemic, noting that prices and expenses have increased, making life less affordable. Many Americans believe that inflation is increasing because they see prices going up, even though the rate of inflation is lower than its peak. The media's coverage of the economy has contributed to the public's skepticism, as they have lost trust in the government and media's portrayal of the economy. Until people feel relief from the financial stress of the pandemic and rapid inflation, they will remain pessimistic about the economy. The article suggests reducing burdensome regulations, focusing on reliable and low-emission energy sources, and lowering taxes as ways to alleviate the cost of living for Americans.\n\n#Recession #JoeBiden #Gdp #Inflation #Media #Economy\n\nhttps://www.newsweek.com/when-recession-not-recession-when-joe-biden-says-it-isnt-opinion-1907673",
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