May 27
2024
Americans are horribly misinformed on the economy
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We’re a nation that watches football, obsessives over Taylor Swift and can’t stop staring at our phone screens.
Paying attention to reality, not so much.
A poll released last week showed most Americans are horribly misinformed over the state of the economy, which in turn is coloring their views on national politics.
Consider:
- A majority say we’re in a recession; we’re not.
- Most say unemployment is at a record high; it’s actually near a 50-year low.
- A majority say inflation is rising; it’s decreasing.
- Most say the stock market is down; it’s up.
The same poll showed a majority of Americans believe President Biden is at fault.
A second poll, from the Pew Research Center, also finds pessimism regarding the economy.
Yet another poll shows that the economy is foremost in the mind of voters and a majority of those who prioritize the economy believe Trump, not Biden, is better equipped to manage things.
Paul Krugman, in his column last week for The New York Times, had this to say:
The U.S. economy isn’t in bad shape. In fact, it’s doing quite well, better than almost all its global peers.
So much, you may say, for official statistics: If people feel that they’re doing badly, well, when it comes to the economy, the customer is always right.
But here’s the kicker: When asked, most Americans don’t say that they’re doing badly. On the contrary, survey after survey finds that most voters are feeling positive about their personal financial situation, even as they insist that the economy is terrible overall.
I’d say Americans are in need of a reality check. And perhaps a history refresher, given the shambles of an economy that Donald Trump left behind when he exited the White House.
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