While a majority of Americans are well aware that Biden has steered the country into a recession, it seems the president’s most fervent supporters are still refusing to accept the truth – and it may come back to bite them.
58 percent of Americans reportedly believe the country is currently in a recession but the political split is rather clear.
Only 38 percent of Biden voters believe we’re in a recession compared with 82 percent of Trump voters.
Similarly, 44 percent of registered Democrats say we’re in a recession, versus 76 percent of Republicans.
Part of the issue may be that supporters of the president have bought into the rhetoric spewed by the White house which insists America is not in a recession, but rather experiencing a “booming” economy fueled by job numbers.
But they fail to mention that those ‘impressive’ job numbers they’re propagating are actually people being forced to work second jobs just to make ends meet as inflation drives prices up.
The Democrat base also seems to be growing more confident that the U.S. will not experience a recession, meaning the administration’s lies are going to hurt their own supporters the most.
The number of Americans who say we’re not in a recession has increased by 4% from the month of July and 26% say it is not very likely we will enter one while 5% say it is not at all likely – both of which indicate increases from prior surveys.
A large percentage of that change can be attributed to Democrats, with an 8% increase in those who say we’re not in a recession from the prior month along with a 13% increase in Democrats who say it’s not very likely the U.S. will face one and a 4% increase in those who say it’s not at all likely.
While these Democrats remain in the dark about the true standing of the economy, experts predict it’s forecasted to get much worse as the Federal Reserve vows to continue its fight against inflation – putting the clamps on the economy.
Federal Reserve Chair Jerome Powell said they are committed to returning the economy to a stable rate of inflation as the number nears double digits.
“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said in a speech delivered at the central bank’s annual symposium in Jackson Hole, Wyoming. “Without price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them.”
Powell warned, however, that the Federal Reserve’s contractionary monetary policy regime will achieve lower inflation by ushering in an acceleration of the economic slowdown.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Powell continued. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”