Two thirds of registered voters in the U.S. believe that the current economy is actually in the midst of a recession.
This data was collected using a Politico-Morning Consult Poll.
While 22% of Americans surveyed said they don’t think the economy is in the middle of a recession, 65% said they did. 14% said they were unsure or did not have an opinion.
Republicans are more likely to think that the economy is in a recession compared to independents or Democrats. The number showed 81% of Republicans believed there is a recession in comparison to 63% of independents and 51% of Democrats.
Why do people think we’re in a recession?
According to My Twin Tiers, people’s concerns are stemming from and growing due to the Federal Reserve hiking interest rates incredibly fast, and high.
The goal is to lower inflation by cooling demand for borrowing money.
Analysts predicted that the Reserve would increase rates by 0.75 percentage point on Wednesday, which they did.
This is the fourth increase at this pace in a row.
The Chair of the Federal Reserve, Jerome Powell, has made it clear that rates will increase until inflation clearly starts to fall.
Democrats do not agree with Powell’s move, saying it risks job losses as a result.
Hikes have made mortgage rates unaffordable and are causing a massive decline in house sales. Wage growth is slowing and businesses aren’t making as many long term investments for future growth.
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