Politics Have Distorted Americans’ Views of the Economy
Republicans should be happier than they are with current economic conditions, and Democrats more dissatisfied.
The price people notice.
Photographer: Gabby Jones/Bloomberg
According to a recent survey, a majority of Republicans and a plurality of Democrats believe the US is in a recession. The question is how seriously to take their complaints.
Most Americans probably do not know the formal definition of a recession — “a significant decline in economic activity that is spread across the economy and lasts more than a few months” — but they do know that current prices of gas and food are especially high, and inflation is rising the fastest in 40 years. At the same time, unemployment is below 4% and the US economy continues to create new jobs at a rapid pace.