No matter how often President Biden touts the state of the U.S. economy, most Americans just aren’t feeling it.
A recent Suffolk University Sawyer Business School/USA TODAY survey found three in four respondents offered up “words that reflected worry and worse” when asked which words describe the state of the economy in their lives.
Some include, “horrible,” “chaotic,” “sad,” “struggling,” and “scary.”
Only about 20 percent believe the economy is doing well and improving.
Suffolk University Sawyer Business School/USA TODAY national survey:
— David Paleologos (@davidpaleologos) September 13, 2023
Describe the economy:
Horrible/Terrible 22%
Bad/poor/weak 22%
Crashing/struggling 12%
Excellent/good/fine 11%
Growing/improving 7%
Chaotic/messy 6%https://t.co/BamOlPzLj7
Economists have been admiring the strong job market and the "soft landing" that has eased inflation without tipping into a recession, at least so far, but the view from the kitchen table is considerably less rosy.
"My read of this data: There's no soft landing," said David Paleologos, director of Suffolk's Political Research Center.
By more than 3-1, 70%-22%, those surveyed said the economy was getting worse, not improving. (USA Today)
Despite the economic statistics, Americans are feeling the pinch of inflation, especially at the grocery check-out lane; household debt has increased while savings decreased; and they’ve cut back on unnecessary spending, like on dining out, new clothes, or vacations, the survey found.
Suffolk University Sawyer Business School/USA TODAY national poll.
— David Paleologos (@davidpaleologos) September 15, 2023
Among households earning < $50,000 per year right now:
78% going out to eat less often
75% spending less on clothes
68% postponing travel/vacation
67% spending less on groceries
63% postponing home improvements
Suffolk University Sawyer Business School/USA TODAY national survey:
— David Paleologos (@davidpaleologos) September 13, 2023
Economy:
Improving 22%
Getting worse 70%
Your cost of living :
Easing 4%
Rising 84%
Your current level of savings:
Saved more 12%
Saved less 28%
Saved same 28%
Cut into savings to pay bills 30%
As Madeline reported recently, the same poll found most Americans trust former President Donald Trump to fix the economy in the years ahead over President Joe Biden, 47 percent to 36 percent.