Most voters think the US economy is currently in a recession, according to a new poll
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The majority of registered voters believe the economy has already entered a recession and the Inflation Cut Act will do little to combat inflation, according to a new poll.
According to an NBC News poll released on Sunday, 68% of individuals believe the economy is currently in a recession while only 27% think it is not.
The economy recently entered a technical recession after GDP contracted for the second consecutive quarter from April to June.
According to the Consumer Price Index, inflation hit a 40-year high of 9.1% in June before easing back slightly to 8.5% in July.
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President Biden recently signed the Democrats’ Inflation Cut Act of 2022 into law after swift passage through the Senate and House of Representatives along partisan votes.
The legislation received significant backlash over the inclusion of a provision that the IRS would spend nearly $80 billion to fund the hiring of 87,000 new agents across the country.
According to the poll, Americans were almost evenly split when asked about the inflation-reduction law, with 35% believing it would have a negative impact on them financially, and 36% saying it wouldn’t make a difference.
Republicans are still slightly ahead on the general ballot with the midterm elections just a few months away. Nearly half (47%) favor a Republican candidate for Congress compared to 45% who chose a Democrat this fall.
According to the survey, 58% of individuals believe that America’s best years were in the past, while only 35% believe that the best is yet to come.
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The NBC News poll was conducted August 12-16, 2022, with a margin of error of plus or minus 3.10 percentage points.