59% of Americans wrongly think the U.S. is in a recession, report finds
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Citing higher costs and difficulty making ends meet, 59% of Americans falsely believe that the U.S. is currently in a recession, according to a recent report by Affirm. Most respondents think a recession started roughly 15 months ago, in March of last year, and could last until July of 2025. However, the U.S. economy has remained strong despite persistent inflation and high interest rates. Economists have noted a growing disconnect between the economy's performance and people's perception of their financial standing. Many Americans are struggling with high prices and have exhausted their savings, relying on credit cards to make ends meet. The disparity between the wealthy and non-wealthy is widening dramatically, with lower-income households falling behind. A growing number of borrowers are falling behind on credit card payments, and more middle-income households anticipate struggling with debt payments in the coming months.

#Recession #Economy #Survey #FinancialStanding #Inflation #InterestRates #Savings #CreditCards #WealthDisparity #Borrowers #DebtPayments

https://www.cnbc.com/2024/08/12/59percent-of-americans-think-the-us-is-in-a-recession-report-finds.html