Per Morning Consultant

A recent poll by Morning Consultant found that 46% of US adults already thought the country was in a recession. These comprised people that were earning less than $50,000 a year.

The survey also saw that 57% of Republicans believe that the US is already in a recession. This towers over the 39% of Democrats that believe the recession is already happening.

The most optimistic group that believed the US was not in a recession and that a recession would not happen within the next year was Democrats at 14%. Only 5% of Republicans shared this belief.

Despite this, Democrats also had the largest percentage who believed that although the US was not in a recession, it would happen within the next year at 28%. On average, 25% of all adults believed that a recession would not happen next year.

48% of adults in the US earning between $50,000 to $100,000 believed that the country is already in a recession. For those earning over $100,000 annually, 42% believed the country was already experiencing a recession.

Out of the adults, only 35% of them said they were ready for a recession should it happen. 52% said they "wish they could," and 13% said they didn't need to prepare for a recession.

This came at a time when America was experiencing the highest payment delay rate for automobile payments ever, surpassing 2009 numbers when the US was in the Great Recession. This also came as high rates made it extremely difficult for buyers to get more affordable loans as they hit 8.02% in Dec of 2022, and even higher for subprime borrowers.

Biden is now trying to implement a 20% minimum tax on billionaires and an unrealized gains tax. The US President also wants to quadruple the 1% stock buyback tax on businesses, which was recently passed with the Inflation Reduction Act.

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Morning Consult