Nearly three in five Americans wrongly believe the US is in an economic recession, and the majority blame the Biden administration, according to a Harris poll conducted exclusively for the Guardian. The survey found persistent pessimism about the economy as election day draws closer.
The poll highlighted many misconceptions people have about the economy, including:
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55% believe the economy is shrinking, and 56% think the US is experiencing a recession, though the broadest measure of the economy, gross domestic product (GDP), has been growing.
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49% believe the S&P 500 stock market index is down for the year, though the index went up about 24% in 2023 and is up more than 12% this year.
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49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.
That’s not just America. The whole world is addicted to a school of economics that “models” reality without ever actually studying it.
Most economists basically operate in a world of frictionless spherical cows moving in an infinite vacuum, and then from this try to infer useful data about the expected price of milk.
😘👌
For the record, I’m pretty sure I’m paraphrasing Cory Doctorow here.
That just confirms that you’re a person of impeccable taste and also honest about attribution 😁