(DailyVantage.com) – A survey published by CBS News and YouGov on March 23 found that the majority of Americans believe the United States is in a poor position — both economically and generally — while more than a third expect an imminent recession.
67 percent of those polled said the US was in a bad position generally, with 32 percent of them arguing that things were going “very badly.” 63 percent of Americans also said that the state of the US economy was currently poor. Just 7 percent said the US economy was in a “very good” position.
36 percent of Americans revealed they were planning for an imminent economic recession. A further 25 percent said that while they did not foresee a recession on the horizon, they expected the economy to get worse.
The poll also showed that the majority (55 percent) of Americans disapproved of President Joe Biden’s time in the White House, with 40 percent strongly disapproving of “the way Joe Biden is handling his job.”
Americans most disapproved of Biden’s handling of inflation, with 68 percent saying he had done a poor job. 62 percent also disapproved of Biden’s handling of the economy, while 61 percent disapproved of his handling of immigration. As for foreign policy, 60 percent of Americans said Biden had poorly handled the US’ relations with China, while 54 percent opposed the Biden administration’s response to Russia’s invasion of Ukraine.
On March 13, following the back-to-back collapse of two American banks — Silicon Valley Bank and Signature Bank — Biden asked Americans not to panic and assured the public that deposits in the two banks would remain available. During a press conference, Biden said Americans could have “confidence” that the US banking system was “safe.”
Financial experts, however, predicted in March that the US was approaching a recession. Bank of America CEO Brian Moynihan suggested that the US economy would suffer a minor recession towards the end of 2023, while The Economist warned that the US property market also hinted towards an imminent recession.
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