ST. LOUIS–Where are CU members’ minds when it comes to their economic prospects? A new survey of Americans are blaming President Biden for high prices, with 29% saying economic issues are primarily his fault, with 50% of Americans saying they believe Taylor Swift has done more for the economy in 2023 than the president.
According to an analysis conducted by Real Estate Witch, economists entered 2024 “surprisingly optimistic” about the health of the economy, but the “rising cost of living has Americans feeling like they’re living in an economic downturn that’s not reflected in the national numbers.”
The Findings
- 65% of Americans remain pessimistic about the economy, but consumer sentiment could be poised for a rebound in 2024
- Roughly 40% of Americans think the 2024 economy will be better than last year, and 52% believe there will be an economic rebound in the U.S. in the near future
- 65% of Americans think there will be a recession this year, but that’s down from 75% in 2023
- 79% of Americans expect at least one market crash in 2024, with nearly 37% predicting the collapse of the general U.S. economy
- 38% believe the U.S. has a housing crisis, and 64% think the government should implement policies to address housing affordability
- 45% are worried about their job security in 2024, and 65% think artificial intelligence could cost them their position
- Inflation is decelerating, but 77% of Americans remain worried that prices will continue to increase in 2024
- 59% of Americans don’t think their personal income will increase in 2024, and 60% don’t think their savings will rise to keep up with price hikes
- 91% are preparing for a potential recession by saving more money (46%) and cutting back on nonessential spending (46%)
- 48% say they would lose everything if there was a recession
- Just 24% of respondents think capitalism is the economic system that benefits the most Americans, while 20% think democratic socialism would be the most beneficial
The full survey can be found here.
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