February 24, 2024
New poll suggests that most Americans believe economy is in a recession, disapprove of the job Biden is doing as president, and prefer a Republican on the generic ballot question.

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The majority of registered voters believe the economy has already entered into a recession and that the Inflation Reduction Act will do little to nothing to combat inflation, according to a new poll.

According to an NBC News poll released Sunday, 68% of individuals believe the economy is currently in a recession while only 27% believe it is not.

The economy recently entered into a technical recession after the gross domestic product (GDP) contracted for a second consecutive quarter from April-June.

According to the Consumer Price Index, inflation hit a 40-year high of 9.1% in June before receding slightly to 8.5% in July.

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Inflation hit a 40-year high of 9.1% in June and is affecting families that are back-to-school shopping.

Inflation hit a 40-year high of 9.1% in June and is affecting families that are back-to-school shopping. (AP Photo/Marta Lavandier)

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The Democrats’ Inflation Reduction Act of 2022 was recently signed into law by President Biden after swift passage through the Senate and the House of Representatives along party-line votes.

The legislation received major backlash over the inclusion of an IRS provision that would spend roughly $80 billion to fund the hiring of 87,000 new agents nationwide.

Sen. Joe Manchin, D-W.Va., pushed for the passing of the Inflation Reduction Act of 2022, a negotiated version of the Build Back Better Act.

Sen. Joe Manchin, D-W.Va., pushed for the passing of the Inflation Reduction Act of 2022, a negotiated version of the Build Back Better Act. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

According to the poll, Americans were almost evenly split when asked about the Inflation Reduction Act, with 35% believing it would have a negative impact on them financially and 36% saying it would not make a difference.

Republicans still hold a slight lead on the generic ballot with the midterm elections just a few months away. Nearly half (47%) prefer a Republican candidate for Congress compared to 45% who pick a Democrat this fall.

President Joe Biden has had an underwater approval rating for several months.

President Joe Biden has had an underwater approval rating for several months. (Chip Somodevilla/Getty Images)

According to the poll, 58% of individuals believe that America’s best years are in the past, only 35% believe the best is yet to come.

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The NBC News survey was conducted from Aug. 12-16, 2022, with a margin of error of plus or minus 3.10 percentage points.