Young adults, according to a new poll, have significantly more confidence in President Joe Biden’s ability to lead the economy out of a recession than the elderly.
A Hill-HarrisX poll released Friday found that 81 percent of 18- to 41-year-olds believe the Biden government “will do a good job of dealing with the economic recession.” ‘, compared to 50 per cent of those aged 65 or over. Confidence declined dramatically after age 50, with 67 percent of the 35-49 demographic believing the government would do a good job, but only 51 percent of the 50-64 group agree.
The biggest difference of opinion was seen, depending on political affiliation, with a large 93 percent majority of Democrats believing Biden would do a good job compared to only 30 percent of Republicans and 62 percent of Independents.
Among those who voted for Biden in the presidential election, 97 percent agreed that he would do well, while 78 percent who voted for former President Donald Trump said Biden would do a ‘bad job’. Overall, 62 percent of respondents were confident in the Biden administration’s ability to handle a recession.
The poll was conducted online among 941 registered voters on the second and third day that Biden was in office on January 21 and January 22. It has an error margin of 3.19 percent.
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The COVID-19 pandemic plunged the economy into an almost unprecedented crisis in 2020. Data from the Department of Commerce show that national gross domestic product (GDP) fell by 3.5 percent for the year, the largest contraction since 1946, when the economy shrank by 11.6 percent.
Before 2020, the last year the US economy contracted was 2009, when it shrank by 2.5 percent amid the Great Recession. However, all the GDP decline in 2020 occurred during the first half of the year when the pandemic took hold. From April to June, GDP experienced the largest quarterly decline ever of 9.5 percent.
In the third quarter, a record GDP increase of 7.4 percent was a sign of recovery as closures ended across the country and many workers returned to work. GDP has continued to rise over the last three months of 2020, but at a slower pace of 4 percent as the pandemic has risen with the changing seasons.
The economy is likely to continue to recover during 2021, especially as the pandemic declines as more of the population is vaccinated. Although the recession is not officially over, some economists believe it has technically ended, as the economy is likely to have already reached a low point during the current crisis.
“The recession is when the economy slows down,” said Robert Gordon, a professor of economics at Northwestern University. The Washington Post. “The trough was clear in April last year with an unemployment rate of 14.7 percent and production lower as half the country closed. There is no way to go back to the April valley levels.”
Newsweek issued to the White House for comment.