Almost half of voters fear an economic downturn is inevitable

A new report shows 45% of people expect that an economic downturn is on the horizon, an issue President Joe Biden’s campaign has downplayed going into the 2024 election.

The Consumer Spending & Saving Index from MassMutual indicates the number of people predicting a recession in the next year is up 8% from last quarter. 

Secretary of the Treasury Janet Yellen and Federal Reserve Chairman Jerome Powell have both said a recession this year is unlikely. Both policymakers have also been careful to give disclaimers surrounding economic predictions.

At a Macroeconomics and Monetary Policy Conference in late March, Powell said the path to reducing inflation is “sometimes bumpy, so the question is are those just bumps or something more than bumps? …
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