Why does it seem like we are willing to talk ourselves into a recession? Opponents of President Biden seem almost gleeful about the prospects and the media has also been complicit in talking up the possibility. The John Locke Foundation’s latest Civitas poll revealed 52.1 percent of North Carolinians believe we are already in a recession, with 24.5 percent somewhat agreeing that we are.
In the poll, 88.4 percent say they worry about inflation, a problem not only in the U.S. but in many countries. During the pandemic people spent more money on goods and less on services, leading to shortages. The economy, exacerbated by the $1.9 trillion American Rescue Plan, became overheated and inflation ensued. But things began “cooling off” in the first quarter of this year, as evidenced by a drop in the Gross Domestic Product. We recently learned the second quarter GDP also declined slightly.