More than 8 in 10 young adults view the U.S. economy as either bad or terrible, according to a new survey from Generation Lab, a striking measure of generational pessimism as inflation climbs and gas prices surge in the wake of the war with Iran.
The poll, conducted April 26-29, found that 55 percent of respondents ages 18 to 24 described the economy as bad, while another 29 percent called it terrible. Among 266 respondents ages 25 to 29, 52 percent rated the economy as bad and roughly 3 in 10 called it terrible — a combined 81 percent who view economic conditions negatively.
Positive views were nearly nonexistent. Just 2 percent of respondents ages 18 to 24 and 1 percent of those ages 25 to 29 called the economy excellent. Only 14 percent and 19 percent, respectively, called it good.
The findings land amid a sharp deterioration in the economic indicators most visible to consumers. Inflation rose nine-tenths of a percentage point from February to March, climbing to 3.3 percent. Gasoline costs jumped 18.9 percent year over year, reversing three consecutive months of annual declines.
Pump prices have spiked since the start of the U.S.-Israeli war with Iran, after the Iranian military imposed restrictions on shipping through the Strait of Hormuz. The disruption has sent shockwaves through the energy sector, and the national average for a gallon of gasoline surpassed $4.45 on Monday, according to AAA.
President Trump said Sunday that the U.S. military would help ships pass through the strait. That operation began Monday and quickly drew retaliation from Iranian forces.
Asked who is to blame for the state of the economy, young Americans pointed most often at Trump and at corporate America.
More than 4 in 10 respondents ages 18 to 24 faulted the president, while one-third blamed corporate greed and large companies. Just 2 percent blamed former President Joe Biden. Another 9 percent blamed congressional Republicans, 2 percent blamed congressional Democrats, and 1 percent blamed the Federal Reserve.
Among respondents ages 25 to 29, the picture was similar but more evenly split between the top two culprits: one-third blamed Trump and one-third blamed corporate greed and large companies. Biden and congressional Republicans drew 8 percent of the blame each, while 3 percent pointed to congressional Democrats and 2 percent to the central bank.
(YWN World Headquarters – NYC)
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One Response
Except for illegal aliens, and employer, the economy is quite good. Inflation, while rising, is still much lower than in the 1980s, and wages are rising just as fast. Unemployment is low. Businesses that can’t keep with change are replaced by ones that are better managed (as it should be).
The media seem prone to see a disaster wherever they look, which becomes a self-fulfilling prophesy. Some individuals “shoot themselves in the foot”, such as those who borrow massive amounts of money to pursue college degrees in fun subjects that offer little chance of employment – those who enter fields with high prospects of employment (e,g,: welders, most medical fields) aren’t complaining.