Despite inflation, gas prices easing, some Americans worry the economy is still struggling

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Americans outside Busch Stadium told Fox News how they felt about the state of the economy, with many believing the worst isn’t over.

“I think we’re in a recession,” Eric, from St. Louis, said. “The economy is slowing down.”

But Carl, visiting St. Louis, said the economy is “getting better.”

“It’s recovering,” he said.

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A Fox News Poll found that 71% of registered voters said the economy has not turned a corner.
(Fox News)

Nearly three-quarters of registered voters said the US economy is still struggling, while the remaining quarter believed the worst financial struggles are over, according to a recent Fox News poll.

“I don’t think it will turn a corner for a while,” Becky, from Springfield, Missouri, told Fox News. She said America needs to be more self-sufficient and increase domestic oil production.

“Our gas prices are horrible,” Becky said. “Our economy is horrible.”

Gas prices dipped below $4 a gallon in August after surpassing $5 per gallon in June, a record high, according to AAA. Inflation, which hovered at 40-year highs through much of 2022, decreased slightly to 8.5% in July, according to the Department of Labor.

Yet some Americans said they still felt the impact of inflation.

“We have runaway inflation,” Bill, from St. Louis, told Fox News. “I think we’re headed for a recession.”

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Eric, who grew up in St.  Louis, believes the US economy is in a recession.

Eric, who grew up in St. Louis, believes the US economy is in a recession.
(Fox News/Megan Myers)

Gross domestic product decreased for two consecutive quarters, which economists frequently see as an indicator that the country is in a recession. President Biden has argued against that definition.

Biden signed the $739 billion Inflation Reduction Act into law on Tuesday, which Democrats have argued will ease surging prices. Democrat Rep. Debbie Dingell, for example, told Fox News that Americans would see lower prescription drug costs.

“That’s a ridiculous title” for the new law, Bill, an accountant who majored in economics, said of the bill. “I don’t see one bit where it can be an inflation reduction.”

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“In my lifetime, prices have doubled, nearly tripled,” James, from Ohio, told Fox News. He said financial debt is high for Americans, particularly recent college graduates facing student loan debt.

Around 43 million Americans owe $1.7 trillion in student debt, according to the Department of Education. The Biden administration extended a federal pause on student loan payments four times enacted in response to the COVID-19 pandemic, which expires at the end of August.

James, from Ohio, says American financial debt is high.

James, from Ohio, says American financial debt is high.
(Fox News/Megan Myers)

James told Fox News he wouldn’t be able to buy a car with other debts to resolve.

“I have an education,” he said. “I have two degrees. It doesn’t make any sense.”

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Zack, from a St. Louis suburb, believes the economy is “weird.”

“Unemployment is low, but everything else is high,” Zack told Fox News. “The cost of living is high.”

“I’d rather have things be easier to afford for people,” he said.

Tyler Olson contributed to this report.

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