Liberal news outlet Axios was ruthlessly mocked on social media after asserting that “there is no recession” in America because the “economy is in good shape.”

In a Thursday article titled, “More than half of Americans think the U.S. is in a recession. It’s not.“, Axios made the case that the American economy is in “good shape” despite data points suggesting the opposite.

“The economy is actually in good shape and there’s no recession. But misperceptions like this are a huge political challenge for President Biden and an advantage for former President Trump as they vie for second terms,” the outlet reported.

56% of Americans think the U.S. is currently in a recession — and that Biden is responsible for a worsening economy.

There is no recession. And the economy is in good shape. https://t.co/R05TWVn8I4

— Axios (@axios) May 23, 2024

The outlet went on to claim that everything is hunky dory because the economy grew by 1.4% (as measured by GDP) so far 2024 and the stock market is up on the year, but Americans remain pessimistic about the economy due to inflation and the rising cost of living.

It looks like inflation and the higher cost of living — indicators not typically part of the recession call by the NBER — could be shaping Americans’ views.

70% of Americans said that cost of living is their biggest economic concern, followed by inflation at 68%.

Two-thirds of Americans, including 65% of Democrats, report it’s difficult to be happy about positive economic news when they feel financially squeezed each month.

While the rate of inflation has slowed since its 2022 highs, it is still higher than most Americans are used to — and prices are up a great deal from 2019.

But there are other underlying reasons behind Americans’ sour view of the economy under Biden that Axios failed to mention.

Household net worth remained stagnant during Biden’s term when adjusted for inflation, growing by only 0.07% compared to 16% during Trump’s first 3 years.

Wow. This is brutal…

“Adjusted for inflation, household net worth was up just 0.7% through Biden’s first three years. It was up 16% through Trump’s first three years.” – @WSJ pic.twitter.com/dJiDttVSGz

— Geiger Capital (@Geiger_Capital) May 19, 2024

Part of that could be because households are spending an extra $11,400 annually to afford basic necessities due to inflation.

For example, grocery costs are up an average of 25% since 2019 and credit card debt hit a record high this month, surpassing the previous high of $1.13 trillion.

Axios’ gaslighting attempt was roundly mocked on X.

Is the good economy in the room with us now?

— Brandon Morse (@TheBrandonMorse) May 23, 2024

A record number of restaurants is closing this year because the economy is too strong?

— Salty Cracker (@SaltyCracker9) May 23, 2024

I must have misread the grocery bill… every single week. But the “journalists” said it’s okay. Maybe I need new overpriced glasses.

— Chesterton_Report (@Veritas_Curat7) May 23, 2024

🐂💩
2023 Q3 GDP 4.9% 2023 Q4 GDP 2.6% 2024 Q1 GDP 1.8%
That’s called an economic slowdown. pic.twitter.com/H8Aaf7YV93

— Capitalist Mike 🇺🇲 (@Capitalist_Mike) May 23, 2024

From your article, “Two-thirds of Americans, including 65% of Democrats, report it’s difficult to be happy about positive economic news when they feel financially squeezed each month.”
The term recession is irrelevant if we are financially underwater. Spin that however you…

— Amy (@ago0606) May 23, 2024

No amount of MSM gaslighting is going to convince Americans that their bank account is in good shape.

— Savannah (@BasedSavannah) May 23, 2024

You don’t hate the media enough

— Milquetoast (@slavjew) May 23, 2024

No lie is too big.

Sit down, shut up and give homage to your dear leaders.

— UnipartyBomber (@magajcs) May 23, 2024

Axios is now a comedy blog.

— JWF (@JammieWF) May 23, 2024

Lol. Axios saying there is no recession for people that everything costs triple of what it was. Clown show at Axios

— Stockjockey (@Stockjockey5) May 23, 2024

In case you missed it – with interest rates as high as they are, the government has to spend an additional one trillion every 100 days to cover that. And since tax revenues won’t cover that, they have to print money. And when they print money inflation continues to rise.…

— steve smith the anti-communist (@stevesmithsnoq) May 23, 2024

I’m sorry but whose “economy” are you taking about? DC elites? Hollyweird elites? Because surely you’re not telling EVERYDAY AMERICANS that we’re richer than ever.

— SeldenGADawgs (@SeldenGADawgs) May 23, 2024

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