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ALEXANDRIA, Va. – The U.S. is heading towards a recession, if it’s not already in one, Northern Virginia residents told Fox News.
“I think we’re in a recession,” Lawrence, a 70-year Alexandria resident, told Fox News. “Interest rates have gone up, the economy seems to be slowing down, the price of cars is unreal.”
Lauren, also from Alexandria, said: “Absolutely, we’re in a recession. Have you checked gas prices lately? Have you checked the interest rates?”
The Bureau of Economic Analysis is set to release data Thursday that could indicate whether the U.S. is in a recession. In the first quarter of 2022, the bureau said the U.S. gross domestic product fell by 1.4%.
U.S. President Joe Biden speaks about inflation and the economy in the South Court Auditorium on the White House campus May 10, 2022 in Washington, DC.
Two consecutive quarters of contraction typically indicates a recession, though the White House recently rejected that definition.
“We’re not currently in a recession, and we possibly could be heading to one,” Joanne said.
Ryan told Fox News: “Prices keep going up and up. After the pandemic, people are buying more stuff, going out, doing things again.”
“Wages aren’t going to adjust that fast,” he continued. “Overall just, you know, less economic anything going forward,”
Workers’ wages were rising early this year, but have since slowed, according to the Department of Labor.
“I believe we are in a recession, and unfortunately, I don’t think we’ve ever really recovered from the last recession,” Parris, a woman from Northern Virginia, said.
Treasury Secretary Janet Yellen on Thursday said she was wrong about the path of inflation after months of downplaying the issue.
(Alex Wong/Getty Images)
Roughly 90 million households reported having a somewhat or very difficult time meeting expenses, a record since the Census Bureau started tracking the metric nearly two years ago.
“At this point, I think is going to get worse because prices are going up, and employment pay is not going up as fast as prices is,” Parris told Fox News. “So it’s going to be a lot more people being hurt by what’s happening.”
Lauren said she is concerned about the possible recession.
“I see how it’s affecting my family, my friends,” she said.
U.S. President Joe Biden arrives for an event at the O’Connor Grain Farm on May 11, 2022 in Kankakee, Illinois. (Photo by Scott Olson/Getty Images)
Joanne told Fox News: “Some people are probably worse off than others, depending on where they are in their life and how much they’ve managed to save … but for some people, it’s probably tough.”
President Biden has repeatedly said that improving the economy is his administration’s top priority.
“I think the leadership is very poor,” Parris said. “The rich will continue to be rich and the poor will continue to get poor.”