NEWYou can now listen to Fox News articles!
ALEXANDRIA, Va. – The US 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 US is in a recession. In the first quarter of 2022, the bureau said the US gross domestic product fell by 1.4%.
FORMER OBAMA ECONOMIC ADVISER LARRY SUMMERS WARNS A ‘VERY HIGH LIKELIHOOD’ FOR A RECESSION
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.”
BIDEN ADMINISTRATION ON THE DEFENSIVE AS DISMAL ECONOMIC REPORT LOOMS
“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.
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.
CNN ANALYSIS: BIDEN FACING ‘MOMENT OF TRUTH’ THIS WEEK WITH RELEASE OF CRITICAL ECONOMIC DATA
“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.
CLICK HERE TO GET THE FOX NEWS APP
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,” said Parris. “The rich will continue to be rich and the poor will continue to get poor.”