A new Gallup poll shows that nearly 8 out of 10 Americans believe 2023 will be an economically difficult year. But there are ways to overcome anxiety related to economic fear. abc15
According to a poll released by Gallup this week, nearly eight out of 10 Americans believe the coming year will be one of economic difficulty compared to just two out of 10 who think 2023 will bring prosperity.
The Federal Reserve has increased interest rates throughout 2022 to lower inflation to around 2%. Whether the Federal Reserve continues to be aggressive with interest rate increases will largely determine whether there is a decline in the U.S. economy, according to Jerry Nicklesburg, an adjunct professor of economics at the UCLA Anderson School of Management and senior economist with the UCLA Anderson Forecast.
“The sense is 50/50 because we don’t know what the Fed is going to do,” he said. “And we don’t know how much of an impact those previous increases are going to have on interest rates will have. Previous economic analysis project it could take a while for those rate hikes to have an impact.” “The first thing for people to make good decisions is to accept that it feels weird, sure, we’ve been there before, but it feels uncomfortable to not know what’s happening,” he said. “It’s okay to feel this uncertainty and this discomfort.”
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