NEW You can now listen to articles from Fox News!
ALEXANDRIA, Va. – The United States is headed for a recession, if not already in one, Northern Virginia residents told Fox News.
“I think we’re in a recession,” Lawrence, a 70-year-old 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 interest rates?”
The Bureau of Economic Analysis will release data on Thursday that could indicate whether the United States is in recession. In the first quarter of 2022, the bureau said US gross domestic product fell 1.4%.
FORMER OBAMA ECONOMIC ADVISOR LARRY SUMERS WARNS ‘VERY HIGH LIKELIHOOD’ OF RECESSION
U.S. President Joe Biden speaks about inflation and the economy in the South Court Auditorium on the White House campus on May 10, 2022 in Washington, DC. (Getty Images)
Two consecutive quarters of contraction usually indicate a recession, although the White House recently rejected that definition.
“We’re not currently in a recession, and we could possibly be headed for one,” Joanne said.
Ryan told Fox News: “Prices keep going up and up. After the pandemic, people are buying more stuff, going out, doing stuff again.”
THE BIDEN ADMINISTRATION ON THE DEFENSIVE AS THE FIRST ECONOMIC REPORT PRESENTS
“Wages won’t adjust as quickly,” he continued. “Generally, you know, less economical for the future,”
Workers’ wages were rising earlier this year, but have since slowed, according to the Labor Department.
“I think we’re in a recession, and unfortunately, I don’t think we’ve ever recovered from the last recession,” said Parris, a Northern Virginia woman.
Treasury Secretary Janet Yellen said Thursday that she was wrong about the path of inflation after months of downplaying the problem. (Alex Wong/Getty Images)
Roughly 90 million households reported having a somewhat or very difficult time making ends meet, a record high since the Census Bureau began tracking the metric nearly two years ago.
CNN ANALYSIS: BIDEN faces ‘MOMENT OF TRUTH’ THIS WEEK WITH RELEASE OF CRITICAL ECONOMIC DATA
“At this point, I think it’s going to get worse because prices are going up and the wages of employment aren’t going up as fast as prices,” Parris told Fox News. “So there’s going to be a lot more people hurt by what’s going on.”
Lauren said she is worried about the possible recession.
“I see how it’s affecting my family, my friends,” he 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)
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,” Parris said. “The rich will continue to be rich and the poor will continue to get poorer.”