Most Americans Fear 1930s-Style Great Depression: Poll

A "now hiring" sign is displayed in a window in Manhattan in New York City on July 28, 2022. Spencer Platt/Getty Images

The majority of American voters believe a 1930s-like Great Depression is on the way, according to a new survey by Rasmussen Reports published on Sept. 28.

The telephone and online survey was conducted on Sept. 22 and 25 among 1,000 American adults and has a margin of sampling error of +/- 3 percentage points with a 95 percent level of confidence.

It found that 57 percent of American adults said they believe it’s likely that the United States will enter a “1930s-like Depression” over the next few years, including 21 percent who think a depression is “very likely.”

Thirty-two percent don’t think a depression is likely, and another 12 percent said they are not sure.

The findings are very similar to those found in a May Rasmussen Reports survey in which 55 percent said a depression was likely in the next few years.

Inflation has hit a two-decade high since President Joe Biden took office, having started at 1.4 percent in January 2021, while wages have not caught up.

Real average hourly earnings of U.S. workers have fallen by 2.8 percent, seasonally adjusted, over the last 12 months, according to data from the Bureau of Labor Statistics.

Separate data compiled by The Heritage Foundation and released on Sept. 22 shows that Americans have lost the equivalent of $4,200 in annual income under the Biden administration amid soaring inflation and increased interest rates.

Americans Looking for Extra Jobs

The Heritage Foundation noted that the average American worker’s real annual earnings increased by $4,000 under former President Donald Trump’s economy.

The current volatile economy has prompted millions of Americans to seek side jobs to bring in more money over the past year and keep up with the increasing costs of everything from food to gasoline, according to a recent survey by workforce service platform, Bluecrew.

A total of 57 percent of Americans said they’ve sought out extra work at some point over the last 12 months, the survey found, including many who are already working 40 hours during the week.

Bluecrew surveyed more than 1,000 American professionals from various backgrounds including those who are currently in employment, and those who are unemployed but actively looking for work.

Meanwhile, the Federal Reserve has continued to implement aggressive interest rate hikes in an effort to cool down red-hot inflation while also striving to achieve a “soft landing” and avoid an economic downturn.

The Fed implemented another 75-basis-point rate hike on Sept. 21, bringing it to a range of 3 to 3.25 percent, and has indicated more increases will come.

On Wednesday, billionaire investor Stanley Druckenmiller told the Delivering Alpha Investor Summit in New York that the country should brace for something “larger than the so-called average garden variety” recession.

“We are in deep trouble,” Druckenmiller said. “I don’t rule out something really bad.”