Most voters believe US economy is currently in recession, according to new poll

Republicans lead Democrats on the generic congressional ballot by two points

The majority of registered voters believe the economy has already entered into a recession and that the Inflation Reduction Act will do little to nothing to combat inflation, according to a new poll.

According to an NBC News poll released Sunday, 68% of individuals believe the economy is currently in a recession while only 27% believe it is not.

The economy recently entered into a technical recession after the gross domestic product (GDP) contracted for a second consecutive quarter from April-June.

According to the Consumer Price Index, inflation hit a 40-year high of 9.1% in June before receding slightly to 8.5% in July.

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Inflation hit a 40-year high of 9.1% in June and is affecting families that are back-to-school shopping. (AP Photo/Marta Lavandier)

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The Democrats' Inflation Reduction Act of 2022 was recently signed into law by President Biden after swift passage through the Senate and the House of Representatives along party-line votes.

The legislation received major backlash over the inclusion of an IRS provision that would spend roughly $80 billion to fund the hiring of 87,000 new agents nationwide.

Sen. Joe Manchin, D-W.Va., pushed for the passing of the Inflation Reduction Act of 2022, a negotiated version of the Build Back Better Act. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

According to the poll, Americans were almost evenly split when asked about the Inflation Reduction Act, with 35% believing it would have a negative impact on them financially and 36% saying it would not make a difference.

Republicans still hold a slight lead on the generic ballot with the midterm elections just a few months away. Nearly half (47%) prefer a Republican candidate for Congress compared to 45% who pick a Democrat this fall.

President Joe Biden has had an underwater approval rating for several months. (Chip Somodevilla/Getty Images)

According to the poll, 58% of individuals believe that America's best years are in the past, only 35% believe the best is yet to come.

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The NBC News survey was conducted from Aug. 12-16, 2022, with a margin of error of plus or minus 3.10 percentage points.

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