The CNBC All-America Economic Survey, which reviews quarterly perceptions on the subject, found pessimism prevailing in nearly seven out of 10 adults, the highest level recorded in the survey’s 17-year history.

Two-thirds of those surveyed said their wages are falling below the level of inflation, and two-thirds also said the country is going to experience a recession or is already in one. Only a quarter said that their household income is keeping up with the increase in the cost of living, and five percent said their income exceeds the price increase.

Likewise, 62 percent said they disapprove the way in which President Joe Biden handles the economy, while only 34 percent said otherwise. The number of respondents who objected to the president’s management was five points higher than the number in the latest CNBC poll, and it is the second worst review of the president.

More than 80 percent said they take steps to adjust their habits in response to inflation, such as spending less on recreation, traveling less, or using savings to pay for expenses. Most also said they are less likely to invest in a car or home now because of higher interest rates. The survey was conducted between April 6 and 11 among 1,000 adults.

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