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The White House, by its own admission, believes the economy is doing well.

Joe Biden himself baselessly claims Americans have more savings, less debt, and more financial security. White House press secretary Karine Jean-Pierre oddly says the economy is in the middle of a comeback and the president is delivering.

Suffice it to say, these claims lack any relation to reality whatsoever. The economy is in a dire situation. As a matter of fact, the economy is doing so poorly that people are delaying their retirement plans.

Meanwhile, multiple economists have warned about the incoming arrival of a recession.

A fresh poll from Fox News also shows the overwhelming majority of Americans view the economy as not doing well.

What to know about Fox News' economic poll

57% of the nation's voters described the current status of the US economy as "poor."

Just one-fourth of voters said "only fair" is an accurate description of the economy under Biden's leadership. Finally, just 5% of voters in this country cited the economy as "excellent."

The data gets even more telling, though. For instance, 65% of voters maintain a pessimistic outlook on the nation's economy. Just 32% told Fox News they harbor optimistic sentiments about where the economy stands today.

These numbers aren't shocking.

During just this month alone, the Federal Reserve bumped up interest rates to the tune of 0.75%. This is the largest hike since 1994.

Economists already warned the central bank could cause a recession by continuously boosting interest rates like this; yet, chairman Jerome Powell believes otherwise.

Gas prices in the United States now stand at an average of more than $5.00 per gallon. Meanwhile, the White House is still pressing for bans on federal oil and gas leases.

Recession already here?

This week, House Minority Leader Kevin McCarthy expressed his view that the United States is already in the middle of a recession. If the country isn't there, we are certainly heading in that direction.

Lowering spending levels, bringing down inflation, and boosting domestic energy production are each vital steps that would help the economy. However, the Biden administration remains more enamored with its own political agendas.